A report from KRDO in Colorado. "According to a broker associate at Re/Max of Pueblo Inc., Mike Pospahala, two years ago there was a lot of competition to buy a home. He said a lot of homes were sold above the asking price. 'If you can afford a house, get one because you're probably going to get a better buy than you did last year because you're not competing,' said Pospahala. According to the Pueblo Association of Realtors, the amount of homes sold is down nearly 30% compared to this time last year. The average day a home has been on the market has increased by about 30 days, according to the Pueblo Association of Realtors. Pospahala said it's not a seller's market anymore. Instead, it's a balanced market."

From KSL in Utah. "'Our risk scoring tool indicates that Salt Lake City is the most at-risk metro for home price correction. While the city has seen modest population growth, it's become one of the least affordable markets, for-sale inventory is up nearly 50%, and average days on market is up over 300% year over year,' Morningstar researchers wrote. In April, the median price for all housing types in Salt Lake County dropped to $495,000, a 10.8% decline year over year, according to the Salt Lake Board of Realtors. The median price for a single-family home was $577,000, down almost 9% from $633,000 in April 2022."

From Smart Asset. "Home prices decreased across the board in Washington and Oregon. Some cities – like Kirkland, Bellevue, Redmond, and Sammamish – saw prices drop 11% to 12%. In Seattle, prices dropped by 8%. Home prices also declined across Oregon, including in Bend, Portland, Beaverton, Hillsboro, Eugene, Gresham, Salem and Medford. Texas cities saw as much as 9.77% declines in home values. Leander, Pflugerville, and Cedar Park all had greater than 9% decreases. Austin homes also declined by 8.12%. San Francisco home prices came down by as much as 15%. Two other California cities, Palo Alto and Dublin, saw similar drops."

"Home prices in the Phoenix area declined by 4.78% in the last year. Buckeye saw the largest price decline at an average of 7.69%. These two Florida cities saw lower home prices this year. Cape Coral homes had more than a 5% drop in value over the past year, with the typical home value falling from $402,000 to $381,000. Palm Coast homes declined by nearly 2% in value."

Axios on Florida. "The Tampa Bay condo market is right on the edge of becoming a buyers' market, experts say. Rising home insurance costs and condo fees have pushed condo owners to sell, Tampa real estate expert Lea Lagueux tells Axios. A new law requires condo buildings, depending on their age and closeness to the coastline, to conduct engineering studies. Also, there’s a requirement that could push fees higher: Condo associations must set aside a pot of money for structural repairs before 2025. What they're saying: 'It's creating some real chaos in the market. I don't think we’ve seen all of the fallout yet,' Lagueux says. Tierra Verde, for instance, more condos are hitting the market compared to other Pinellas zip codes, Lagueux tells Axios. Prices have been softening here for months, and Lagueux expects them to continue to fall. 'Sellers here are not typically getting asking price,' she says."

From Candy's Dirt. "New data shows that, just as our meteoric rise in home values sent our nation’s real estate market topsy-turvy, so has the rapid cooling that the market has seen in the past several months. In new reports from ATTOM and MetroTex Association of Realtors, the number of foreclosure filings has increased while the average price of a North Texas home has decreased. Last month, 8,750 homes were sold in the North Texas region, a decline of 4 percent from the same period last year. Listings spent an average of 41 days on the market, which is almost twice the time from a year prior. Sales prices are down, too, with the average sales price for June of 2023 coming in at $520,289. That’s 3 percent lower than the average sales price from June of 2022. According to MetroTex figures, the North Texas single-family rental market recorded a 114 percent rise in single-family rentals listed and a 26 percent increase in homes leased."

The Philadelphia Inquirer in Pennsylvania. "Philadelphia is cracking down on unlicensed short-term rental operators who host on online platforms, potentially shuttering a couple thousand properties. For operators such as Steven Patterson, who manages 60 properties in Philadelphia, the crackdown is shortsighted. Many operators built their livelihoods around a gray market status quo that allowed them to operate with little oversight for years. 'I wasn’t aware there was this legislation,' Patterson said. 'Airbnb didn’t say that this was in place. Otherwise, maybe I would never have done it. But I just wasn’t aware.' 'It’s basically thousands of people losing their jobs pretty much all at once,' said Theron Lewis, founder of the industry advocacy group Philadelphia STR Association."

Loop North in Illinois. "Like a cannon blast on the Fourth of July, home loan interest rates hit a new high for 2023 in July – sending smoke clouds of distress over Chicago’s housing market. Experts say sharply higher interest rates are making apartment investors wary about borrowing funds needed to close real estate deals. As a result, swank Gold Coast and Streeterville apartment buildings are losing market value. Here are a couple of examples: Streeterville’s 398-unit North Water Apartments (left) recently was sold to Crescent Heights for $173 million. Seven years ago, Invesco paid $240 million for the property at 340 East North Water Street. The Seneca, a 267-unit rental building at 200 East Chestnut Street in Streeterville, recently sold for $55 million, according to Cook County property records. The seller, The Vanbarton Group, a New York-based investor, paid $74.8 million for the 16-story tower in 2014."

"'Apartment occupancy rates are very high, but investors just can’t pay what they paid a few years ago because the cost of debt is so high,' noted Ron DeVries, Senior Managing Director of Integra Realty Resources, a Chicago appraisal firm."

