Perhaps The Values Being Paid Were Well Above True Value, Driven More By FOMO And A Desire To Get Into The Market At All Costs

A report from the Miami Herald. “The Department of Government Efficiency (DOGE), led by Elon Musk, has reportedly recovered $1.9 billion in misplaced funds by the Biden administration. The amount originated from the Department of Housing and Urban Development (HUD) and was deemed unnecessary due to a flawed process. The American Federation of Government Employees, represented by President Antonio Gaines, has expressed alarm over the potential impact on various programs. Gaines said, ‘Federal employees are homeowners, too,’ adding, ‘Many may now face their own risk of foreclosure.'”

From Reuters. “To the residents of Parkersburg, West Virginia’s fourth-largest city with 29,000 people and the seat of Wood County, the cuts driven by Musk’s DOGE feel like the latest in a series of economic blows. Parkersburg has lost a third of its population over the past five decades, mirroring a hollowing out of manufacturing across the state. The glass producer Corning sold its Parkersburg factory in the 1990s, and in 2005 a major shovel plant buffeted by Chinese competition closed. One veteran caught up in the BFS layoffs was Chauncy James, who was promoted twice during his 18 months at BFS, the second time to building maintenance. James, 42, said he too worries about making his mortgage payment and feeding his five children. At last week’s rally he marched with a sign criticizing Musk and said he regretted voting for Trump. ‘They are pretty much just coming here, chopping heads off, without really doing their homework,’ James said. ‘He got elected president and he’s doing a lot of things that people never even imagined that he was going to do to us.'”

“Support for Trump’s shrinking of government can, however, be heard in places around Parkersburg – a middle-aged couple singing DOGE’s praises over breakfast at a local diner; a hotel patron saying remote workers deserved to be fired; a young bartender lamenting federal workers’ relatively high pay.”

Wall Street Journal. “Tariffs on Mexican and Canadian imports that came into force this week will make it more expensive to build housing. In a more normal housing market, this would be passed on to consumers. But now is a bad time to ask buyers to pay more. Both home prices and mortgage rates are high, so affordability is stretched. There may be more pain on the way from the administration’s immigration policies. Construction sites look ripe for immigration-enforcement raids as home builders rely heavily on unauthorized workers. Half of ceiling-tile installers and 37% of roofers are undocumented, according to John Burns estimates. A crackdown that shrinks the pool of workers could push up construction pay.”

“Seasonally adjusted annual new housing starts fell 10% in January compared with December, data from the Census Bureau shows. Home builders are being cautious as they already have a glut of finished inventory they are struggling to sell. Policy upheaval could hit renters, too. Rent growth has been anemic over the past year because of a glut of newly built apartments.”

From Realtor.com. “Housing inventory across Florida climbed to new highs in February, with homes sitting unsold on the market in record numbers. There were 168,717 homes for sale throughout Florida in February, the highest number in the history of Realtor.com® data collection stretching back to 2016—and just under 34% higher compared to the same time a year ago. St. Petersburg, a city of more than 260,000 people sitting on Florida’s Gulf Coast that is part of the Tampa Bay area, saw the most dramatic surge in housing inventory, which soared a staggering 164% year over year in February. ‘St. Petersburg is experiencing a flood of new inventory, especially of larger homes,’ says Realtor.com Senior Economist Joel Berner. ‘This surge of fresh inventory is good news for prospective buyers as the spring buying season approaches; they’ll have plenty of options to choose from at competitive prices.'”

“The 10,000-person town of Citrus Springs saw the state’s second biggest surge in home stock last month, with the local property count going up more than 136% from the previous year. The community of Pace in the Pensacola metro area had 178 homes for sale in February, representing a year-over-year jump of more than 128%, followed by Miami Gardens (+120.7%) and Dania Beach (+118.2%) rounding out the top five Florida cities with the most significant inventory upswings. Five other Florida cities distinguished themselves for logging some of the greatest increases in housing inventory last month, including St. James City (+11.5.8%), St. Johns (+115.7%), Ave Maria (+106.6%), Royal Palm Beach (+100%), and the small 1,000-person community of Harmony in the Orlando metro area (+100%).”

WJHE in Florida. “Bay County has plenty to attract homebuyers, including its sandy white beaches and small-town feel, but this February, the real estate market has slowed. From 2024 to 2025, the average home price in Bay County dropped by 7%, while total sales volume declined by 23.2%. ‘What we’re seeing is because of the political climate, because of the economical climate, people are a little more reserved on buying, houses are sitting longer, and so because homes are sitting longer, we need to negotiate prices down more, and that’s where you’re seeing price numbers drop,’ said Ariane Johnson, 2025 President of the Central Panhandle Association of Realtors.”

