A report from the Star Tribune in Minnesota. "Joan and Mark Robertson seemed poised for short-term rental success when the Bloomington couple bought a townhouse minutes from Disney World two years ago and spent about $15,000 on upgrades. For the first six months or so, business was steady. Then bookings flatlined, and the Robertsons are now selling the property and forfeiting the short-term rental game. 'When we first got it, things looked really good,' Joan Robertson said. 'But as time went on, it just got worse.' Part of that is a correction from the post-quarantine travel surge and a glut of new short-term rental properties hitting the market, said Jamie Lane, chief economist at analytics firm AirDNA. With more rentals than guests to fill them, hosts are struggling to stand out among thousands of listings."

From KUTV. "Insurance companies are dropping Utah homeowners because of increased wildfire risk. Jon Watkins, a homeowner in the Edelweiss neighborhood of Suncrest in Draper, moved into the new community almost six years ago. He loves being above the inversion and close to nature. 'Our insurance company said in 60 days we’re dropping you. Good luck,; Watkins said. He later received a second letter informing his mortgage company that the insurer was dropping him. 'Our stomach dropped because we’ve had the same home insurance since we bought the house,' he said. 'They’ve been really good to us, and we haven’t had any fires in the area. There haven’t been any big complaints. I didn’t understand why it was happening now.'"

"With the help of two brokers, Watkins started searching for a new insurer. He found some companies are limiting coverage or no longer insuring in his area. 'Both brokers said they didn’t know what to tell me. No one wants to insure that area,' he said. 'They had never heard of something like this where it was so difficult to find a new insurer. They were dealing with it for other people in my community too.'"

The Palm Beach Post in Florida. "Owners of the Beach Sound Condominium on Jupiter Island, fearful of multi-million dollar repair bills, have agreed to sell their four-story, 12-unit building to a partnership affiliated with Kolter Homes, according to documents filed with Palm Beach County. But for the sale to take place, the builder wants the county to change the zoning code to allow a bigger building to be built without the developer having to seek a variance. The transaction could be the first forced sale resulting from the new state law adopted in response to the deadly collapse of the Champlain Towers South condominium in Surfside on June 24, 2021. The problem for the partnership is that neighboring condos, concerned about the negative impact a taller building would have on their views, are strongly opposed to any zoning change."

"County Zoning Commissioner Sam Caliendo said condo owners who cannot afford to repair their buildings need help. Michelle Silvester, an owner of one of the condos at Beach Sound, agrees. 'I'm not sure what happens if we cannot sell out,' she added. 'It makes no sense to put millions of dollars into our building.'"

The Nevada Appeal. "Sierra Nevada Realtors reports on Washoe, Lyon, Storey, Douglas and Churchill counties along with Carson City. Across the six regions, SNR reported 10.3 percent more active single-family home inventory compared to last month. 'As summer continues, inventory is expanding, with more options available to prospective home buyers,' said SNR President Robert Bartshe."

The Real Deal on California. "Maximus Real Estate Partners is in default on about $1.8 billion in loans tied to San Francisco’s largest The 152-acre, 3,200-unit multifamily complex known as Parkmerced was recently appraised at $1.4 billion, about $400 million less than the amount owed and down $700 million from 2019, the servicer said. Maximus refinanced the property in 2019 with $1.5 billion in senior financing from Barclays and Citi — packaged into commercial mortgage-backed securities deals — and a $275 million mezzanine loan from Aimco, which has since been sold at a loss., according to new servicer commentary reported by ratings agency Morningstar."

NBC on California. "With San Francisco facing record high commercial vacancies, one mayoral candidate has a plan to reshape the city's business district and surrounding areas. Democrat Mark Farrell, former interim mayor of San Francisco, is proposing a 20-year vision to revitalize the city's downtown. Public safety is a major concern, as certain parts of downtown San Francisco are rife with drug use and homeless encampments. 'Right now the problem is downtown,' Farrell said. 'We don't have people working here. And it is a ghost town. And what that translates into is a loss of sales tax revenue, property tax revenue that is decreasing in major ways when buildings are selling for 10 or 20 cents on the dollar. At the end of the day, those resulting commercial property taxes are putting a massive hole in our budget here in San Francisco.'"

