A report from the Herald Tribune in Florida. "Robert Goldman, a Realtor with Michael Saunders & Co., said that about 50% of all the properties in Sarasota County have had some form of price adjustment. Craig Ceretta, managing broker with Premier Sotheby's International Realty in Sarasota said that he believes that both sides of the table can have unrealistic price expectations. 'The sellers aren’t believing that it did come down 10% from a year ago and the buyers aren’t believing it’s stabilized, and you’re ending up with maybe a 20% gap between buyer and seller expectations,' Cerreta said."

"Cerreta said there's just 1.9 months of supply available in Sarasota-Manatee for homes priced up to $500,000, 2.5 months of supply for homes priced $500,000 to $1 million and 3.9 months of supply for properties priced between $1 million to $2.5 million. However, there is a 9.2-month supply of homes from $2.5 million to $5 million and 23.2 month supply for homes priced above $5 million."

From Newsweek. "Austin is experiencing a correction phase due to strained fundamentals, specifically a wider-than-average gap between local house prices and local rentals, according to Fortune. Austin home prices fell by more than 10 percent between July 2022 and April 2023, according to Zillow. The housing price decline in Austin was followed by San Francisco with a drop of 10 percent, Bend, Oregon, with a fall of 9.5 percent and Boise with a decrease of 9.3 percent."

The Daily Mail. "Homeowners are sitting on a negative equity timebomb after losing $108.4 billion on their property values this year, experts say - with households in Washington, California and Utah worst affected. Zackary Smigel, founder of Real Estate License Wizard, told DailyMail.com: 'We are indeed witnessing some worrying signs of negative equity, especially in certain regions.'"

"Among those worried about falling home equity is father-of-two James Mayfield, 42. Mayfield - who runs an engineering firm - bought a three-bedroom, two-bathroom home in Long Beach, California, for $450,000 in April 2021. It was an investment purchase which he planned to let out as an Airbnb. He fixed a 30-year mortgage with an interest rate of 3.2 percent. But little over two years later, his property has lost around $50,000 in equity. He told DailyMail.com: 'I anticipated certain fluctuations in the market when I purchased the house but the downturn was more significant than expected. It's a reminder of how quickly things can change.'"

The Real Deal. "Beijing-based China Oceanwide Holdings is continuing to shed its U.S. assets, this time striking a deal to sell one of its projects in Hawaii. Oceanwide has struck a deal to sell its 44-acre Ko Olina project on the island of Oahu for $134 million, according to a financial filing. At Ko Olina, Oceanwide has planned to build two hotels, residential condos and an Atlantis-branded resort with 800 rooms and 524 branded residences, according to a 2022 annual report. As of the end of last year, Oceanwide had spent $527 million on the development, though construction had not started."

"Oceanwide has already sold off another Hawaii project in planning. In December, the firm sold its Kapolei West development for $92.9 million, filings show, resulting in a loss of $26 million for Oceanwide. Proceeds from that sale did not cover all debt connected to the property, Oceanwide said in its annual report. The firm still has one project in L.A. — the unfinished Oceanwide Plaza tower in Downtown L.A. In June, Oceanwide defaulted on an EB-5 loan tied to the development, owing $157.4 million to the group of lenders as of January. Oceanwide has said in filings that it would need more than $1.2 billion to finish construction of the project."

Bisnow Washington DC. "A pair of office buildings in Herndon, Virginia, have been added to the growing number of distressed situations facing the struggling asset class. The owner of the properties at 2551 and 2553 Dulles View Drive was unable to refinance or sell the property ahead of the April 1 maturity date for its $51.2M CMBS loan, and the loan was transferred to special servicing 'due to imminent maturity default,' according to Morningstar. 'This is a very good example of what’s going on in the market,' Morningstar Head of CRE Analytics David Putro said in an email to Bisnow. 'While this loan hadn’t met underwritten expectations, the borrower had kept it current and had backfilled some of the vacant space heading up to maturity. But the in-place cash flow and higher interest rates make it simply unable to be refinanced in this environment.'"

