Author: anthonylasvegas

In the city of Wenling, located in China’s eastern province of Zheijang, a highway has been built around a residential building that refuses to relocate. Luo Baogen, unsatisfied with the relocation compensation offered by the government decided to remain in the half-demolished building with his wife. According to China Daily, the road, which leads to the Wenling Railway Station, hasn’t been put into use yet.

Even though all of the other residents have moved out, the government has not demolished the other rooms for sake of the remaining couple’s safety.

via China Builds Highway Around House That Refuses to Move «TwistedSifter.

In a triumphant victory for the producers of Hoarders, the city of San Francisco gave developers the go-ahead on Tuesday to enter a trial run of 375 “micro-apartments.”

At 220-square-feet, these Lilliputian dream homes were planned with the utmost efficiency in mind — space-saving hydraulic furniture, included — in order to follow the Board’s stipulations: Developers must allot at least 150 square feet to living space and bathroom and kitchen must be kept separate.

The tiny homes are marketed towards single adults who want to live in the city without breaking the bank. A current San Francisco complex with similar apartments, “SmartSpace,” is just barely roomier at 285 to 310 square feet and carry a price tag upwards of $959 a month.

via San Francisco Approves Tiny Apartments For Normal-Sized People With Tinier Budgets.

Last week the MBA released the results of their Q3 National Delinquency Survey. One of the key points was the difference in the number of mortgages in the foreclosure process between judicial and non-judicial foreclosure states.

The first graph below (repeat) is from the MBA and shows the percent of loans in the foreclosure process by state.

The second graph shows all stages of delinquency (and in-foreclosure) by states, sorted by the percent seriously delinquent (90+ days plus in-foreclosure).

via Calculated Risk: Serious Mortgage Delinquencies and In-Foreclosure by State.

According to a report by the Multifamily Research Group of Freddie Mac, landlords can expect steady, slow economic growth with an additional 1.7 million new multifamily renter households between now and 2015.

In addition, the paper forecasts that the multifamily market and demand for rental housing will remain solid and healthy during the same period of time.

The forecast analyzes demographic trends, housing supply and economic data.  The scenario-based approach explores rental market conditions under different economic environments: slow growth, no growth and accelerated growth.

Forecast Highlights

Recent declines in homeownership related to economic stress and high foreclosures in the single-family housing market have benefited the multifamily market.

The homeownership rate will drop 1 to 2 percentage points if the current slow recovery continues.

The single-family rental market, a growing and distinct market from multifamily, has expanded 16 percent (about 3 million units) since 2007.

Multifamily market demand is expected to be strong through 2015 primarily due to demographic trends and a decreasing national homeownership rate.

via Experts Predict 1.7 Million New Renters | American Apartment Owners Association.

Visitation to Las Vegas remained status quo in September.The Las Vegas Convention and Visitors Authority today said 3.4 million tourists visited the city for the month, a 1.8 percent increase from a year ago. For the first three quarters of 2012, visitation was up by the same percentage, to 30.1 million.At the current pace, visitation would fall just shy of the LVCVA’s goal of 40 million tourists for the year, but a good turnout for the National Finals Rodeo in December could put the total over the mark.Visitation was up despite a double-digit decline in convention attendees, a drop in daily auto traffic and Labor Day losses in airline traffic at McCarran International Airport.Despite the presence of MINExpo, an international mining industry show that occurs every four years, convention attendance is down 16 percent this year, to 364,648.Even so, citywide occupancy rose 1.1 percentage points to 86.8 percent, and the average daily room rate was up 1 percent to $112.52 a night. For the first three quarters of the year, occupancy is flat at 85.3 percent, and the average daily room rate is up 3.3 percent, to $107.94.

via Las Vegas tourism continues a slow but steady ascent – VEGAS INC.

Most people would expect to get a discount when buying a foreclosed home.But not in the Las Vegas Valley.Las Vegas home buyers on average received no discount at all in September when buying a seized home from a bank as compared to a traditional sale, according to a report out today from Seattle-based research firm Zillow. That’s down from a 3 percent discount in September 2011 and a 24 percent price break at its peak in October 2004.Phoenix was the only other metro area tracked by Zillow with no discount in September, while home buyers nationwide could expect a 7.7 percent price break.

via Price discount disappears for foreclosed homes in Las Vegas – VEGAS INC.

Downturns prove time and again how important it is for Nevada to diversify its economy. The state must protect itself from the effects of relying too much on one industry.But economic diversification has been an unattainable goal for decades. The Great Recession hammered the point home again.When Brian Sandoval ran for governor in 2010 and took office in 2011, he made diversification a key piece of his platform. The cornerstone of his effort is broadening technology.Consider:• Nevada wants to expand its aerospace defense industry and has thousands of acres of open space for testing facilities at the Nevada National Security Site, formerly known as the Nevada Test Site. The state is looking to be a key player in the development of unmanned aerial vehicles — drones — for civilian purposes.

via How Nevada is trying to grow its tech sector — and succeeding slowly – VEGAS INC.

Perhaps the most bullish indicator for U.S. housing is Warren Buffett.

The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.

Bloomberg Businessweek’s Noah Buhayar has the details:

Berkshire’s HomeServices of America Inc. unit will be the majority owner of the venture to manage a U.S. residential real-estate affiliate network, according to a statement on the new company’s website. The firms plan to offer a new franchise brand, Berkshire Hathaway Home Services, starting next year. Brookfield’s network has operated under the Prudential Real Estate and Real Living Real Estate brands.

via Warren Buffett Just Made A Huge Bet On The U.S. Housing Market | Daily Ticker – Yahoo! Finance.