"On Tuesday, Elon Musk said he's moving the headquarters for X, formerly known as Twitter, to Austin, Texas, from San Francisco. X had already been looking to sublease most of its building in the city, and Musk posted on X on Tuesday, 'Have had enough of dodging gangs of violent drug addicts just to get in and out of the building.'"

KOMO in Washington. "It's been a rash of gunshots, shootings, and gun battles in the city's North Seattle neighborhood, particularly along Aurora Avenue North. An 18-year-old woman was shot Saturday in north Seattle along Aurora Avenue North and Northgate Way. Seattle fire said they treated her and she was in stable condition. Police said a vehicle pulled up to the 18-year-old woman, shot her and took off. Around the same time and a few blocks south on Aurora Avenue, multiple residents said they heard multiple gunshots in another apparent shooting a few blocks south at Aurora Avenue and 98th Street North. One woman who works and lives at the intersection said her neighbor heard the shots and took cover in the nearby alley until it stopped. 'People just come down this street and just start shooting, just blazing,' said Terry, 'It's ridiculous it don't make sense. They don't care about nobody else when you shoot like that, it's not right, but the way the world is now they don't have any compassion and don't care.'"

The Wall Street Journal. "The commercial real-estate meltdown is spilling over into the bond market. Defaults are mounting in a favorite Wall Street mortgage-bond investment, setting off fresh alarms about the future of offices and malls in cities across the U.S. There are about $260 billion of the deals, known as single-asset, single-borrower bonds, held by investors such as banks, insurers, pensions and mutual funds. Landlords, often private-equity firms, used that money to purchase skyscrapers, shopping centers and other properties. The losses are particularly jarring for investors because credit-rating firms initially gave many of the bonds triple-A ratings—higher than even U.S. Treasury bonds. The financial models behind the ratings never forecast property prices falling below the value of the debt. When the pandemic gutted demand for offices, private-equity firms abandoned near-vacant buildings and their debts, leaving bondholders holding the bag."

"Owners of a bond backed by a Blackstone-owned building took a loss after the property was sold in April, the first such impairment ever, according to research by Barclays. The market is headed for more turbulence as more triple-A bonds get hit, analysts say. 'There are at least 10 other deals likely to take losses,' said Ed Reardon, a managing director of securitized research at Deutsche Bank. SASB bonds backed by malls and offices are already in default in Chicago, Los Angeles, New York, Philadelphia and San Francisco. Some properties are still hanging on but struggling to attract tenants, pushing prices of their lower-rated bonds below 20 cents on the dollar."

CTV Ottawa in Canada. "CTV Morning Live asked Jason Pilon, broker of Record Pilon Group, whether now is the right time to buy or sell your home. When it comes to buyers, he notes, the competition is not so fierce right now, noting that there are options to choose from. 'You're in the driver seat right now,' he said while noting the benefits for buyers."

From Reuters. "With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. Fueling the surge in available properties are homeowners and investors who bought houses and apartments five years ago at record-low mortgage rates, aiming to grab a piece of Toronto's lucrative rental market. But those mortgages are now coming up for renewal in an interest rate environment starkly different than it was five years ago."

"Next year, roughly C$300 billion ($219.33 billion) of mortgages at chartered banks will come up for renewal. 'Some of them are investors who now just want to walk away from their units because they can't afford it,' said Carl Gomez, chief economist at CoStar Group. At the same time, many are also reluctant to lower asking prices and book losses on their investment, he said, at least for now. 'There's just limited willingness to lose money,' said Daniel Foch, director of economic research at RARE Real Estate. 'It seems like nobody has really adjusted their expectations to a market in which they aren't going to make a profit,' he said."

Blackpool Gazette in the UK. "Residents have blasted developers after paying £550,000 to live on a 'desolate' newbuild estate which remains unfinished and has been plagued with problems - including poor drainage and unfinished road surfaces. In a video report, Lin Glover, who bought her home in 2021, complains of uneven pavements, giant potholes and electrical faults - but says that despite numerous calls and letters to the authorities, nothing gets done. She says: 'The roads and paths should have been completed 18 months ago. They have marked them up five times but have to be remarked because nobody comes along and does anything. I'm ashamed when people come to visit me here and have to drive onto the estate. It is just dreadful.'"

