A report from the Pueblo Chieftain in Colorado. "Pueblo's real estate market remained stagnant in August with overall sold listings down 18% when compared to August 2022. Year-to-date residential home sales are down 25.5%. The length of time a home for sale is staying on the market is closing in on three months, making those sellers 'nervous about how long it takes to get their house sold,' explained David Anderson of the Pueblo Association of Realtors. In the new home construction arena, permits are down 47% compared to this time last year. That means, 'builders are being cautious' amid the rising levels of unsold inventory, Anderson said."

KTVB in Idaho. "After years of a red-hot housing market across the Treasure Valley, data continues to show that the market is cooling. Market statistics from Boise Regional REALTORS show that the median home sales price in Ada, Elmore, and Gem counties have all dropped year-over-year. Gem County: Median sales prices Aug 2022: $490,750. Median sales prices Aug 2023: $438,248 -10.7% change. Ada County: Median sales prices Aug 2022: $565,000. Median sales prices Aug 2023: $520,000 -8% change. 'We're having a lot of conversations with buyers on how to work through higher interest rates,' said Tom Wheeler, a real estate agent. 'Because with higher interest rates, we've seen a reduction in purchase price.'"

The Daily Advertiser in Louisiana. "Acadiana saw its average home price fall in August, recording the lowest average sale price for a month since January, the latest report from Bill Bacque of Market Scope Consulting shows. Bacque’s report, which includes monthly, annual and year-to-date data for several Acadiana parishes, shows that the average sale price for the region was about $246,523 for August — a drop of more than $13,000 or 5% from July. In Lafayette Parish, the average sale price for August was $280,634, falling by more than $35,000 or 11% from July and nearly $32,000 or 10.2% from August 2022. Existing homes in Lafayette Parish — meaning homes that are being resold — have a months supply of 2.5, up from 1.4 at this time last year. Newly built homes have a months supply of 4.7, up from 3.6. 'The continuing upward drift of interest rates and its impact on affordability has continued to put downward pressure on Acadiana housing sales and where they are occurring,' Bacque wrote in his report."

Business Insider. "Nearly two weeks into New York City's enforcement of a 2022 law banning whole-home, short-term rentals and short-term stays with more than two guests, a particular kind of New York homeowner is feeling the squeeze. According to real-estate agents Insider spoke with, owners of townhouses and multi-family properties in Brooklyn are among the first to react to the new short-term-rental regulations. Compass real-estate agent Christine Blackburn told Insider she knows of someone who's listing their $4 million, six-bedroom home in Fort Greene, a neighborhood in Brooklyn. They were partially motivated to sell now that they could no longer rent out their basement unit on Airbnb."

"Compass real-estate agent Brian K. Lewis said buyers who previously shopped multi-family properties with the intention of short-term renting will stop looking altogether and have to redraw what they can afford. 'That buyer pool will completely dry up,' he said."

From Deseret News. "San Francisco used to be seen as a place for artists and innovators to achieve the California dream. Although the pastel-colored homes still sit on the city’s hills and the fog continues to roll in each day, the city is in deep turmoil. Jordan Hollan and her husband had high hopes when they moved to the city in 2019 after graduating from Brigham Young University in Provo, but their perspective on the Bay Area changed quickly. She shared a viral news story from December 2022 that is the worst nightmare for every parent: A 10-month-old child accidentally ingested fentanyl at a park in the Marina District, a once-safe and touristy spot in the city. The child was with his nanny, who noticed the child turning blue and began performing CPR before the first responders administered Narcan, the over-the-counter treatment for an opioid overdose. 'How does this happen in a playground?' Hollan said. 'We don’t live in the Tenderloin,' the area infamous for drugs, homelessness and crime."

"As a mom of a preschooler, the news scared her, while mothers around her, and online, discussed whether they should carry Narcan in their diaper bags or purses. Hollan said many people, especially those with children younger than the age of 7, have left the city. Part of that had to do with extended school closures, but that wasn’t the only reason. 'Families just don’t want to stay here. They’ll have one kid and once they have that second, they try and leave,' she told me over the phone."

