A report from the Arizona Republic. "Metro Phoenix's housing market has likely peaked for the year. Investors and flippers who dominated the market a few years ago have pulled back in the Valley. Veteran housing analyst Tom Ruff described Valley home sales as 'dismal.' Metro Phoenix's median home price slipped to $431,000 in September from $435,000 in August, according to the Arizona Regional Multiple Listing Service. The Valley's median is expected to inch back up to $435,000 during October, based on pending sales. That compares with a 2023 high of $443,000 in June and a record high of $475,000 in June 2022. 'The anticipated wobble' in home prices is here and could last through the rest of 2023, said Ruff, who is with ARMLS' Information Market. Based on pending sales, this month could be the slowest October for sales since 2007, according to Ruff."

"Flippers bought nearly half the number of metro Phoenix houses in September – 280 – than they did two years ago. Investor iBuyers Open Door and Offerpad, the 'instant buyers' that competed with first-time buyers a few years ago, bought almost 90% fewer Phoenix-area homes in September than two years ago. Last month, the firms combined purchased fewer than 50 houses. Through September of this year, homebuyers who plan on living in the house have been behind more than 75% of all Phoenix-area sales, according to The Cromford Report. That's up from an average of 63% during the frenzied 2021-22 homebuying period."

KXTX in California. "Sacramento appraiser and housing analyst Ryan Lundquist says the region is missing about 13,000 listings — a roughly 40% decline from a normal year. Gone is the feeding frenzy of cheap borrowed cash he added. 'If you aren't getting buyers out there then (it's) time to adjust,' said Lundquist. 'I just say, sellers, there's a smaller pool of buyers and be realistic about that, okay, it's not 2021, you can't command whatever you want.' And as for buyers? 'Buyers, I would just say be discerning, be picky,' he said. 'Be patient. Wait for the right house, but realize that there is still competition in this market.'"

WVEC in Virginia. "High interest rates have kept some prospective home buyers in Hampton Roads from taking the leap. But experts say there are ways that buyers can make the most of the current housing market. Local mortgage banker Robby Dobrinsky notes a drop-off, but if you look around many neighborhoods in Hampton Roads, you may see more 'For Sale' signs up. Realtor Bethany White of The Bethany White Group of Virginia Beach sees a shift in the market and says our area is unique. White says there's been a shift in concessions. 'Sometimes, sellers wouldn't help with closing costs assistance, some buyers couldn't even have a home inspection, they had to wait, they had to bid above the sales price, so we are seeing those types of things go away,' White said."

"Dobrinsky suggests people buy the house and rent the rate. 'If you can afford it, treat it like a band-aid and when the rates get lower you'll be the first person I call to do a refinance and lower your payment,' Dobrinsky said."

From Newsweek. "The rising cost of home insurance in Florida is pushing many residents to give up on coverage partially or altogether, selling their homes and even considering moving out of the state, readers told Newsweek. Some have already taken the plunge and left the state that they once considered heaven on Earth. Mike Derham, who owns a three-bedroom holiday home on Melbourne beach with his family, told Newsweek that the house now costs $11,000 per year to insure. 'We will be selling up,' he said."

"While the state represents about 7 percent of the U.S. homeowners' insurance market, Florida produces 75 percent of all litigation from homeowners, Charles Nyce, department chair, and Dr. William T. Hold, associate professor of risk management and insurance at Florida State University, told Newsweek. Gwen—who preferred to keep her last name anonymous—told Newsweek she moved to Florida 30 years ago and she loves it, but her home insurance is now making up 20 percent of her income. 'It's simply impossible to afford,' she said. 'It's really sad to have to move out of Florida, but it's priced out for anyone but the upper upper class.'"

"Greg Salisbury said he's selling his house and moving to Georgia by the end of November. 'High cost of insurance, hurricanes, floods, sinkholes, high crime and illegal drugs. Just to name a few reasons. Also my insurance company, Farmers, is leaving the state. Made a bad mistake moving here,' he told Newsweek."