The Aldergrove Star in Canada. "In Langley in June 163 detached houses changed hands, up 150.8 per cent from the 65 that were sold in the same month in 2022, and a 46.8 per cent increase over the 111 houses that were sold in May. Prices are rising, but remain below the peak levels reached in late 2021 and early 2022, before interest rate rises and slow sales began to bite. The benchmark price for a detached house in Langley was $1.61 million in June, up 2.3 per cent from May, but still 10 per cent below the price in June of last year."

The Stoke Sentinel in the UK. "Dozens of investors fear being left millions of pounds out of pocket - after sinking their life savings into a stalled student flat development. The Sky Building, in Newcastle, has remained an unfinished eyesore since 2017 after its original developer ran out of money. That was despite selling leases to more than 100 investors for around £50,000 each and promising them a healthy return once the scheme opened. Anthony Orme paid £59,950 for a studio apartment at Sky Building. He now wants to warn other people of the dangers of investing in property off-plan. He said: 'The Sky Building was sold to us as a way of gaining an income without any hassle. It's been the complete opposite and we were never explained the risks.'"

"Anthony fears that the investors will either be kept in limbo for even longer, with yet another cycle of promises and disappointment, or they could be bought out for 'literally pennies in the pound.' He said: 'Many have sunk life savings, retirement, inheritance, or savings earned abroad to then find it is potentially lost and that they were ill-advised of the dangers of off-plan developments.'"

"Anthony wants to get half his investment back, and says he would not settle for less than the 33 per cent offered by Built4Learning. He added: 'Would I be happy? No, of course not. I would prefer to see the site finished and rented out. But, this has gone on for six years now. The value of the apartment won't be worth what I paid for. I would ideally like 50 per cent, but no less than 33 per cent. I think the majority of leaseholders would say the same. There are some that refuse to admit defeat but these are a minority.'"

The Sydney Morning Herald in Australia. "When Eloise O’Connell joined the strata committee for her apartment in Liverpool, their first task was to raise the fees to prevent insolvency. O’Connell has experience managing restaurants, but not buildings, where she has faced unexpected costs, high debt, heavy workloads and resistance from other residents in the high-stakes volunteer position. 'People were budgeting on a certain level and are suddenly finding they’re paying twice as much. In a couple of months we’re going to have to raise the levies again,' she said."

"Real estate agent and financial adviser Nathan McCullum said strata fees had increased by a minimum of 30 per cent on average across the past 18 months, which he attributed to ageing builds, high insurance costs and high-interest rates on loans. It has led to a number of owner corporations agreeing to sell the building to developers, he said. 'We’re almost specialising in that at the moment. Because of the increasing strata, sometimes there’s no other option but to sell,' he said."

The South China Morning Post. "Luxury homes in Shanghai have come under pressure amid worries about China's faltering economy, with some rich families cutting prices by 5 million yuan (US$691,140) to attract buyers, according to property agencies and consultancies. However, would-be buyers remain cautious, with most of them looking to bargain down prices even further amid the weak environment. 'High-priced flats and houses [in Shanghai] have been regarded as safe investments over the past two decades because of limited supply,' said Ding Haifeng, who works for financial consultancy Integrity in Shanghai. 'The luxury homes market bucked the downward trend in the local property market earlier this year, but it seems as if it has finally fallen victim to a weak economy.'"

"Currently there are about 5,000 luxury homes up for sale across the city, which has a population of 25 million, more than double the number of units available at the end of 2022, added You Liangzhou, who owns Baonuo, a property agency in Shanghai. 'It is not unusual [now] for owners to have to offer a 10 per cent discount to woo buyers,' You said. 'In reality, buyers want at least a 15 per cent price cut, and they will not make purchase decisions until sellers accept their offers.' More than 180,000 pre-owned flats in Shanghai are currently up for sale, up from about 100,000 in mid March, according to data from E-house China Research and Development Institution."