A report from Sarasota Magazine in Florida. "It’s not just a flash in the pan. The local real estate market’s inventory is sustaining growth. In Sarasota County, active inventory for single-family homes increased by 75.4 percent, to 3,135 listings. The condo supply increased by 124 percent, to 1,985 listings. Active listings for single-family homes in Manatee County increased by 33.3 percent, to 2,420 listings, and increased by 79.4 percent for condos, with 1,340 listings. The purchase beat is also slowing. And comps count now. 'When inventory was historically low post-Covid, if a seller saw their neighbor sell for $400,000, they might try listing [their home[ for $425,000 just to see,' says Alex Chau, a local realtor with Coldwell Banker. That led to swift appreciation."

"'I think realtors now know those kinds of [price] jumps are over,' Chau continues. 'If your neighbor sold [their house] for $400,000, you should probably price it the same and stay the course of what the market is doing if you’re serious about selling.'"

National Mortgage Professional. "Carriers were quick to yank up insurance premiums when the first major hurricane in over a decade slammed Florida in 2017. Then, on June 24, 2021, when a 12-story beachfront condominium in the Miami suburb of Surfside disintegrated, killing 98 people, the sense of urgency kicked into high gear. Now, Florida homebuyers and loan originators alike are wrapping their minds and means around a host of new requirements (coupled with higher and more fees) — ultimately designed to protect them and their investments. And, of course, continued insurance pains."

"'Right now, we’re in this period of flux where there’s an education process that has to happen to board members and owners of condominium units in the state, and that education process doesn’t happen quickly,' says Orest Tomaselli, president of project review at CondoTek. He predicts a 'major shift' in home values during this new era, which beckons full disclosure about a property’s condition and mortgage eligibility. 'Homeowners are now privy to what a reserve study is, and they want a copy of the report and analysis before they purchase their unit. I think it’s the reason unit values are going to plummet in certain areas of the state.'"

"Once a buyer discovers an HOA is planning a $3 million project in five years and fees will double, that could be a dealbreaker. In the state with the second-highest elderly population, many Floridians are on fixed income, making it impossible to pay more. 'Increased insurance costs, inflation costs on the repairs that need to be done … it’s going to become unaffordable for a lot of owners and values will have to drop,' Tomaselli says. Homeowner associations (HOAs) are now scrambling to deal with items on their crumpled to-do lists, sometimes tripling or quadrupling fees that haven’t risen in decades. 'Those kicking the can down the road … it’s all coming back to bite them now,' Tomaselli says."

The Los Angeles Times. "Spring is less than a month away, and with it typically comes a busy time to buy and sell a home in Southern California. If you are selling your home, high rates mean you will have fewer people touring your open houses than during the pandemic boom and you may need to rethink what your home is worth. 'I wouldn't call it a hot market,' said Tracy Do, a real estate agent who specializes in Northeast L.A. 'It's very tempered.' For the first time since 2021, new listings in January — homes hitting the market for the first time — were up compared with a year earlier in L.A. County, according to Zillow. Similar trends were seen across Southern California."

"Do said she is not seeing a flood of calls from people seeking to list their house. Some of the calls she does get come from people asking her to run the numbers to see if it makes more financial sense to lease their house rather than sell it since rents are high and they have sub-3% mortgage rates. 'They are just thinking of keeping it as long-term investment, because they can,' Do said. 'They have such a low overhead.'"

Fox 11 in California. "A luxurious 7-bedroom dream house in the Hollywood Hills was taken over by squatters who set up a business on the property. The ringleader allegedly wrote a fake lease allowing OnlyFans models to create their content in the house and rented rooms to them. The squatters also threw wild parties. Real estate agents say it's a problem they are seeing more often. 'There was poop and pee everywhere. They cut all the cords to all the security systems, they brought in new Wi-Fi. They were planning to sit there and move there,'" said real estate agent Emily Randall Smith. No one was arrested that night in January, but Smith hopes the person behind this gets caught."

From Bisnow. "When the Federal Reserve's interest rate hikes threw commercial real estate into a tailspin, lending plummeted. Marcia Kaufman took over as CEO of Bayport Funding in January 2023, a New York-based boutique lender and investor that specializes in the fix-and-flip model in the multifamily space. Bisnow: How has Bayport shifted strategy from the past two years to now? Kaufman: During the boom time, everybody's a hero. What really defines a strong company is how you perform during tenuous times. As the Fed started the campaign for interest rate hikes, there was a lot of change in banking. We just tightened up underwriting accordingly. We really rely on the sponsor experience. We've always relied on it. And we're looking to the sponsor's liquidity for debt service more so now than before."

"Bisnow: What advice would you give to other lenders who might be struggling with the current market headwinds? Kaufman: Stay in touch with all their customers, not just the customers who are having a difficult time. Sometimes bad things happen to good people. It doesn't mean that they won't work through it. You have to see if you can work through them. If it's somebody who's just so far under they've given up, then the best thing to do is take that asset back and try to churn on their own. Don't be delusional, right?"

