A report from Fortune. "The average San Francisco home value is down 11.5% over the past year, and 13.2% from its peak, according to Zillow. For homeowners looking to sell, that spells trouble. San Francisco home sellers are four times as likely as the average U.S. seller to take a loss, according to Redfin. Not to mention that the typical San Francisco homeowner who took a loss sold their home for $100,000 less than what they bought it for. Meanwhile, nationwide, the typical homeowner who took a loss on their home, sold it for $35,538 less. A separate Redfin analysis found that the total value of homes in San Francisco fell by nearly $60 billion since last summer. 'Some condos in the Bay Area are now worth less than their owners bought them for in 2018 and 2019, in part because commuting from Oakland and other outlying areas into downtown San Francisco isn’t really a thing anymore,' said local Redfin real estate agent, Andrea Chopp."

"As for other markets, Detroit followed behind San Francisco, with 6.9% of homes sold during the three months ended July 31, purchased for less than what the seller bought it for. Then there’s Chicago, with 6.5% of homes sold for less than what the seller bought it for, during that same period, followed by New York City, where 5.9% of homes sold for less than what the seller bought it for. But in dollar terms, New York’s median loss is tied with San Francisco at $100,000."

From DS News. "In Boise, ID, Redfin Premier agent Shauna Pendleton has clients who will likely have to take a $100,000 loss on their home because they’re selling it after only about a year. They’re moving back to Seattle because their employer is requiring them to return to the office. Pendleton noted that it’s not common for homeowners to sell at a loss in Boise, but when it does happen, it often involves homes selling for upwards of $750,000."

The Denver Post in Colorado. "'The majority of sellers found themselves negotiating to get their homes under contract,' said Nicole Rueth, a DMAR Market Trends Committee member. Libby Levinson-Katz, chairwoman of the DMAR Market Trends Committee, in her comments, recounted a listing agent on a townhome who was frustrated to hear from several buyer agents that an offer was coming, only to be told later the buyer was holding off because of higher rates. That didn’t happen once or twice, but five separate times. 'The important message is that sellers are eager for qualified buyers to make an offer,' she said."

The Virginian Pilot. "Demand for mortgages in Hampton Roads has dropped significantly this year, lenders say. Tidewater Mortgage Services is doing everything in its power to keep its sales force intact, said said Jim Belote, vice president of sales and senior loan officer. Its team, including loan officers and operations staff, totals just under 200. 'So, we’re taking price concessions on interest rates,' he said. 'We’re slashing probably a third of the revenue off a mortgage that we would normally get just to help our loan officers win deals because it’s super competitive now.' Gordon Davis said he and his wife listed their four-bedroom, 3.5-bath, 4,200-square-foot family home of 27 years in Chapel Hill, North Carolina, in March for $975,000, but pulled it off the market after very little traffic. Unsure what direction the market will go in, Davis said they will wait until March and try again."

Hawaiian Business. "The average mortgage rate is the highest it’s been in more than 20 years, and while that’s slowed home sales, refinance loans in urban Honolulu have fallen off a cliff. That’s being felt by everyone in the mortgage industry across Hawaiʻi. The number of home loans originated statewide by all lenders through the first seven months of this year was about half that of last year, but the dollar volume was down by 66%, according to the Title Guaranty Hawaii mortgage barometer."

"'I’ve been in this business 31 years and it’s the worst market I’ve ever seen,' says Jon Whittington, managing director of Hawaiʻi Mortgage Group LLC. “The biggest issue is people are locked into their houses. There’s no inventory. We’ve got dozens of preapproved buyers; we’re just trying to get home offers accepted,' he says. 'And it’s just not happening.'"

From CBC News in Canada. "The saga of alleged financial fraudster Greg Martel took another turn Thursday when Martel was put into personal bankruptcy during a hearing in B.C. Supreme Court in Victoria. The bankruptcy will help smooth the way for the receiver in the case, PricewaterhouseCoopers, to recover assets owned by Martel in order to pay back some of the money lost by jilted investors. The main targets are a mansion in Las Vegas, a house in Langford near Victoria, and an Ontario cabin he co-owns with a former spouse which combined could recoup around $4 million dollars, a small fraction of the almost quarter of a billion he owes."

"Meanwhile, an application will be brought later this month to have Martel declared in contempt of court which could land him in jail, assuming he can be located in Canada. Martel is the disgraced Victoria mortgage broker who owes 1,200 investors an estimated $226 million through his company Shop Your Own Mortgage (SYOM), also known as My Mortgage Auction Corp, of which he is the sole director. SYOM was supposedly in the business of pooling investor money to provide short term bridge loans to real estate developers. Investors were drawn in with promises of sky high rates of return, sometimes as much as 100 per cent interest on an annualized basis. But things started to go south earlier this year when some investors started complaining that their pay outs were taking longer and longer to materialize. Eventually the company ceased paying out investors entirely."