From Money Wise. "Ramit Sethi doesn't think homebuying is for everyone. The host of Netflix’s 'How to Get Rich' makes that clear in Episode 111 of his show. In the video, Sethi speaks with a married couple — Jonathan and Shalom in Seattle — who just swapped their $1,800 a month rent for a $4,150 mortgage payment. As a result, Jonathan says he's started having near nightly panic attacks and the couple is fighting over whether to buy furniture. According to Sethi, the couple followed a trend that traps many buyers: They bought based on real estate marketing and not what they can afford."

Yahoo Finance. "Office buildings in southern California. A healthcare operator in the Northeast. A bankrupt oil-and-gas company in the Atlanta suburbs. These were among the assets that became the source of lending problems for regional banks in the third quarter as corporate borrowers and commercial real estate began to show more signs of strain. Of 18 regional banks analyzed by Yahoo Finance with assets ranging from $50 billion to $250 billion, 15 reported jumps in nonperforming loans when compared to the same year-ago period. The average rise was 80% more than the third quarter of 2022, and up 8% when compared to the second quarter of this year. Charge-offs — a measure of unpaid debts written off as losses — also rose at 15 of the 18 banks compared with the same year-ago period."

"Regional banks are particularly vulnerable to commercial real estate weaknesses because they hold a lot more exposure to those properties than their larger rivals. Many began ramping up their bets on commercial real estate in the aftermath of the 2008 financial crisis, which was triggered by a housing bust, and stuck with it even after the pandemic emptied out many city-center properties. 'All of the bank regulators are working with banks that have, you know, concentrations of troubled real estate to work it out,' Federal Reserve Chairman Jerome Powell said earlier this month. 'Smaller banks have proportionately much larger exposure to real estate,' he added, and 'there will be losses for sure.'"

The Canadian Press. "As tougher lending requirements have more homeowners turning to the private mortgage market, brokers say having a strategy to eventually get out of the loan is crucial, or they risk falling into a debt trap that could eventually lead to a ‘For Sale’ sign on the front lawn. 'Getting out is very difficult. And if you don't plan for it, or at least acknowledge the difficulties and make that part of your risk determination, you can end up just paying money for the rest of your life and never owning a home,' said Steve Biderman, a mortgage broker at mortgageoutlet.ca. 'You have to treat them as a Band-Aid, not a solution.'"

"A private mortgage is a short-term home loan (typically one year), based on the value and equity in the home. It's financed by affluent individuals or a group of investors, rather than a bank or other financial institutions like credit unions. Private mortgage interest rates can range from 10 to 18 per cent, depending on factors such as the property value and credit risk of the borrower, according to rate comparison website Ratehub.ca, compared with mortgage rates of around six or seven per cent at the big banks. The monthly payments on private mortgages are also usually interest only."

"'Sometimes, it's the only game in town, right? And if it's focused with a particular purpose in mind, it can be a wonderful stopgap,' Biderman said. 'But when it's used to maintain ownership of a house that you really can't afford, where you're cash flowing negative constantly, it’s just going to eat up your equity eventually. There is no ‘pro’ to that type of private lending because … if it's just a way to not sell the house, it will become a way only to delay the selling of that house.'"

CBC News in Canada. "An association representing P.E.I.'s landlords warns that the housing crisis in the province is poised to get even worse, given that fewer new rental properties are being built and large and small companies alike are selling off their rental units. Judy Zuppan-Grialdi said she is barely breaking even when she and other building owners rent out units these days, though prospective tenants might think otherwise. 'When I advertise a property for $2,300, I'm totally ridiculed, being told I'm gouging and greedy,' she told CBC News. Yet interest rates have soared, property taxes are up, and regulations are taking a toll, said Zuppan-Grialdi, who's also a property manager for other owners as well as a builder. 'The tenants, on the other side, are paying the maximum amount they can pay, so it's a real struggle for both the tenant and the landlord.'"

