A report from National Mortgage Professional. "Nearly 56,000 home-purchase agreements were canceled in June, equal to 14.9% of homes that went under contract that month — the highest percentage of any June on record, according to Redfin. 'They’re backing out due to minor issues,' said Julie Zubiate, a Redfin Premier real estate agent in the San Francisco Bay Area, 'because the monthly costs associated with buying a home today are just too high to rationalize not getting everything on their must-have list.' 'Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue,' said Rafael Corrales, a Redfin Premier agent in Miami, where roughly 2,500 home purchases were canceled in June — equal to 17.6% of homes that went under contract."

"Three Florida metros led the nation in home-purchase cancellations in June. Roughly 900 home-purchase agreements were canceled in Orlando, equal to 20.8% of homes that went under contract that month, followed by Jacksonville (20.5%) and Tampa (20.5%). Las Vegas and San Antonio also experienced an elevated rate of canceled contracts in June, at 20.2% and 19.9%, respectively."

From Lexington 18. "Although June might have been a slump, Kentucky real estate agent Cynthia Trgo says, July is the month to buy. 'Right now it's a little bit more a buyer's market. We've got a lot more inventory that's sitting and not as much competition for those buyers. So the buyers sitting on the sidelines wanting to make a move, now's a great time to do that,' explains Trgo."

Yahoo Finance. "Southwest Florida was one of the hottest housing markets during the pandemic. Now, it boasts relatively high levels of unsold properties, according to PulteGroup. 'Probably the one market that's higher than what we'd ideally like to see would be Southwest Florida,' CEO Ryan Marshall told investors and analysts on the company's second quarter earnings call. The number of months it would take for the current inventory of homes on the market to sell is roughly nine, he said, 'with the benchmark or the kind of equilibrium rate being six months.' he added, 'We're a tad elevated.'"

The Miami Herald in Florida. "Condo sellers in Miami-Dade County may feel like they’re riding down Walt Disney’s Tower of Terror these days with prices steadily dropping, a result of dwindling buyers and rising inventory. It’s the third month in a row of declining condo prices. 'The patient,' said condo expert Peter Zalewski, referring to the health of Miami-Dade’s condos, 'needs open heart surgery. When you assess a condo you need to look at when it was built. Everything before 2000 is in a doom loop. Anything between 2000 and 2010 has standing power. They have high cholesterol. They’re overweight. But it’s manageable. Anything after 2010 is healthy.' Miami-Dade has 8.9 months of condo inventory. People now are buying condos when they absolutely need to purchase a home, Zalewski said. 'If you’re a buyer, why would you jump in when the meteor hits the earth?' he said, 'Watch for prices to pull back.'"

"The month-to-month drops in condo prices are just the beginning. Expect year-over-year drops in pricing, said Jack McCabe, owner of the Deerfield Beach-based real estate and economic research firm Jack McCabe Expert Services. 'A year from now you and I are going to be talking about prices dropping,' McCabe said."

KSBY in California. "The June Zillow report shows that 24.5 percent of national listings received a price cut, the highest rate since 2018, a fact that Harley Group realtor Summer Ramos says coincides with San Luis Obispo County trends. 'Not at all surprised to see that there's so many different factors that affect buyers and sellers today with interest rates, insurance, also the economy as a whole,' Ramos said. The report also explained that there were 23 percent more active listings last month compared to June of last year. Ashlea Boyer with Keller Williams Central Coast Realty says the county has seen 2/3 more listings since April. 'We're in a bubble here. People who can live here come here regardless of any other issues they may be experiencing. So that said, right at this current time, we are mimicking that national average,' she said."

The Orange County Register. "It’s not a stretch to say that much of California’s economic slowdown can be tied to technology’s tumble. In the last six months, the information sector shrank at a $3 billion annual rate. Zero surprise. We’ve seen headline-grabbing layoffs at California’s tech giants. Nor has Hollywood production rebounded from labor unrest. The 'professional, scientific, and technical' work – high-paying, white-collar jobs – increased at a $21 billion annual pace in the boom, one-fifth of the total. But growth decelerated to $8 billion a year in this recent cooling. And growth of the 'real estate and rental and leasing' segment – folks who facilitate property transactions – shrank by three quarters to $3 billion in the cooldown."

The Arizona Republic. "Question: When we sold our Phoenix-area home two years ago, the buyer assumed our mortgage, which had a low 3% interest rate. The buyer is now in default on this mortgage, and we are receiving default notices from our lender. If the buyer doesn’t make the payments on this 3% mortgage, will we have to make the payments? Answer: Probably not. When the buyer assumed the loan, the buyer became primarily liable for the payments on the loan. You became secondarily liable (i.e., guaranteeing payment of the loan). If neither you nor the buyer makes the payments on the loan, however, under the Arizona anti-deficiency law, A.R.S. § 33-814, the lender’s only recourse will be to foreclose on the home."

Bisnow on Georgia. "Yakov Stein has spent the past few years acquiring apartments across the Southeast, including more than 1,000 units in Metro Atlanta. But the Lakewood, New Jersey-based investor, who has been backed by his insurance mogul father, is facing a possible foreclosure at a 224-unit Atlanta apartment building near Northlake Mall and hasn't made a mortgage payment since April at a 508-unit apartment complex. At 3500 The Vine, declining occupancy has contributed to Stein's inability to make payments. At the time of the 2022 mortgage, the property was 89% full and comfortably covering its debt service. Occupancy has since fallen to 77%, according to Morningstar Credit, and the property is only generating enough income to cover about half of its monthly mortgage payments."

