It's Friday desk clearing time for this blogger. "The price of newly built homes plunged last month as homebuilders sought ways to attract buyers who are feeling the pinch of higher mortgage rates. The median sales price of a newly constructed home dropped 7.6% year over year, to $400,500 in February, according to a report on Monday from the U.S. Census Bureau and the U.S. Department of Housing. This was the lowest median price since June 2021. 'A slight uptick in mortgage rates held back the pace of new-home sales in February,' says National Association of Home Builders Chief Economist Robert Dietz. 'Our latest builder surveys show that roughly one-quarter of builders reported cutting home prices in March.'"

"A significant number of Florida's homeowners and agents trying to offload their properties are trying to attract buyers with the promise of not having to pay for flood insurance—an appealing prospect as the state faces an ongoing insurance crisis. 'No flood insurance required,' mentioned the listing for another four-bedroom home in New Port Richey, on sale for $528,000 after a recent price cut of $12,000. Another three-bedroom home on sale for $498,000 in Rotonda West specifies in its description that the home does not need flood coverage 'as it is in an X flood zone,' the listing reads. The property has seen a price cut of $26,000 since it was first put on the market on Zillow. The listing for a single-family home in North Port for sale for $549,000 after a price reduction of $35,000 boasts about 'no flood insurance required in X flood zone, with no water bill, no deed restrictions, no HOA rules or fees, and no CDD fees.'"

"Laura James’s Breckenridge home is dotted with 45 years of family memories. In 2016, James and her husband decided to purchase the property from James’s parents, taking on the mortgage. They had every intention of making new memories by keeping it in the family. In order to afford the property in addition to their primary residence in Colorado Springs, James said they turned to short-term renting. But now, under new short-term rental regulations in Summit County, James said they’re concerned about the ability to hold onto their Breckenridge property. It comes as James’s expenses continue to rise, a trend that, should it continue, may mean she has no choice but to sell. 'We are absolutely at risk, with the projected 42% decrease in revenue, of losing our family home and our family heritage,' James said."

"After a battle in court between the National Association of Realtors (NAR) and home sellers, the NAR agreed this month to pay $418 million over roughly four years to resolve all claims against the group. Most notably, buyers would need to come up with their realtor’s commission payout, a rate of about three percent nationally. 'They can’t come up with enough money for the down payment, plus closing costs, now we’re telling them that they also have to pay the realtor commission. It’s going to kill the market in all reality,' said Bianco Realty licensed realtor Judy Maslowski."

"Anger, accusations and legal action are firing up on the Big Island after a construction company built a half-million-dollar house on the wrong property. The lot owner doesn’t want the house and has endured problems like higher taxes and squatters. Now, to add insult to injury, she’s being sued over someone else’s mistake. The still vacant three-bedroom, two-bath house on a one-acre lot in Puna’s Hawaiian Paradise Park is worth about $500,000. But it could cost a lot of people more than that as they head to court to sort it out. It all started in 2018, when Annaleine 'Anne' Reynolds thought she’d found the perfect, serene parcel in Paradise Park to host her meditative healing women’s retreats. But while she waited in California through the pandemic for the right time to use it, the lot was bulldozed and a house rose on the property. She was unaware of the construction until she got a call last year from a real estate broker who had learned the mistake. 'And then he informed me, ‘oh well, I just sold the house, and it happens to be on your property,' Reynolds recalled. 'So we need to resolve this. And I’m like, what? Are you kidding me?'"

"Beverly Grove Place, a quaint enclave adjacent to Beverly Hills, has long been a coveted address for the rich and famous. However, shock waves rippled through the neighborhood when reports surfaced of squatters taking up residence at 1316 Beverly Grove Place from October 2023 to February 2024, according to Curbed. They were opportunistic grifters, exploiting a neglected mansion to masquerade as affluent socialites and host extravagant soirees. Efforts to seek redress were stymied at every turn, with law enforcement citing civil matters and legal complexities. The frustration felt by residents was palpable, with one lamenting, 'Welcome to California, thanks liberals.'"

"Being a landlord used to be lucrative for us. We could make a little bit of money on top of the rent, but that is no longer the reality. We are only just breaking even, and sometimes we have to pay from our pocket to pay the mortgage fees. My husband and I both have full-time jobs. We started buying property in 2007, and we have added more as the years have gone on. Now we have four rental properties. The past two years have been very difficult. Six years ago, the mortgage on one of our properties in Kent was £196 a month. That has gone up to £500. Now our mortgage deal is up for renewal once again but costs are becoming crazy. The cost of the mortgages across all our properties in Kent, Essex and London have risen by 20 to 40 per cent."

"It is such a big gamble. The markets are very volatile and we never know how they are going to react. The interest rates are supposed to be coming down, but have they? It is a very difficult minefield and causes a lot of stress. After we have paid the mortgages, the service charges, the estate agency fees, and then the yearly tax on our properties, we will have made no money."

"Hutchinson Builders chairman Scott Hutchinson said several high-rise projects in Brisbane had stalled indefinitely because they were no longer feasible at current prices. He said many builders were waiting for the boom to subside or costs to fall before resuming those projects. He said there was no way of telling when that would be. Mr Hutchinson said he was fearful for the future of Australia's building sector. 'A lot have collapsed and there's more to come,' he said. 'There's pressure on, we're seeing it every day, and the subcontractors are going broke too.'"

"One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing. Country Garden Holdings Co., once the nation’s top residential builder by sales, made a surprise announcement late Thursday that it will miss a deadline for reporting annual results, saying it needs more information. China Vanke Co., at one time the largest listed developer, said net profit tumbled 46% last year, the biggest drop since its 1991 listing. China’s property sector 'will likely register the first time net loss since our coverage,' said Raymond Cheng, head of China property research at CGS International Securities HK. 'We remain cautious on the sector until developers’ sales improve.'"