Global News in Canada. "Edmonton’s downtown offices are lacking tenants, leading the city and developers to look at ways unused office space can be converted to something more in demand, like living space. Edmonton’s office vacancy rate has risen to nearly 25 per cent, above the national average, and the development industry is trying to find a way to turn that unused office space into places to live. 'About 15 per cent of our tax base is in the downtown core and with eroding office values, we have to do something,' said Dave Young, managing director of CBRE. 'If we continue down the road that we are on right now in the core where building values are plummeting, given the vacancy rates, we have to be creative in thinking of a way to enhance our tax base or solidify our tax base.'"

This Is Money. "This award-winning art deco mansion is on sale for £1.8million - half its original £3.6million asking price - but the owners just can't sell it. They even tried raffling it at £25 a ticket. But that still didn't work. It would surely be a dream home for any family? But there is something the glossy pictures on RightMove don't tell you… Its opulence isn't quite matched by its surroundings with locals dubious that the house will achieve even the new £1.8m asking price. Owners Mike and Jules Keen, who own a furniture business, resorted to raffling it off in 2021 with tickets on sale for £25 a time. But even that didn't work because they couldn't sell enough tickets, prompting the question: why does no one want to purchase a property that once appeared on Channel 5's 'I Own Britain's Best Home.'"

"In front of their property is a row of modest terraced houses which are now mostly privately rented for as little as £350 per month. In the alley backing onto Tindale Towers is an abandoned shopping trolley containing soggy cardboard boxes and a fly-tipped mattress. A little further along is another weed-choked alleyway where someone has built a fire using empty beer cans. Directly behind Tindale Towers is a logging and landscape company whose immediate purpose isn't completely clear even to other residents of Roman Way. 'People think it's a scrapyard,' said one local. 'You can see why because it looks a mess, there's a massive pile of smashed pallets heaped up there which must be a nice view for the couple in the big house. It's actually a logging and landscape company but nobody is really clear what that means in practice.'"

Stuff New Zealand. "At the end of this month, the del Valle family is due to settle on a new-build property that they cannot afford. Lea del Valle​ said they stood to lose money from the KiwiSaver accounts of her mother, Cristina,​ and her brother, as well as most of the family’s savings, because they had not been able to get the loan they need to pay the agreed $839,000​ for the Te Atatū South property. The family is not alone in finding themselves unable to afford a new-build they signed up for months or years before. Mortgage adviser Hamish Patel said a combination of higher interest rates, home loan test rates, and price falls meant many borrowers were finding themselves rejected by lenders they had expected to offer them home loans."

"The del Valle family were in a particularly bad position, because they did not seek finance prior to signing their sale and purchase agreement in October 2021, despite only having a 5% deposit. Lea del Valle said they realised their mistake, but the family were from Chile, and had never purchased a property in New Zealand before. They say they were let down by their professional advisers. 'At this point we don’t care about owning property any more, the only thing we want is our deposit back, that was essentially our entire life savings,' del Valle said."

"The family has asked to withdraw from the contract, and been refused. The developer might also be able to sue the family for the balance of the purchase price if it cannot resell the property to someone else for a similar amount. 'So not only has the client lost the deposit because they can’t settle, but now if that $1 million property sells on the market for $850,000, that developer could potentially come after the client for the shortfall,' Patel said."

"One would-be buyer posted online recently saying that they had encountered a problem because their valuation on a new townhouse came in $150,000 below the asking price they had agreed to. 'The bank will only loan me less than the amount that I wanted and I would need to fork out the additional money, which I can’t. I have already put in a deposit, what can I do now?' In some instances, builds had taken longer than expected, and buyer’s finance had expired. Patel had recently taken on a client in exactly this situation, whose finance had expired a year ago, and the build was only now approaching completion. 'They are effectively just trying to find generous family and friends to find the difference.'"

The Real Deal. "If every person on Earth lost $10, it still wouldn’t match the losses Chinese real estate giant Evergrande suffered between 2021 and 2022. The beleaguered developer recently disclosed $81 billion in losses over the course of those two years. In 2022, the company hit $335 billion in liabilities. That easily dwarfed the $251 billion in assets and will do little to assuage concern about how financial difficulties at one of China’s largest apartment builders may affect the rest of the nation’s economy. Another embattled Chinese developer is Kaisa, which previously defaulted after failing to make a repayment on a $400 million bond."

From Reuters. "Stocks and bonds in China's real estate industry fell to around eight-month lows on Monday as repayment concerns at two of the country's biggest developers deepened a crisis of confidence in the sector. Cash shortages at giants Country Garden and Dalian Wanda show funding issues have reached what many hoped were the largest and safest players in a business that once contributed a quarter of China's gross domestic product and is all but frozen. Doubts are growing any official support will be forthcoming, and investors do not expect any aid to be aimed at shareholders."

"Country Garden's onshore-traded bonds dropped to less than half of their face value on Monday and dollar bonds due in 2025 and 2031 fell below 20 cents on the dollar. An index of mainland developers fell 6.4% on Monday and recorded its worst session of 2023. 'Everything is falling,' said a Hong Kong debt fund manager, who spoke on condition of anonymity. 'The major thing that we see now is onshore-traded Country Garden bonds going down,' he said. 'That is the largest one. People get scared if that one cannot survive.'"