A report from ABC 30 Fresno. "Chris Jurilla of US Bank says when interest rates do start to drop, more buyers, and more competition, will enter the housing market. He adds even though we're seeing interest rates above 6%, you can always refinance in the future when the rates drop. 'Properties always increasing in value, especially in California wherever you buy,' Jurilla said."

The Napa Valley Register in California. "More Napa County homeowners fell behind in their mortgage payments in 2023, the most since 2019. In addition, more local homes were lost to foreclosure this past year, also the highest number in four years. ATTOM reported that states that saw the greatest number of foreclosure starts in 2023 included California (with 29,180 foreclosure starts); Texas (28,533); Florida (27,427); New York (17,330); and Illinois (13,764). States that saw the most bank repossessions, also known as REOs, in 2023 included Illinois (with 3,814 REOs); Michigan (3,634); Pennsylvania (2,853); California (2,633); and New York (2,538)."

From The LAist. "Though it is internationally known for its catastrophic wildfires and earthquakes, California is no stranger to floods — particularly during the heavy rains that accompany its winters. In fact, 7 million Californians live in flood-prone areas. Despite this, just one in four Golden State homes sitting in what the federal government considers a flood hazard zone are covered by flood insurance. San Diego and Los Angeles, where the atmospheric river stalled out and dumped more than 10 inches of rain, were hit the hardest. Thousands of homeowners trying to repair the water damage are now in for a rude surprise when they discover that their standard-issue home insurance doesn’t cover floods."

"In the eight Southern California counties where the governor has declared an emergency, roughly 52,000 homes and businesses are covered by flood insurance. That’s less than 1 percent of the total number of homes in the region. Flood coverage is mandatory for those obtaining a federally-backed mortgage in a part of the state that the Federal Emergency Management Agency, or FEMA, has deemed a 'special hazard flood area.' However, FEMA, which runs the national flood insurance program, does not keep track of compliance with the rule. Neither do lenders. As a result, a homeowner may purchase a flood policy when they secure a mortgage but fail to renew it in subsequent years. A 2006 FEMA study found that compliance with the requirement ranged between 43 percent in the midwest and 88 percent in western states."

"California, however, may be the exception in this latter region. Jeffrey Mount, a geomorphologist and a senior fellow at the nonprofit Public Policy Institute of California found that just a quarter of homes in parts of the state with high flood risk comply with the federal rule. 'Flood insurance uptake in California is half the national average. Nobody’s policing it,' said Mount. 'There’s no mechanism to go in and threaten people and say, ‘If you don’t get flood insurance, we’re going to take your mortgage away from you.’"

The Arizona Republic. "Two main northbound streets take Queen Creek and San Tan Valley residents into the metro Phoenix area, and both are quickly outgrowing their capacity. To alleviate that traffic congestion, an extension of State Route 24 has long been envisioned as critical. It also serves to add value to vacant state-trust land earmarked for major development, local leaders say. But state politics are starting to get in the way. Queen Creek resident Nancie Naylor is angry at the political impasse and said that Ellsworth Road is like a parking lot. 'We’re treated like the red-headed stepchild,' she said."

"Naylor works from her Queen Creek home most days but when she needs to meet with clients she dreads the drive and tries to work around peak traffic hours. She and her neighbors share on social media word about any major traffic slowdowns to help each other maneuver the roads. San Tan Valley resident Jeanne Stockton also feels that she is getting brushed aside to fund Maricopa County projects. 'We don’t get the funding we need but the ‘state of Maricopa’ gets all the funding they need,' she said."

The Washington Post. "In the heart of the country’s No. 1 hub for science research sit roughly 100,000 square feet of gleaming new lab and office space. A banner declares the site at One Canal is smack 'in the epicenter of the world’s most impactful discoveries.' This kind of prime real estate would typically get scooped up. But there isn’t much discovery — or, really, much of anything — happening inside. A chain-link fence blocks the entrance from a quiet side street. And the site is almost entirely empty. Similar scenes are cropping up all over Cambridge and neighboring Boston, where a massive influx of new lab space has scrambled the commercial real estate market. Of the 6.7 million square feet that finished construction last year, 62 percent is empty, according to data from the commercial real estate firm Cushman & Wakefield. Another 8.1 million is still under construction — largely without tenants lined up."

"All across the country, cities are in limbo. Places like Austin, New York and San Francisco have their own excess office space. Economists are wary of a 'doom loop' phenomenon that could turn empty downtowns into bigger economic hazards. Financial regulators are keeping a close eye on midsize banks that shoulder the bulk of commercial real estate loans, fearful of a wave of defaults. Speaking to 60 Minutes earlier this month, Fed Chair Jerome H. Powell put the challenge looming over the entire economy this way: 'What we thought we were learning two years ago, we would look back and say – completely different now.'"