"The CLO piece of the debt was transferred to special servicing last month 'for imminent monetary default,' according to special servicer commentary via Morningstar Credit. The CRE CLO market has been flagged as 'the first shoe to drop' in times of real estate stress because it has been used to largely finance loans seen as too speculative for a traditional CMBS loan, Bloomberg reported. The share of troubled CRE CLO loans quadrupled this spring, according to CRED iQ."

The Real Deal on New York. "Yet another rent-stabilized apartment building sold for such a bargain that it raises the question: How low can prices go? Held since the 1950s by a family firm, 610 West 204th Street in Manhattan traded to an Albanian couple for $3.8 million — just $79,000 per unit, according to Marco Lala, the broker on the deal. The Inwood property was 'not even distressed,' Lala said, pointing to a low level of violations for the 48-unit building. The low-ball price instead reflects the market’s perception of rent-stabilized properties and the high mortgage rates being offered. 'There’s so much bad news and negativity,' Lala said. 'All buyers are trying to use that to get a fair price.'"

The Vancouver Sun in Canada. "They were three friends who attended the prestigious St. George’s private school in Vancouver in the early 1990s and then went on to prominent careers: the CEO of a real estate development firm, the head of medicine at a major hospital, and a provincial court judge. But now the judge and the doctor allege in a lawsuit that they lost hundreds of thousands of dollars after investing in the developer’s real estate projects, accusing the CEO and his companies of fraud and misappropriation of funds. Meanwhile, the developer, according to court filings, is hiding in an attempt to avoid being served with the lawsuit."

"The claim is one of more than 100 files in the B.C. Supreme Court civil registry naming Macario (Tobi) Reyes or his company, Port Capital Development, including other lawsuits and foreclosure actions involving various properties, most filed in the last few years. Port Capital’s financial troubles became public in mid-2020 , when the company’s highest-profile project — a glitzy downtown Vancouver condo tower called Terrace House that was heralded as one of the world’s tallest hybrid timber buildings — entered bankruptcy protection partway through construction. 'The process-servers believe that Mr. Reyes is aware of the documents and is evading service,' according to an application filed in court earlier this month by the plaintiffs’ lawyers."

The Telegraph in the UK. "They are calling it the death of buy-to-let. Despite rental yields rising to a record high across much of the country, investors are abandoning the sector, with purchases falling to a record low. The biggest decline has been in London. This comes despite rents in London reaching a record high. Jilly Bland, lettings manager at Robert Holmes, an estate agency in Wimbledon, London, says: 'There’s been a very definite slump since last October. Since then, month on month, there are either landlords moving back into their properties, coming home from abroad, or selling up. The buy-to-let market has really died, it’s not just falling away, it has died.'"

"Stan Shaw, head of the estate agency Mervyn Smith, in Kingston Upon Thames, Surrey, says: 'At one time buy-to-let might have been up to 25pc of all our buyers but they’re only an isolated few now. As soon as interest rates increased, the yield evaporated completely for a lot of landlords.' 'It’s just so much harder to make the sums stack up. If you’ve got a 75pc loan-to-value mortgage, then it’s really difficult to make money on that when you’re paying a rate of 6pc and your yield is 7pc,' adds Aneisha Beveridge, head of research at Hamptons. 'Once you factor in your tax bill and other costs, you’re probably not making money on a monthly basis. So even though rents and yields have risen, it doesn’t work when you’re taking out big mortgages.'"

The Kronen Zeitung. "Lower Austria is traditionally regarded as the land of house builders. But at the moment the cranes are mostly standing still. This is because the domestic construction industry is not getting off the ground. 'Even after the second quarter of this year, it has to be said that the construction industry is still in a downward spiral,' says Wolfgang Ecker, President of the Lower Austrian Chamber of Commerce, drawing a bitter half-year conclusion. One benchmark is building permits. Across Austria, their number fell to 60 percent of the long-term average last year. 'In Lower Austria, it even fell to just 38 percent,' says Ecker, analyzing the seriousness of the situation. Another alarm signal: While overall unemployment in Lower Austria increased by 10.5 percent in June, it rose by more than 20 percent in the construction industry."

The Hong Kong Free Press. "A tender for real estate developers to build subsidised homes has received just one bid under a pilot scheme that will see the government partnering with the private sector to alleviate Hong Kong’s housing shortage. Chairperson of the Hong Kong Institute of Surveyors Francis Lam said on Monday that developers faced substantial risk as flats under it will be sold at just 65 per cent of the market price. Lam told RTHK on Monday that the prices of the flats could fluctuate depending on the market value, adding that the 'uncertainty' around the developers’ potential income would affect their willingness to bid for the project. 'If the market is going up, you won’t be so worried, but now that the market isn’t doing well, it’s hard to know what would happen,' Lam said in Cantonese. Under the new pilot scheme, the government will not buy back unsold units, meaning developers would have to absorb the risks associated with poor sales, Lam said."