A report from Boston 25. "Low inventory, high interest rates, and discouraged buyers: These have not been banner times for Massachusetts real estate brokers. But to suddenly close up shop? That is almost unheard of. 'This is the first time in my 25-plus years that I can remember a property firm closing down in Massachusetts,' said Attorney Richard Vetstein, a principal of Vetstein Law Group in Framingham. Vetstein, a real estate attorney, was reacting to the sudden closure this weekend of SUCCESS Real Estate on the South Shore. That firm had been in business for 32 years and recently boasted billions in property sales over the last five years. 'It’s a potential embezzlement situation,' Vetstein said. 'I’ve spoken with several people that have direct connections with ongoing operations at the firm.' Embezzlement at a real estate company would likely involve funds placed in escrow by buyers and sometimes sellers. These can be deposits on a property or, in the case of sellers, funds to help a buyer pay closing costs and/or realtor commissions."

Lansing City Pulse in Michigan. "Christian Nwobu, owner of 23 rental properties in Lansing with delinquent property tax balances, will need to come up with $102,499 by March 31 to avoid foreclosure. The number represents what he owes through the 2022 tax year. If it’s not paid by then, Ingham County will seize those properties and try to sell them to compensate for the lost tax revenue. Nwobu’s dues place him second on a list of the top 10 highest delinquent totals in the county this year. 'They’re probably funding a full-time equivalent in my office to do foreclosure prevention. I’m happy to have the money, but it doesn’t make much sense to me as a business model,' said Ingham County Treasurer Alan Fox. Nwobu and others play different pieces of the asset game, and I think some of them really do factor it into their business model. 'Yes, it’s costing them something, but they may be waiting to be paid by somebody for a few months’ rent, or get another place rented out. The hope is that they’ll have a big payday and get caught up.'"

From Bisnow. "One of the country’s largest homebuilders has filed to spin off its land holdings into a new publicly traded company. Miami-based Lennar Corp. is spinning off $5B to $6B in developable and prospective homesites into a REIT called Millrose. In a letter to its stockholders that was included in the filing, Lennar said that while 'traditional land banks' need to raise new money from investors, Millrose will use a recycling structure for its acquisitions. 'While traditional land banks generally cannot engage in additional Land Banking without raising new investor funds, leaving them vulnerable to market dynamics and investor preferences, Millrose’s recycled capital structure should provide home builders with consistent access to capital, even during periods of market downturn or continued periods of depressed market conditions,' the company said. Lennar had discussed its intentions for the Millrose spinoff in its second-quarter filing with the SEC. 'The goal of the spin-off is to generally complete our migration to an asset-light operating model by spinning off much of our land assets from our balance sheet,' it said at the time."

From Seven Days. "The discovery of dozens of bunk beds stuffed into crude, unfinished industrial spaces in Colchester raises questions about the prevalence of migrant laborers in Vermont's construction sector — and also shines a spotlight on the growing company that housed them. Following anonymous tips, Vermont Construction Company has been fined twice in recent months by the state Division of Fire Safety for operating unsafe dormitory-style housing in commercial buildings at Fort Ethan Allen. On December 5, the Town of Colchester issued an emergency order to evacuate one of the spaces, located at the company's Hegeman Avenue headquarters. Inside, 17 mattresses were arranged in several rooms and hallways, alongside exposed electrical wiring and space heaters. Inspectors did not find any smoke detectors or fire extinguishers; the residence had only one way in and out. Clues at the sites, said Cathyann LaRose, Colchester's director of planning and zoning, indicate they were being used to shelter immigrant workers. Signs were posted in Spanish, and many of the residents' belongings were kept in suitcases."

"Ecuadorians with roofing expertise began traveling to Vermont from Massachusetts a couple of years ago, Migrant Justice spokesperson Will Lambek said. Since then, more have come to Vermont, including undocumented immigrants and asylum seekers. Recently, some Mexican farmworkers have begun leaving the dairies for construction work, where the hours and pay are better. Jim Billado runs a small roofing company out of Milton, carrying on a 101-year-old family business. Hiring immigrant subcontractors has become a matter of survival, he said, given the lack of local workers. Whenever he needs help on a big job, Billado hires a skilled family of Ecuadorians who live in New Hampshire. The subcontractors pay for their own lodging, Billado said, and have assured him they have legal authorization to work."

"But Billado sharply criticized Vermont Construction and some other larger firms that appear to use immigrant subcontractors more frequently. They're 'cheating the system,' he said. Billado called upon the State of Vermont to investigate. Billado's company, meanwhile, is struggling to stay in business. He once employed 30 people. Today, he employs two. 'Those guys aren't running [their companies] by the books, and they're getting away with it, and it's killing me,' Billado said. 'They're taking all my calls, they're advertising all over the place, and they're getting all the work.'"

From CalMatters. "When asked by pollsters, Californians repeatedly rate homelessness as one of their top concerns — and for good reason. This year’s federal count of Californians who lack housing neared 186,000, by far the most of any state and about 5,000 people higher than the previous year. Gavin Newsom began his governorship six years ago with many promises of decisive action on major issues, among them housing and homelessness. He pledged to appoint a homelessness czar to attack the crisis, and he and the Legislature allocated billions of dollars."

"A 2023 report by the Legislative Analyst’s Office pegged direct spending by four state agencies since Newsom became governor at $20 billion, but didn’t include spending by other agencies or local governments. The state’s auditor, Grant Parks, cited $24 billion by nine state agencies in a report last spring that castigated Newsom’s Interagency Council on Homelessness for failing to fully track how billions of dollars were spent or determining which programs were effective. As the crisis continued, reporters questioned Newsom about having a czar who could cut through red tape and attack homelessness effectively. Newsom snapped back, 'You want to know who’s the homeless czar? I’m the homeless czar in the state of California.'"