“According to the Central Panhandle Association of Realtors, from February of 2024 to now, housing prices in Panama City are up by 5%, but in Panama City Beach, housing prices are down by 13%. The average time a home stayed on the market this past month in Bay County reached 102 days, an 18.6% increase since 2024. Listings are up by 14.8%, but closed sales have dropped by 13.5%. According to CPAR, insurance affordability has been a major factor in this decline. ‘Those insurance costs are increasing their payment significantly, so they’re having to look for something that’s maybe priced a little lower or negotiate further down to be able to comfortably pay the full payment,’ said Johnson. The Central Panhandle Association of Realtors president advises sellers to price their homes correctly based on the current market. She urges patience, as homes are taking longer to sell right now.”

The Star Advertiser in Hawaii. “Oahu single-family home prices in February hit a record high for the first time in nearly three years while condominium activity softened as the housing market diverged. ‘With the single-family home median price reaching a record high and condo inventory expanding across the island, market conditions are shifting, creating different opportunities for buyers and sellers,’ Honolulu Board of Realtors President Trevor Benn said in a statement. The supply-demand measure, known as months of remaining inventory, showed that the single-family home market remained tight, with 3.3 months of inventory. In comparison, MRI for condos increased to 6.0 months, signaling a shift from a sellers’ market to a balanced market.”

“In February, 1 in 4 single-family homes and 1 in 7 condos sold for more than the asking price, although competition in the condo market appeared to ease. While there are signs of opportunity in the condo market, inventory levels for condos surged in February, reaching a 15-year high. Increased supply in the condo market has shifted the balance from a seller’s market to a buyer’s market, especially as condos remain on the market longer and competition eases. Locations Chief Sales Officer Chad Takesue also noted that the condo inventory is particularly high in urban areas like Ala Moana and Kakaako, where continued new condo development has contributed to increased supply, with 8.9 months of inventory in the area. Other parts of Oahu, like Leeward Oahu, have seen similar increases in condo inventory.”

KGUN in Arizona. “The real estate market has been up and down for buyers and sellers. But more recently in Vail, more and more people have found it easier to buy and sell homes. ‘For a lot of buyers, you had to come in really strong right off the bat, and you had to be quick…Nowadays, buyers are able to take more of their time, look at their options and make a better decision, because there’s less competition,’ says Javier Oloño, a realtor in Vail. ‘There’s a lot of new home construction that people are able to take advantage of. So it’s not just the resale market, but you also have a lot of new homes to be able to move into.’ In areas like Rocking K, more houses are going up by the day. Which has increased the inventory. ‘If you can find the deals, and you’re willing to, you know, stick your neck out there and put in offers. I mean, you can, you can get good deals right now,’ says Oloño.”

KSNV in Nevada. “Las Vegas home prices reported in February remained at the record high set in January, according to a local industry group. Meanwhile, the number of homes available for sale has gone up. By the end of February, 5,229 single-family homes were listed for sale without any offers, up 50.6% from a year earlier. For condos and townhomes, 2,025 units were up for sale without offers, up nearly 75%. Las Vegas Realtors President George Kypreos said there are signs of a more balanced housing market. ‘We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,’ Kypreos said in a statement. ‘Overall, it’s a more level playing field right now.'”

Washington Examiner. “A Silicon Valley school district that has lured teachers to the area by offering them subsidized housing and lavish perks is drawing ire for pricey purchases including a $2,500 swivel chair and an energy healer to do guided meditation with administrators at $1,200 per session. Mountain View Whisman School District, like others across California, has had to get creative to help recruit and retain teachers. Unfortunately, the project has created long-term fiscal headaches, and the rents proposed for teachers are still too high for their salaries. Santa Clara County is in the middle of an audit by a state fiscal oversight agency digging into allegations that the county engaged in fraud, misappropriation of funds, or other illegal practices over the past few years.”

“A new school board was sworn in in January and approved a contract for furnishing the common areas of the teachers apartment building, which included $500 electric blue ergonomic desk chairs, $420 geometric side tables inspired by origami techniques to create a simple yet sculptural form that is reminiscent of traditional Japanese paper art, and a $4,000 hand-crafted steel console that features natural markings and imperfections to give it a unique character that can only come from handcrafted design.’ Mohan Gurunathan, the parent of a child in the Mountain View Whisman School District, sees nothing but a fiscally mismanaged money pit that short-changes students. ‘Where are the school district’s priorities?’ he asked in a guest opinion piece in Mountain View Voice. ‘When do we say enough is enough? It’s time to demand that MVWSD stop pouring money into this bottomless sinkhole.'”

