Over the past decade American homeowners have watched the value of their properties shoot up. Those days are all but over. Today America’s housing market is fading. In most cities prices have fallen in the past three months. What does this slowdown say about America’s economy?

Elsewhere, there’s a remote corner of NATO territory in the Arctic with a strange geopolitical anomaly. Even though the land is owned by Norway, a Russian company—and hundreds of Russians—are allowed to operate there. Some Western intelligence officials fear this gives Vladimir Putin an opening to cause trouble.