"While seemingly taking personal responsibility for combating homelessness — and despite the state auditor’s criticism of his administration — Newsom has more recently blamed local governments for failing to spend state homelessness grants effectively, often threatening to cut off their money if they didn’t make a serious dent in the crisis. Newsom’s governorship will end in two years, after which he will likely mount a campaign for president. It’s certain that California’s homelessness crisis will still be highly visible and a weapon for Newsom’s opponents."

The New York Post. "A damning Department of Investigations report shows the heads of city-paid shelter 'charities' have been milking the system for years, using taxpayer cash to award themselves massive pay packages. The numbers are jaw-dropping: $916,000 for the CEO of Acacia Network Housing; more than $700,000 across multiple years for the head of Camba; $1 million for the CEO of CORE, Jack Brown — who in 2021 was also caught stacking the org’s payroll with buddies and set up for-profit vendors that also funneled him cash. (The city cut ties with CORE shortly after.) That’s a lot of profit for the heads of nonprofits."

"Including execs’ double-dipping: The report showed that nonprofit shelter provider SEBCO Development Inc. used $11.6 million in taxpayer money to cover security services from a company owned by SEBCO, then senior executives at SEBCO cashed in on nearly $400,000 in salaries from the security company. And those are just the nonprofits that followed their agreements and actually reported executive salaries; at least 13 of 87 contracted shelter providers have not. Imagine the extravagance hiding in those records. It’s no surprise: The shelter system is a free-for-all for pocket-padding grifters at this point."

From Insauga in Canada. "In the 1950s, about 95 per cent of new homes build were single-detached houses in Ontario, according to a new report from the Municipal Property Assessment Corporation. MPAC administers property assessments and determines the assessed value for all properties across Ontario. By 2020, condo development had surpassed single-detached houses, with approximately 41 per cent of new residential builds being condos and around 38 per cent being single-detached homes.At the same time, median condo size has decreased by 32 per cent, shrinking from 965 square feet in the 1970s to 658 square feet today."

"In areas closer to the GTA, the condo market is driven by investors, David Amborski, professor at Toronto Metropolitan University’s School of Urban and Regional Planning, and professional urban planner, told INsauga.com. People will rent a one-bedroom apartment for roughly the same price whether it’s 500 or 600 square feet. 'So they’re pitching the condos to the investor market,' Amborski said. 'The more units they can squeeze onto a site, the greater return.' In the near future, Amborski predicts a move away from condo development. 'There is a bit of a glut right now of condos on the market,' he said."

Chronicle Live in the UK. "A raging homeowner says he and his partner now regret moving into their £350k new build due to an 'eyesore' visible from their window. Walter Brown and Sharon Kelly purchased the modern home in December 2022, setting them back £358,000. However, they now wish they had spent their money elsewhere due to a 'wasteland' at the end of their cul-de-sac. The couple's property forms part of the Ashberry Homes Church View development in Newcastle and Walter says an area known as the SUDs, is visible from their window and is littered with mattresses and rubble."

"He described the area as a 'landfill' and has been raising the issue with developers since moving in, but feels 'fobbed off'. Walter, 57, told ChronicleLive: 'It's like a landfill, it's got mattresses buried in there, there's rubble in there. We've emailed, we've been on the phone, we've chased it and we're getting nowhere. 'The outlook is horrendous, it really is. We've paid a fortune for this house.' The lack of action has taken its toll on the couple, who say that the view from their home is horrendous. Walter continued: 'The tears my partner's had, we've looked forward to living in a new home for quite a few years.'"

Daily Mail Australia. "Higher interest rates and cost of living pressures are forcing mortgage holders earning half a million dollars to consider moving back in with their parents. Shore Financial CEO Theo Chambers said even young couples with combined household incomes of $400,000 to $500,000 were struggling to afford their $2million-plus mortgage in areas of Sydney particularly if they had kids in childcare. 'There's a lot of people moving back in with family so they can get rid of childcare fees, rent out their property, they're not selling,' Mr Chambers told the Sydney Morning Herald. 'They can see in a few years, once their kids go to school, things will be easier. While their kids are still at daycare, it's so expensive for them to still be working.'"

"He said high-income couples had bought when interest rates were at two per cent - a figure that now seems a distant memory - and would have thought 'we can easily afford a $3million house in Bondi'. However, since they have had children and they do not qualify for childcare subsidies, they need to fork out $7,000 a month in fees. Without being able to refinance their mortgages they have cut out discretionary spending and holidays and cut back to only one car. Mr Chambers said people like this feel 'stuck' and that even though they had done all the 'right things' and 'ticked every box' they were still struggling."

"Mortgage Choice Dee Why principal James Algar said she was dealing with high earners who had cleaned out their savings to keep their mortgage going. She said while most of these people were not in true financial dire straits or contemplating selling they are feeling the pinch. Demographer Simon Kuestenmacher said housing affordability was determined by the ratio of house prices to incomes. 'Not even the rich can comfortably afford a home. It's not the most tragic thing … [But] the situation for people in the middle is absolutely dire,' he said."

"According to a 2024 Demographia report, Sydney, Melbourne and Adelaide are among the 10 most unaffordable cities in the world, with Hong Kong topping the list. The median cost of a house has doubled in Australia in the space of only 13 years, from under $500,000 in 2011 to nearly $1million in 2024. An ANZ Corelogic Housing Affordability Report has showed that house prices in Sydney now cost 10 times the median salary. In July, research led by property experts Mustapha Bangura and Professor Chyi Lin Lee found the average full-time income was no longer good enough to enter the housing market anywhere in Sydney."