"A slew of venture capital firms focused on life sciences also touched down. The sector — linking government, academia, science and venture capital — became a cornerstone of Massachusetts’s economy. 'Before the pandemic, it was seen as the only safe bet,' said Mary Burke, a senior economist and policy adviser at the Federal Reserve Bank of Boston. 'In a way, they were smart. They couldn’t have foreseen what was going to happen.'"

"Unlike most office jobs, research was hard to do over Zoom. And now building lab spaces was cheaper than ever. Interest rates were near zero and looked likely to stay there for a while. For VC investors and private equity firms tied to real estate, that meant cash was cheap. And the money poured in. In 2018, about $25 billion in venture capital funding went toward life sciences, according to JLL. In 2020, almost $35 billion. In 2021, over $45 billion. A construction boom followed. By the end of 2023, supply had never been higher. And demand had never been lower. New buildings dot the area like cells in a petri dish."

Soo Today in Canada. "The group of out-of-town corporations that received court-ordered protection from lenders after aggressively buying up hundreds of properties across northern Ontario — including more than 150 houses in Sault Ste. Marie — will now have that protection extended until the end of next month. The amended order extending the stay period — which typically prohibits collection proceedings or enforcement processes over existing debts — was formally approved Thursday by Ontario Superior Court Justice Jessica Kimmel, following a request for additional relief made by lawyers for the now-insolvent property owners during ongoing Companies' Creditors Arrangement Act (CCAA) proceedings."

"While the group of shell corporations received additional relief, the same amended court order simultaneously dealt a blow to dozens of unsecured creditors: They are now cut off from court-appointed legal representation, which is being afforded to secured creditors only. One of those contractors, speaking to SooToday on the condition of anonymity, said they were assured by a representative for the group of shell corporations earlier this week that its outstanding debt to the Sault-based contractor will be paid off 'in a few weeks.' The contractor provided interior renovations, including painting and flooring, to a number of properties owned by the now-insolvent corporations in Sault Ste. Marie dating back to 2021."

"'That’s the hope, right? I don’t know the real truth,' they said, when asked about the prospect of repayment. 'I’m lucky they don’t owe me too much.'"

The Evening Standard. "House prices fell in all but six of London’s 33 local authority areas last year as the capital’s property was hit harder than any other region of the UK by soaring interest rates, new analysis reveals today. Prices fell in 26 boroughs and the City of London with the biggest declines seen in the most expensive neighbourhoods. The biggest single fall was in Westminster, where the average cost of a home plummeted almost 21% to £877,733. The loss in value in a single year, £232,015, is close to the average price of a home in many parts of the UK. In Kensington and Chelsea, the average price fell by 17.4%, or £236,346, while the City of London saw reductions averaging 16.6%, equivalent to £160,221. In Hammersmith and Fulham house prices fell by 13.2%, or £101,522."

"Benham and Reeves director, Marc von Grundherr, said: 'With house prices cooling during the later stages of last year, it’s the London market that has naturally been hit the hardest given the far higher cost of homeownership, with all but a handful of boroughs experiencing a decline. Largely speaking, this decline has been marginal in the grand scheme of things and the vast majority of boroughs have only seen slight corrections… However, the damage done across the prime market, in particular, has been far more pronounced, although the silver lining is, of course, that there’s never been a better time to buy at the very high-end of the London housing market.'"

The Telegraph. "Germany is 'likely' in recession as it grapples with strikes, a property slump and its faltering transition to net zero, according to its central bank. The Bundesbank warned there was no end in sight for the 'ongoing period of weakness' in Europe’s largest economy that began with the Russian invasion of Ukraine. House prices in Germany suffered their biggest drop in 60 years in 2023 amid higher interest rates and the Bundesbank warned that new orders in the sector were 'dwindling.'"

Free Malaysia Today. "It has been a year since China relaxed the zero-Covid measures that had been stifling economic activity, but the country has yet to experience the rebound that policymakers and pundits anticipated. Instead, economic indicators from the past year have painted a disheartening picture. The fallout from the massive property developer Evergrande’s 2021 collapse is far from over, and the sector continues to struggle, even after the government relaxed purchasing restrictions in cities like Guangzhou and Shanghai."

"Compounding these problems are worries about high youth unemployment, cutbacks in public services, and salary reductions for public employees. But worst of all, private-sector confidence has eroded, threatening China’s ability to attract investment and sustain economic growth. Not surprisingly, a survey by the Cheung Kong Graduate School of Business of private firms across the country found widespread pessimism about the business environment and their ability to generate profits."

"Business leaders view official statements as empty rhetoric, and they have not forgotten the recent high-profile arrests of entrepreneurs and draconian crackdowns on finance, technology, private tutoring, and real estate. This loss of confidence is reflected in China’s stock market, now ranked among the worst-performing globally. The youth-unemployment rate is another canary in the coal mine, since the private sector accounts for more than 80% of employment opportunities, according to government figures, and plays a critical role in innovation. Recent graduates are increasingly failing to find jobs. Zhang Dandan of Peking University estimates that the youth unemployment rate may be as high as 46.5%."