"Homeowners began moving into brand new modern homes on the multimillion pound Lilly Hay estate in Emstrey, Shrops, back in 2019. Lin adds: 'People are complaining about their cars because of the roads, and as you come into the estate, there are four inches of difference between the road surfaces as well as holes everywhere - everybody is very, very unhappy.' Another resident, who doesn't want to be named, said he and his wife moved in with their two children three years ago. He said: 'Cars are breaking, there's a huge dip on one of the roads that is dangerous, and using pushchairs is a big issue for a lot of people – one of the kids fell off their bike not long ago. We have made numerous complaints but hear nothing back.'"

The NL Times. "Since at least 2018, a criminal network connected to the cocaine trade has bought or brokered hundreds of Amsterdam homes through mortgage fraud. The Amsterdam authorities discovered this last year during an investigation into drug hiding places. The homes are used to store drugs, as safe houses for criminals, and to house migrant workers, the Amsterdam police and Public Prosecution Service (OM) told the Financieele Dagblad. Detectives accidentally discovered the criminal network during an investigation into the builders of hidden spaces for drugs, a financial crime team leader of the Amsterdam police told FD. They asked to remain anonymous."

"'During that investigation, we came across a real estate agent who offered warehouses and homes to the drug world.' A follow-up investigation revealed that this realtor was the kingpin in a criminal organization specializing in committing mortgage fraud, the detective said. The criminal network included the real estate agent, mortgage advisors, and administration officers. They arranged false employer statements, fake salary slips, and enhanced companies’ annual accounts in order to deceive banks. 'We even saw fictitious monthly wage payments made to the applicants’ bank accounts,' the detective said. 'Anything to give the mortgage lender the illusion that the customer had a well-paid job.' The criminal network charged 7,000 to 12,000 euros per mortgage on top of the brokerage and commission that the customer paid to the broker and mortgage advisor."

"According to the police, this criminal network took out dozens of mortgages using false documents in 2023. The police suspect that is the tip of the iceberg, as the group has been active on a large scale since at least 2018. In May, the police arrested ten people as part of this investigation. Since then, investigators have identified another 12 suspects. All of them work in real estate, at administration offices, or as mortgage advisors. They are suspected of fraud, forgery, and money laundering."

The Sydney Morning Herald in Australia. "A fresh threat is emerging for home builder customers caught in the state’s housing construction gridlock as looming bank deadlines put loans and livelihoods under threat. The passing of construction loan deadlines means many Perth people are now paying principal and interest on loans rather than interest only – for incomplete homes, and on top of rent. Despite paying both principal and interest on her unfinished home in the new outer north-eastern suburb of Bushmead, Brianna Murphy counts herself as one of the lucky ones: she can avoid rent by staying at home with her parents. The 29-year-old signed a contract with BGC in 2020, with a construction deadline of June 2023."

"When the construction loan expired she chose not to apply for an extension of the interest-only period, reasoning that she could use the money her parents were saving her on rent by beginning to pay down the mortgage. 'I’m essentially paying for my mortgage now, but I don’t have the freedom of … a homeowner,' she said. 'It’s a pretty pivotal time in your life, your late 20s, early 30s and living at home puts a spanner in the works a little bit; you want to settle down and focus on the next stage of your life.'"

"Another BGC client, who would only speak to WAtoday on condition of anonymity, has been waiting for his northern suburbs build for around three years. Already unable to pay for both the monthly loan repayments and rent, he moved out of his rental and has had to stay with various friends. In trying to cope with his expenses he has racked up a credit card debt of more than $30,000. 'From someone who had a good credit score, my credit rating is now ruined,' he said. 'All I want is a place to live and a place I can call my home.'"

"Another BGC client building in Mandurah, also speaking anonymously, described the stress of being forced to work up to 100 hours a week after his bank said they could not extend his loan’s interest-only deadline. The man and his wife, who have two daughters at home, are now paying up to $6500 a month in both rent and mortgage payments. 'It’s been a living nightmare,' he said. 'We just have to keep our heads down and keep working.'"