A report from the East Valley Tribune in Arizona. "Butch Leiber, president of Phoenix REALTORS' board of directors, said inventory in Chandler this summer climbed by 500 homes from July to August. Listings Valley-wide were around 7,100 last month, the Cromford Report said. That was higher than late July's count of 6,486. 'When the 30-year fixed mortgage rate stays above 7%, demand for re-sale homes is so feeble that it is not even enough to eat up the small number of new listings that appear each week,' it said. 'Available supply is starting to grow.' It also reported, 'The new home market continues to show more strength than the re-sale market, particularly in volume. However, the new home sales mix moved sharply toward cheaper homes between July and August, causing the median to drop dramatically by more than 6%.'"

Axios on Texas. "Less than a fifth of Austin homes for sale are snapped up in two weeks or less, per new Redfin data shared with Axios. The stat is the latest reflection of how the hyper-competitive market during the pandemic's throes — with frantic bidding within hours of a house going on the market — is now in the rearview mirror. Homes in the greater Austin area spent an average of 60 days on the market in August, up 28 days from August 2022, per the Austin Board of Realtors. It's good news for buyers, says Austin Board of Realtors president Ashley Jackson. 'Austin's current housing market allows for potential home buyers to be picky,' Jackson says. 'Buyers — especially first-time home buyers — can take their time searching for a home that checks all their boxes. When compared to the past two years of highly competitive market activity, this is both a welcome reprieve and perfect opportunity for buyers looking to enter the market.' The median price in the greater Austin region dropped 7.6% since last August to $460,000. But in Hays County the drop-off year-over-year is 10.1% and in Bastrop County it's 15%."

The News Press in Florida. "In September 2022, Hurricane Ian's historic surge and winds decimated swaths of Southwest Florida, especially coastal Lee County communities of Pine Island, Matlacha, St. James City, Sanibel Island and Captiva. The epicenter of the destruction was Fort Myers Beach. But the Category 4 monster also severely damaged parts of Cape Coral, Harlem Heights in south Fort Myers, Isles of Capri near Marco Island in Collier County and points in-between. Sanibel’s real property values were down about $2.1 billion, about 34%, from July 2022 to July 2023 and some of the biggest losses came from impacted condominiums, according to city officials."

The Messenger. "Branden and Rayni Williams — two real estate agents who regularly sell homes for celebrities just listed what will likely be their last 'passion project.' Nestled into the hillside near the Sunset Strip, their spec home dubbed 'The Californication' in Hollywood Hills hit the market for $38 million Wednesday. The Williamses bought the property in a 'sweetheart deal' in 2016 for just $2.9 million, Branden Williams told The Messenger. Then began their multi-year spec house development. The lavish features cost the developers handsomely. After they spent the money from their loan, Williams said, the developers paid for the project from their own pockets. And now that it’s finally finished, Williams said he and his partner and wife won’t be doing any more big builds. Between the higher costs of labor and materials, Williams said it's just not worth it anymore. Speaking of The Californication's listing, he said 'At this price, with some negotiation room, we don’t even make money…because of inflation costs.'"

From Bisnow. "With oversupply being an issue in the multifamily market and more units on the way, properties have become cheaper to acquire in the last year. Apartment building prices declined 17% in February and 16% in August. Last month, Blackstone sold its entire Manhattan multifamily portfolio for $142M — a 43% loss from when it was purchased in 2015."

The Nevada Appeal. "Two recent office building sales offer a glimmer of hope for Northern Nevada’s struggling office market, although some sub-sectors – mainly, South Meadows – continue to vastly underperform. Chase Houston, senior vice president at Logic Commercial Real Estate agrees that Northern Nevada’s office market is a mixed bag – and it could worsen overall as commercial office leases expire in coming years. 'Office nationally looks like it is in meltdown right now, but Reno is different. Right now is an odd time,' Houston said. 'Our market is vastly different. We have some big vacant office buildings, but tenants are still paying rent because they still have lease commitments. Investors don’t want to hop in because they are waiting for a crash, and sellers don’t want to sell because they have no real need to. There is so much cash at hand … We are in purgatory.'"

From Barron's. "Bank of America’s big bond losses likely widened in the current quarter due to a sharp increase in market interest rates. Bank of America was sitting on $105.8 billion of losses on a $614 billion portfolio of mostly agency mortgage securities at the end of the second quarter. That loss could have widened by $10 billion to $15 billion in the current quarter assuming no major rate moves by the end of this week, Barron’s estimates. The losses on the BofA held-to-maturity portfolio are real and way exceed those of any of its peers. The losses are equivalent to more than half its $184 billion of tangible equity in the second quarter. The losses appear to have weighed on BofA’s stock, which is down 18%, to $27.31, so far this year, the worst showing among its peers. Warren Buffett, the CEO of Berkshire Hathaway, which owns about 13% of BofA’s stock and is its largest shareholder, has been critical of banks for loading up on mortgage securities at the worst possible time in 2020 and 2021. The securities have the disadvantageous tendency to lengthen in effective maturity when rates rise. Buffett called them a 'dumb' investment for banks in a CNBC interview in April."