"To date PwC has found no evidence the bridge loans Martel was selling ever existed, leading some to speculate he was running a Ponzi scheme. In an email to CBC, Martel denied the accusation."

From City AM. "New figures from Halifax show roaring mortgage rates have continue to pile on the misery for the UK’s housing sector. During the month, London homes saw the most dramatic fall in price of any region in cash terms, tumbling 4.1 per cent to £529k as sellers slashed the value of their pads in order to sell. Kim Kinnaird, director, Halifax Mortgages, said: 'The market will continue to rebalance until it finds an equilibrium where buyers are comfortable with mortgage costs in a higher range than seen over the previous 15 years.'"

News.com.au in Australia. "When Queensland couple Valerie and Stephen Kenner learned earlier this year that their builder had gone bust, they were concerned but not distraught. With insurance on their nearly-completed building site, they were hopeful that they would be adequately covered and wouldn’t be left too much out of pocket. Late last month, after much anticipation, Mr and Ms Kenner, 51 and 43 respectively, received an email from the QBCC, which handles the state’s last resort insurance scheme. In a promising start, the email’s subject line was 'Claim Approval Letter.' But when Ms Kenner clicked on it, she saw a big fat zero for her claim. 'Total approved claim: $0.0,' it read. 'It’s 'basically ruined us financially,' Ms Kenner, a mother-of-seven, told news.com.au."

Stuff New Zealand. "Award-winning New Plymouth building firm Custom Construction has been placed into liquidation potentially casting a shadow over a number of other Taranaki businesses owned by its directors. The announcement of the liquidation comes at a time when a section of the construction industry was really struggling, Location Homes owner and mental health advocate Campbell Mattson said. Mattson, who is a former president of the Master Builders Association Taranaki, could not comment on what had happened with Custom Construction, but warned of growing concerns for some in the industry. 'Let’s not pretend, it’s tough,' he said. 'A lot of people who were busy at the start of the year are now looking for work.'"

Channel News Asia. "The financial woes of China’s largest property developers are rippling through the country’s economy, as lawsuits pile up with businesses and workers owed hundreds of billions in payment. China’s ongoing property crisis was triggered by the government’s attempt to reform and de-leverage the sector to prevent a housing bubble. Real estate forms the backbone of the country’s economy, contributing about 30 per cent of its gross domestic product (GDP), with some 80 per cent of residents' wealth locked in the sector. Mr Chen Zhi Xiong had founded his own advertising and events planning company in 2019, and was approached by Evergrande for a business collaboration just a year later. The 35-year-old worked with the real estate giant on four projects for three months from October to December 2020, providing billboards, publicity materials, and running promotional events for the firm."

"'When I asked for payment, the company gave various excuses, saying it takes time to go through the due process (or) that they had no money,' Mr Chen told CNA, adding that payment was delayed for about a year. He later filed a lawsuit, sending the company contract breach letters, notifications and payment reminders, according to court documents seen by CNA. Mr Chen used up his own funds for the unpaid projects amounting to US$100,000, and resorted to borrowing from various sources to balance his cash flow and pay suppliers and employees."

"When Evergrande defaulted on payment, he too was unable to repay his own debt, and was forced to sell his family home and move to a rented apartment half the size of his original place. He also had to downsize his firm by half. When he went down to the Evergrande office physically to demand payment, he ended up being arrested by the police."

"A former Evergrande employee told CNA that before the firm went into crisis, it had an internal policy for all staff, regardless of whether they were top, middle or entry-level executives. 'Employees may be required to buy an apartment from the company, or you have to recommend 50 clients to view a property. Essentially, it is an internal marketing campaign,' said the 27-year-old. The ex-employee bought an apartment from Evergrande, putting in a 20 per cent down payment and taking up a 30-year mortgage. He is currently still servicing his loan at a 5 per cent interest rate, which takes up a third of his monthly salary, even though the apartment he bought has already lost a fifth of its value."

"'At that time the company couldn’t pay salaries and began to owe about three months of my salary,' he told CNA. He added that Evergrande also had a wealth management product, which employees were required to deposit money into. 'For example, grassroots employees were required to deposit US$13,780, while middle and senior management executives may need to deposit more. The money can be redeemed after a year, but many employees around us were unable to withdraw it at all after one year was up. There was no money,' he said."

"While government policy has accelerated the contraction of the sector, China’s housing market is also undergoing a long-term transition, according to experts. The country can no longer rely on real estate to fuel growth, as its declining birth rate means that it no longer needs so many houses. 'China's fertility rate is at an all-time low. Now it is about 1.3, even lower than Japan, and the ageing is starting to accelerate,' said Hang Seng Bank chief economist Wang Dan. 'China used to focus on the construction of new housing. But now that part is basically over. We have to focus more on the service in the real estate sector.'"