The Globe and Mail in Canada. "380 Macpherson Ave., Ph 613, Toronto. Asking price: $1,449,000 (June, 2023). Previous asking prices: $1.495-million (Late May, 2023); $1.65-million (Early May, 2023). Selling price: $1.4-million (July, 2023). There were several visitors, but no offers. It was relisted at $1,495,000, but the only offer was rejected as unsuitable. The price was then dropped to $1,449,000, and a new offer at $1.4-million was accepted. 'In this market, a lot of stuff, you try it, and if you don’t reach your price, then you start lowering your price,' said agent Dino Capocci. 'I’m seeing it a lot now.'"

The Telegraph in the UK. "Home sellers are cutting asking prices at the highest rate in 12 years as mortgage rates hit buyer demand, new data shows. More than a third of homes had prices cut at least once in the four weeks to September 9, according to property website Rightmove, which was the largest share since January 2011. Those making reductions typically wiped £22,700 off their initial prices, a discount of 6.2pc. Prices are falling fastest for the most expensive properties. Tim Bannister, director at Rightmove, said: 'New sellers in the middle and upper sectors need to be extra careful not to set their price expectations too high.' Andy McHugo, director at McHugo Homes in Birmingham, said: 'In almost 20 years of selling homes, I feel that this summer and last summer have been the most subdued.'"

From Bloomberg. "Ligaya Kelly worries her pet boarding facility on the outskirts of Los Angeles won’t survive the winter if loan costs keep rising. Economist Diana Mousina says she’ll have to sell her Sydney investment property if interest rates remain higher. John Stanyer has cut back plans for his holiday park in the north of England after his mortgage repayments almost tripled."

"In the decade or so after the 2008 financial crisis, the neutral rate dropped across developed economies as inflation remained generally subdued even as central banks kept interest rates at historically low levels. Deepening globalization meant cheap TVs and clothes, while memories of the crisis kept consumers subdued and held businesses back from investments, putting a lid on demand. The post-Covid price spike shattered that calm, spurring a debate among economists, central bankers and bond traders about the future of inflation and interest rates – with very real implications for a world saddled with about $300 trillion in debt."

"As deputy chief economist at financial giant AMP Ltd., 35-year-old Mousina is doing OK for herself. In August 2016, with official interest rates recently cut to 1.5%, she jumped into the investment property game, buying a two-bedroom apartment near Maroubra beach in Sydney’s south.After 4 percentage points of interest-rate increases since May 2022, Mousina now says most of her income is going toward mortgage repayments on her home and the apartment, leaving little room for 'fun expenses' such as holidaying and eating out."

"'It's going to make it harder for me to keep it,' if benchmark interest rates stay around 3-4% for an extended period, said Mousina of the Maroubra apartment. 'If we're at a point where I can't continue to service the loan on it I will sell it off.'"

The Wall Street Journal. "China’s giant housing industry is lurching into a new crisis that threatens to be the country’s worst yet. Now China’s largest privately run property developer, Country Garden, is struggling to survive. Unlike Evergrande, which was brought down by its profligate habits, Country Garden’s troubles come from the retreat of investors and home buyers from the industry. 'The whole industry is in trouble,' said Kenneth Rogoff, an economics professor at Harvard University, adding that the problems are particularly severe in smaller and medium-size cities. Years of overbuilding have resulted in a huge oversupply of homes, and there will need to be an adjustment in the property market, he added. 'How do you prevent the Chinese population from going into a panic mode since most of its wealth might collapse? It’s not easy,' Rogoff said."

"'Chinese households no longer view housing as a safe investment,' said Michelle Lam, a China economist at Société Générale."

From Reuters. "The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. The shadow bank, which traditionally had sizable real estate exposure, missed payments on dozens of so-called trust products since late July, roiling markets and raising fears that China's financial system may be at risk from the property sector crisis. Angry retail investors in Zhongrong's trust products last month held protests in Beijing and lodged complaint letters with regulators, pleading with the authorities to step in after the missed payments."

"The latest development was a standard procedure used by Beijing to diffuse risks at troubled shadow banks in recent years, said a senior executive at a Beijing-based research firm, who declined to be named due to sensitivity of the matter. 'Eventually, investors will not be able to get back all of their money,' said the person. 'They'll likely incur hefty reductions in principal in the coming repayment plan. That would further dampen investors' confidence in trust products.'"

"Xu, who invested 3 million yuan in a Zhongrong trust product that has missed payment, said that the development showed the government was paying attention to investors' demand, but was still not hopeful about getting her invested money back. 'It's a torturous progress. The only thing we can do is to wait,' she said. 'It's a long battle that could take one year or two years. I've put my expectations very low.'"