The Globe and Mail in Canada. "The Toronto-area real estate market is seeing a gradual swell in listings from 20-year lows. Scott Hanton, broker and president at Hanton Real Estate Inc., calls the current market 'deadsville' for many sellers. 'The past three weeks – I’ve never seen it this slow.' During the summer, buyers were running into sellers who were standing their ground on price, he explains. Now, as more listings arrive, some homeowners who have a more urgent need to sell are trimming their asking prices. But even as properties are discounted, buyers are having a hard time qualifying for a mortgage at the amount they were hoping for. 'It’s not a battle of wills,' he says. 'The buyers simply don’t have the money and can’t get the money.'"

"Mr. Hanton recently listed a condo unit in the popular King West neighbourhood in the $700,000 to $800,000 range. He was forced to pull the listing after the seller of a competing unit dropped their price by $50,000 and struck a deal. 'Some buyers want a two-bedroom under $700,000,' he says. 'It turns out there’s a lot now.' In the freehold market, sellers of semi-detached houses that were fetching $1.5-million last year may be accepting offers of $1.3-million. 'We would have been insulted by that not long ago,'” he says."

"The combination of higher interest rates and more conservative lending practices – especially at the major banks – have created a more challenging landscape for buyers, he adds. 'I remember a time when they were giving money away. They’re just not willing to take that risk any more.' Buyers who might have been looking above the $1-million mark in the past need to drop into the $900,000s, he says. It’s common these days for prospective buyers to lower their budget by $100,000. As for sellers, many downsizers who were hesitant to list when prices dipped from their 2022 peak don’t want to delay their move any longer. And more inventory is coming this fall. Home inspectors, stagers and photographers – the leading indicators of supply – report that they have lots of work. 'They are swamped,' Mr. Hanton says. 'There’s going to be quite a bit coming to market.'"

The Eastern Daily Press. "Asking prices for homes in north Norfolk are being slashed at one of the highest rates in the country, with estate agents warning sellers they risk missing out if they don’t lower their expectations. Nearly a quarter (19pc) of homes on the market in north Norfolk saw asking price reductions of more than 5pc over the past 90 days, making it the area with the second highest proportion of major price drops in the UK, according to Zoopla. The only place with a higher figure was Thanet, in Kent, where 21pc of properties on the market saw asking price reductions of more than 5pc over the same period."

"And while there is a trend of sellers dropping prices the UK, Clive Hedges, Arnolds Keys coastal branch manager, said such a high proportion could signal sellers are being given bad advice. He said: 'Less experienced agents that don’t have decades of experience will have only operated in a market that’s rising. That could lead them to set the price too high to begin with. It’s not an easy conversation to have, telling a seller the value of their home isn’t as high as it was a year ago, so you’ll always get those vendors that say let’s try it at that higher price. The problem with that is that you risk the property on the market for so long it goes stale, which will make it much harder to sell.'"

The West Australian. "Some new housing statistics out this week could fuel a new round of panic buying, but buyers, please beware. Not every property will enjoy good capital gains, as about 80 per cent of sellers in one apartment block have found out this year after selling at a loss. Take The Towers complex at Elizabeth Quay for example, where most of this year’s sellers have taken a loss. According to sales records, only two of the 11 apartments to sell in 2023 earned a profit, with nine selling at a loss, and inconclusive results for a first-time sale and one that has not yet settled. My analysis shows these loss-making apartments were all purchased in the downturn between 2015 and 2020, with losses ranging from 2.5 to 20 per cent, or close to $300,000. Of course, the owners who were investors benefitted from some pretty strong rental yields at The Towers. But its safe to assume the owner-occupiers are disappointed to effectively walk away with a debt."

"The losses highlight that apartments tend not to increase in value as quickly as houses, and some areas suffer more than most. According to RP Data, the median price for units in Subiaco and Mosman Park are about $30,000 cheaper now than in 2008. At the luxury end, there are areas that simply have not lived up to the hype, like parts of North Coogee. Builder Dale Alcock forked out $2.97 million for a North Coogee block in 2007 and sold it last year for $1.6 million — a $1.37 million loss. It is safe to assume the property markets wild ride is not over. Choose wisely."

From Reuters. "A record number of Chinese are choosing to travel at home this Golden Week holiday, potentially boosting domestic consumption but disappointing travel agents who have been waiting for big-spending tourists to go back abroad since the pandemic ended. A resident of Anqing city, in eastern Anhui province, who gave her family name as Cao plans to stay in her hometown this holiday, as the monthly installments for her recently purchased apartment were draining most of her disposable income. 'I used to travel farther, but this year I will either stay in my hometown or go to nearby places,' she added."