A report from Alabama.com. "Huntsville Realtor Tim Knox said real estate agents are feeling a little bit nervous these days in the Huntsville area. 'We kind of got a little spoiled last year,' said Knox, who is with Leading Edge Real Estate Group. 'When the feeding frenzy was going on here, even the worst house would sell within hours. We would get multiple offers, cash offers way over asking price. Agents got so used to houses flying off the market.' That isn’t the case anymore. 'Buyers became accustomed to 6% and 7% rates,' said Realtor Matt Curtis. 'Eight percent appears to be the breaking point for a segment of buyers, which has slowed home sales nationally and is creating pricing pressure. At 8% prices are starting to soften. It’s not reflected in September’s numbers, but it will start to show in the coming months. Especially with new construction inventory from large national builders seeing large incentives and price drops.'"

"The most affordable homes in the Huntsville area are still found in the Decatur market. The average home price in the Decatur market was $257,000, just $1,000 more than they were a year ago. It dropped significantly from August, when the average sales price was $295,000. The drops in the average home price in the Huntsville area seems to be a reversal of a trend that saw home prices rise over 70% in the last five years according to data compiled by Stacker."

From CBS News. "As some markets like Manhattan have shown, home values have already started to fall in some areas. In Orlando, the market for Vivian Lehman, broker and owner of You Have Realty, home prices have dropped by around 9% since June, according to Redfin. And generally, pricing nationally is starting to fall more in line with what many real estate experts consider to be fair market values. 'Higher interest rates may be to blame, but some of that drop can be attributed to sellers and their agents no longer pricing homes at over market value as they did in 2022,' says Lehman. '2022 was an anomaly, especially in Florida. Low supply and low interest rates fueled that wave.'"

"'By the end of 2024, I believe prices will drop but not by a landslide,' says Bess Freedman, CEO of Brown Harris Stevens.. Her conservative estimate is a 2% decrease, but much depends on what happens with factors like inflation and interest rates. 'Of course, all real estate is local so if you are looking in a market where homes have been severely overvalued, the price drops might be more severe. I am based in NYC, and we are already seeing prices start to come down, especially where all cash offers are concerned,' Freedman said."

The Arizona Republic. "Metro Phoenix’s million-dollar home sales didn't slow during the summer, despite the housing market's overall slowing. What is slowing is the time it’s taking luxury houses in metro Phoenix houses to sell. At the end of this year’s third quarter, homes in nearly all of the Valley’s most expensive neighborhoods were selling slower than a year ago. Bobby Lieb, associate broker with Launch Powered By Compass, advises sellers to price luxury homes with the market and not based on an inflated online valuation. 'The longer a home sits on market, the more impact that will have on the selling price,' he said. Home prices are flat or down in several of metro Phoenix's priciest neighborhoods, including parts of north Scottsdale."

Palo Alto Online in California. "While the overall Midpeninsula housing market is on the path to recovery, Palo Alto appears to be lagging behind its neighboring cities. Year to date, as of Sept. 16, the median price of a single-family home in Palo Alto remained down by 8% compared to a year ago. Los Altos follows closely, with a 5% decrease. In the first quarter of this year, the median price of a single-family home in Palo Alto plunged by 18% compared to the same time last year. In the second quarter, the decline was only 9% compared to the same period last year. By the third quarter (as of Sept. 16), the median price was $3.35 million, almost on par with $3.39 million from the same period last year."

"Several factors have contributed to the market's path to recovery. In the third quarter of 2022, the market sharply plunged and hit bottom, leaving little room for further decline. The median price of a single family home sold in Palo Alto peaked in March 2022 at $4.3 million and had plummeted by 20% four months later in July. The descent continued throughout the latter part of 2022. Whether the residential real estate downturn is definitely in the rearview mirror remains to be seen."

The Real Deal on California. "The value of luxury apartment complex NEMA has shrunk by nearly 50 percent, according to Trepp, citing remittance data from September. The recently appraised value of $279 million, or about $370,000 per unit, is well below the loan balance of $384 million and about half of its 2018 value of nearly $544 million. The loan was sent to special servicing and owner Crescent Heights faced 'imminent default' in August, Trepp said. The two-building complex was built in 2013 at the corner of 10th Street and Market, across the street from the headquarters for X which has shed two-thirds of its office space. 'Bond holders are likely looking at losses down the road,' Trepp’s Manus Clancy said via email."

"NEMA has not brought in enough money to meet its debt obligations since 2020, according to special servicer notes. The 50 percent decline is much more than the assumed 15 to 25 percent drop in multifamily values nationwide, Clancy said. It could speak to 'things beyond interest rates like quality of life, occupancy and rent levels' impacting San Francisco apartments in particular."