The Yorkshire Evening Post in the UK. "As October comes to an end, we take a look at the properties on the market in Leeds right now that saw the biggest asking price reductions this month. Lane Side House, Lane Side, Leeds, West Yorkshire LS12. This 3 bed detached property on Lane Side was last reduced on October 17 by a total of 44.6 percent, to £499.000. Wike Lane, Wike LS17. This 5 bed detached property on Wike Lane was last reduced on October 11 by a total of 36 percent, to £1.600.000. Glencoe Gardens, Leeds LS25. This 2 bed semi-detached property on Glencoe Gardens was last reduced on October 12 by a total of 32.5 percent, to £135,000."

The Helsinki Times. "Finnish old share apartment prices have experienced a notable decrease in the third quarter of this year, according to the latest statistics. The Statistics Finland’s report on share housing prices indicates a 7.3% drop from the previous year and a 2.0% decrease from the last quarter. Concurrently, the sales volume of these apartments has dropped by 30% compared to the same period last year. In Finland's major cities, the decrease in old share apartment prices was even more pronounced. The most significant reductions were observed in Vantaa and Espoo, with decreases of 9.3% and 9.0% respectively, compared to the previous year. In Helsinki, the prices fell by 8.1%."

"The drop in prices was most evident in smaller apartments. In the capital region, studio and one-bedroom apartments saw price decreases of about 11% and just over 9%, respectively. Meanwhile, the market for new share apartments continued to struggle in the third quarter. Sales were down by 60% nationwide compared to the previous year. The prices of these new apartments have decreased by 3.5% year-on-year, with a more significant reduction of 4.4% in the capital region. Petri Kettunen, an actuary at Statistics Finland, highlighted that the largest price drop was seen in new row houses across the country, which fell by 8%. There was also a notable decrease in the prices of new studio apartments."

From Japan Today. "'I'm looking to buy a building close to a station near Shinjuku, for around ¥200 million. Do you know any good properties?' 'Please hook me up with a used condominium located in an area slated for redevelopment. Anywhere is okay.' The seminars target affluent individuals in major Chinese cities such as Beijing and Shanghai. Some are held online and others organized by agency offices around the country. A reporter for Shukan Gendai (Oct 21-28) infiltrated an online seminar earlier this month to see who's buying what. Before the seminar begins, the computer screen showed an image of Kyoto's old Gion entertainment quarter, atop of which, the message 'The first step toward realizing your dream of Japan' in red Chinese characters."

"Most of the properties introduced at the seminar were priced in the ¥200 to ¥300 million range, well beyond the price of many Japanese, but probably what wealthy Chinese are accustomed to paying. From the lively seminar, the reporter noted, it was clear that Japanese properties are a hot item for Chinese investors. One reason may be that that the values of housing in 52 Chinese cities are in free fall, with prices fluctuating crazily. Which makes Japan all the more appealing. 'There have been cases where people bought a property going for 25,000 renminbi (about ¥510,000), only to see it fall to 20,000 (¥410,000) in one week's time,' an immigration consultant told the magazine, adding 'Chinese economy is in a downturn, but even before the bubble burst investors had already taken notice of the stable property market in Japan.'"

From Reuters. "The Hong Kong High Court agreed to further adjourn a hearing to wind up Evergrande to Dec. 4, with Justice Linda Chan saying the next hearing would be the last before a decision is made on liquidating the company. Evergrande needed to come up with a 'concrete' revised restructuring proposal before that date, she said, otherwise it was likely the firm would be wound up. Evergrande, which has more than $300 billion of liabilities, defaulted on its offshore debt in late 2021 and became the poster child of a debt crisis that has since engulfed China's property sector. Due to an investigation into its flagship property unit, Evergrande was barred by mainland regulators from issuing new dollar bonds, a crucial part of the restructuring plan."

"A lawyer representing major bondholders of Evergrande said the group supported the adjournment, because a restructuring plan could have a higher recovery rate for creditors than a liquidation scenario of less than 3%. 'I don’t think anyone wants to see it liquidated. But right now, we don't see a better option could be offered by Evergrande, so the chance is still high that it would be wound up eventually,' said a bondholder, asking to be unnamed because they were not authorised to speak with the media."