From Reuters. "A sell-off in the U.S. government bond market is picking up speed, as a strong economy whittles away at hopes for imminent interest rate cuts from the Federal Reserve. 'Coming into 2024, nobody thought that inflation could go anywhere but down. It was a slam dunk that you would win by just positioning in bonds,' said Craig Brothers, senior portfolio manager and co-head of fixed income at Bel Air Investment Advisors. Now, 'that trade is not working.'"

Blog TO in Canada. "A resident who failed to close on a condo in Toronto is now apparently being sued by the building's developer in a case that many are considering a fair warning to would-be buyers in the city. A document shared to X this week outlines a Statement of Claim launched with the Ontario Superior Court of Justice this month, which alleges that the defendant — who was purchasing a unit in a new building at 55 Mercer Street — failed to pay the balance remaining after they put down a $143,200 deposit. The amount, a substantial $616,226.53, marked an increase from what was originally supposed to be $572,790 due after the down payment, which the statement says reflects 'certain adjustments, fees and expenses being required to be paid by the purchaser on the unit transfer date,' per the condo's Agreement of Purchase and Sale."

"So, developer CentreCourt — represented as 99 BJW Residences Inc. in the litigation — is now looking to keep the entire deposit, along with $666,226.53 for damages for breach of the purchase agreement, interest, and the costs associated with the legal proceedings. While some online are calling the developer 'predatory' and say their reputation may take a hit for going after an individual who 'obviously cannot afford to close,' others are cautioning buyers to do their due dilligence with all contracts and paperwork before getting themselves on the hook for a property, especially in these financial times."

"'One of many lawsuits between builder and distressed buyer who couldn't close!' one realtor wrote on X. 'Have heard some distressed sellers who think they can simply give back their units with no implication (besides maybe a lost deposit). Not the right attitude. And consult with a lawyer!' 'It's getting ugly, for sure Already had associates asking how they can get out of deals,' another said of the current economic landscape, during which a wealthy developer going after someone who can't afford to close on a unit is particularly scary."

Lancaster Live in the UK. "A group of new homes that were earmarked for a shared ownership scheme in the Preston suburbs could be switched to a different type of purchasing arrangement – designed for first-time buyers – after they failed to attract any takers. The nine properties in Cottam have been 'extensively marketed' since last summer, according to the housing association responsible for them – and have even had their prices reduced – but remain unsold."

"Now, Bolton at Home Limited wants permission from Preston City Council to reclassify them as so-called 'rent-to-buy' dwellings for those trying to get their first foot on the property ladder. The organisation acquired the total 36 units that fall into the affordable homes category on the Story Homes estate at Kings Lea. It forms part of the wider Cottam Hall development, dating back more than a decade. Shared ownership is open to people who cannot afford the full deposit or mortgage payments for a home that meets their needs. Instead, they can buy part of the property – between 10 and 75% – and pay rent to a landlord on the rest. Over time, the part-owners can increase their share and will see a corresponding reduction in their rental payments."

From News.com.au. "In Australian politics there are relatively few issues outside of foreign policy that the two major parties can agree on. But there is one issue where both sides ostensibly agree: greater levels of home ownership. In the run up to the last federal election, then Opposition Leader Anthony Albanese promised that a Labor government would help people achieve the 'great Australian dream of home ownership.' Opposition leader Peter Dutton shared similar views on home ownership with the press late last year: 'the best way to empower Australians — to make them masters of their fate — is through home ownership.'"

"The leaders of the major parties sharing this view on home ownership is nothing new. Over 70 years ago there were debates in federal parliament not too dissimilar from todays. This raises an uncomfortable question for the nation’s leaders. After spending more than $20.5 billion on grants, concessions and other cash grants to first home buyers in the decade to 2021, home ownership rates have not risen, but instead have continued to decline. By dollar value the proportion of mortgage lending flowing to investors recently hit the highest level since 2017, hitting a share of 36.2 per cent of all new housing finance."

"Which raises the big question in all of this, how is the home ownership rate going to rise when the current set of incentives and policies have delivered 25 years of strong growth in the proportion of investor held housing stock instead? It was once said that doing the same thing again and again, and expecting a different result was the definition of insanity."

South China Morning Post. "Hong Kong's deep-pocketed investors and homebuyers have been snapping up foreclosed luxury homes at great bargains in recent transactions. A 1,301-square foot unit at Azura on 2A Seymour Road changed hands at HK$37 million (US$4.73 million) last week, according to people familiar with the matter. The property was valued at HK$45 million. A three-bedrooms unit at Alassio on 100 Caine Road was sold for HK$34.8 million, or about 20 per cent below its asking price. Foreclosed properties, those seized by banks due to missed mortgage repayments, have added to active transactions of luxury homes in recent months, said Peter Au, managing director at AA Property Auctioneers. 'Veteran investors in the property market are quick to act, and those who are cash-rich will come out to buy now, but the bargains have to be big,' he said."

"Banks sell foreclosed properties according to valuations pegged to recent secondary-market home transactions, said Alger Cheng, general manager in the auction department at CS Auctioneers. That market has been lukewarm, he added, as transaction volume and prices have weakened. 'More end-users are looking for foreclosed mass residential properties, as valuations of these properties have been discounted by almost 30 per cent during the past three months,' he said."