From Bisnow. “A group of CrowdStreet investors is coming after the real estate crowdfunding platform, accusing it of negligence in an attempt to recoup their investment in Nightingale Properties’ $130M purchase of a Chicago office building. The Austin-based investment platform failed to spot obvious red flags with Nightingale and its CEO, Elie Schwartz, who raised $25M in equity for the acquisition of the 29-story Chicago Loop tower, according to the claim, which was filed with the arbitration service as a condition of the deal’s operating agreement.”

“Nightingale also never put at least $5.8M of its own equity into the property, despite CrowdStreet’s listing assuring investors that it planned to invest $11.7M of its own capital into the deal, the investors claim. ‘Our clients would have never heard of Nightingale or 200 W. Jackson but for CrowdStreet. CrowdStreet frankly assisted Nightingale in defrauding our clients,’ Jason Kane, an attorney representing the 125 individual investors in the arbitration claim, told Bisnow. Schwartz pleaded guilty to one count of wire fraud last month, admitting to misappropriating $54M that CrowdStreet funneled to him for failed office deals in Atlanta and Miami Beach. Sameer Advani, a California-based investor who put $150K into the 200 W. Jackson deal, said all of the equity that Nightingale claimed to put in the deal was structured instead as a loan. ‘It was all fraudulent. Everything was fake that they gave us,’ Advani said.”

The Globe and Mail in Canada. “1155 Seymour St., No. 1801, Vancouver. Asking price: $657,000 (Oct. 30). Previous asking prices: $699,000 (May 22); $679,000 (Aug. 19); $669,000 (Sept. 17); Selling price: $639,000 (Dec. 12). Previous selling price: $643,500 (2020. Days on the market: 204. This unit had been well-maintained, and it was easy to show, said listing agent Cheryl Davie. Demand is strong, and the offers are coming in, but buyers aren’t willing to pay the asking prices, said Ms. Davie. As a result, the downtown market remains slow in terms of price increases. ‘The offers received prior to the one which was accepted were not satisfactory to the sellers, and they declined to accept, and in most cases did not counter back,’ she said.”

ABC News in Australia. “Margaret Lomas’s property odyssey began with a small step — a first unit in Sydney’s Cabramatta. ‘I didn’t buy it because I loved it, I bought it because at the time it was in my price range. We paid $28,000 for that unit.’ That was back in 1980, when Lomas was 20. Now in her 60s, Lomas and her husband at one point owned more than 40 investment properties. She has sold what she describes as ‘the lemons,’ but still has at least 25 rentals that will provide an extremely comfortable retirement. ‘My plan was to spend everything I’ve got. But I just don’t think now, with the way the portfolio has gone, that I will be able to do that. So they will get something when I finally pass on,’ she pauses, before adding, ‘Although that’s going to be a long time away if I if I have my way!'”

“Property investment is ingrained in the Australian psyche. The most recent tax stats from a couple of years ago show nearly 2.3 million Australians declared rental income — that’s almost 15 per cent of taxpayers. That number has jumped by around one million since 2000. After a few years of our house earning about as much as I do from working in rising value, we’d no longer be able to live where we do if we were trying to purchase now. It’s no coincidence that Australia’s biggest recent city house price correction coincided with moves by APRA to limit mortgage lending. ‘The more you can borrow, the more you can kind of bid up the price of houses,’ explains Productivity Commission chair Danielle Wood.”

Radio New Zealand.”Data from CoreLogic shows the Wellington suburb of Northland had its values fall from a peak of a median $1.42 million in December 2021 to $985,000 at the end of February, a 30.6 percent fall. Head of research Nick Goodall said suburbs across the Wellington region dominated the list of the biggest value falls from the peak of this cycle to the trough. He said the drop in Northland and Wellington more generally was reflective of the extreme growth seen in the Covid period across much of the country, driven by cheap and available credit. That growth did not hold up once interest rates started to increase. The housing market then struggled further recently when the economy softened and unemployment started to rise. ‘Perhaps it shows the values being paid for properties there were well above true value, driven more by FOMO and a desire to get into the market at all costs, but that’s a bit speculative on my part.'”

“Property investor Steve Goodey said Northland had ‘boomed hard’ during the market peak. ‘It’s very close to the Kelburn campus for Victoria University and international students just haven’t come back in the numbers we had before.’ He said that could put rent under pressure. Brad Olsen, principal economist at Infometrics, said Wellington in general had dealt with a number of factors that had hit its housing market hard. The economic environment was challenging, and a housing shortage in previous years had helped drive up prices, which then fell when people could no longer afford to pay them.”