Global News in Canada. "Brian Pedersen of Kelowna owns several short-term rental properties within city limits. 'I bought these short-term rental units as a business plan and as a retirement plan,' Pedersen told Global News. Those plans are now in limbo following sweeping changes announced Monday by the provincial government, which will no longer allow short-term rentals other than in the operator's principal residence. 'I was shocked by it,' Pedersen said. The Kelowna man, who is also a realtor, said all of the units he owns are in buildings that allow short-term rentals. 'We've been operating in these buildings for 15 to 20 years. We've invested in these buildings for 15 or 20 years we've operated there. There's never been an issue, and it just kind of seems now, with the stroke of a pen, our businesses go down the tubes,' Pedersen said."

Blog TO in Canada. "An Ontario builder accused of ruining the lives of many would-be homeowners while ironically touting the motto 'a better building experience' now appears to be having trouble turning a profit on some of its projects, and people are quite the opposite of sympathetic. Gemini Homebuilders made headlines last year when it abruptly cancelled the contracts it had with 32 buyers for houses in a new subdivision in Elora. According to the company, the contracts were automatically voided when the developer and township failed to approve and install services like sewage, gas and hydro by deadlines that had been listed as conditions of the agreements."

"This is why some online are now revelling in the fact that homes from Swan Creek Estates, another Gemini development just outside Elora, are selling for way under the builder's asking price. 'KARMA,' one housing advocate wrote along with screengrabs of a listing on X (formerly Twitter) this week. 'Greedy Guelph builder who terminated 32 new build contracts in Elora two years ago had to take a 30 per cent haircut on this place in order to sell it!' The images show a Swan Creek house originally listed for just shy of $3 million, and recently sold for $2.1 million after multiple price decreases. Two smaller homes in the same community are currently also listed for $2.5 million and $2.4 million."

From Barron's. "Think New York is expensive? Try…Frankfurt or Munich? UBS recently published the 2023 edition of its Global Real Estate Bubble Index. Two usual Asian suspects, Tokyo and Hong Kong, came near the top of the charts. The real surprise was how frothy Europe is looking. However you slice it, the outlook for European, particularly German, real estate is rotten. The United Kingdom has the second-highest proportion of adjustable-rate mortgages in Europe—more than 40%, according to the World Economic Forum. (The leader is Spain, where prices never fully recovered from earlier crashes.) 'People’s mortgage payments could double when they reset,' says David Aikman, a finance professor at King’s Business School in London. 'It’s hard to see how it all adds up.'"

"German housing prices are already off 14% from a peak in March 2022, Allianz calculates. The rest of Europe is following, with a 5% to 10% drop projected by the end of 2024. That still won’t be enough to bring buyers out at current interest rates, Allianz figures. Prices on average will have to fall more like 15% to match the purchasing power potential buyers have lost to tighter money and inflation. Higher interest rates are naturally choking the supply of new housing, too. Construction permits in Germany fell by a quarter in the first half of 2023 compared with the prior year."

Daily Mail Australia. "Harris Constructions Pty Ltd, which traded under the name GJ Gardner Homes Springfield/Ripley in Greater Brisbane, has officially closed up shop leaving suppliers and tradies in the lurch. The Springfield/Ripley branch is part of the GJ Gardner Homes company which has offices scattered across Australia in every state except the Northern Territory. The business owes $1.8million to 46 creditors, including the ATO and tradies, while as many as 30 homeowners are expected to have been impacted by the closure. One worker who claims he is owed $25,000 in unpaid wages said he only learnt the business had collapsed when he was unable to log into his work emails."

"The branch's director Iain Harris declared bankruptcy on August 9, news.com.au reported. Mr Harris said he had been hopeful that his staff would've been retained by GJ Gardner Homes and stressed he did his best to keep the business afloat. 'In May, they (GJ Gardner Homes) said we're not going to support the business. I was cut out of everything at that point, they said they would set up a separate entity and take over the customers' builds, and pay all the subcontractors,' he told the publication. 'I'm absolutely devastated with the final outcome.' One man, Jordan Purvis, who runs his own air-conditioning business said he's now $68,000 in debt because he believed the franchise had backing from the head office."

"But the company's head office has rejected claims they would be recovering the losses of the business. 'At no time did G.J. Gardner Homes head office promise to take on the debts or responsibilities of Mr Harris and his building company,' a spokesperson told Daily Mail Australia. 'We are aware some trades and suppliers were told by Mr Harris that head office would take on his debts, but this was never the case and is completely false – which we informed them of when they reached out to us with these claims.' The spokesperson added the head office shut down Mr Harris' access to company systems before terminating his franchise agreement. 'This is a challenging and upsetting time for all people involved. Mr Harris is now the subject of personal bankruptcy proceedings. G.J. Gardner Homes is also an unpaid creditor with unpaid franchise fees and outstanding loans.'"