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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.

A cult classic; Brian De Palma directed 1983 American epic gangster film ‘Scarface’ is not only renowned for excessive violence, graphic language, and iconic actor Al Pacino’s marvelous character portrayal as Tony Montana, a Cuban refugee who becomes a drug cartel kingpin in his quest for the American Dream, but also for the Montana’s ultra-luxurious estate which was the location of one of the most iconic scenes from the film. Now, the very same Mediterranean-style home with the famous large white fountain in the front, known as El Fureidis or Little Paradise or Scarface Mansion, chosen by De Palma as the expression of ultimate luxury mansion for the classic film, is now up for rent for $30k per month. Originally located in Santa Barbara, not in

via Tony Montana’s Scarface mansion up for rent for $30,000 a month.

Las Vegas foreclosure levels kept sliding last quarter amid a national drop in distressed real estate.

The Las Vegas Valley had the 25th highest foreclosure rate in the third quarter among the 212 U.S. metro areas with at least 200,000 people, according to a report out today from Irvine, Calif.-based RealtyTrac.

One in every 139 housing units was in foreclosure in Las Vegas in the three months ending Sept. 30, down 31 percent from the second quarter and about 71.5 percent from last year’s third quarter. Stockton, Calif., was the worst-hit in the country in the third quarter this year with 1 in 67 homes in foreclosure.

via Las Vegas foreclosure rate continues to plunge – VEGAS INC.

Las Vegas foreclosure levels kept sliding last quarter amid a national drop in distressed real estate.

The Las Vegas Valley had the 25th highest foreclosure rate in the third quarter among the 212 U.S. metro areas with at least 200,000 people, according to a report out today from Irvine, Calif.-based RealtyTrac.

One in every 139 housing units was in foreclosure in Las Vegas in the three months ending Sept. 30, down 31 percent from the second quarter and about 71.5 percent from last year’s third quarter. Stockton, Calif., was the worst-hit in the country in the third quarter this year with 1 in 67 homes in foreclosure.

via Las Vegas foreclosure rate continues to plunge – VEGAS INC.

PulteGroup ($17.01 -0.44%) earned $117 million in Q312, or 30 cents a share. A year earlier, the company reported a net loss of $129 million, or 34 cents a share.

Third quarter earnings are the highest for PulteGroup since Q306. The company’s backlog is also the highest dollar value since Q208.

On a unit basis, the backlog was up 49% to 7,686 homes with a value of $2.2 billion. The backlog year prior was 5,145 homes with a value of $1.4 billion.

Chief executive officer Richard Dugas Jr. of PulteGroup said in a statement that the company’s increase in new home sales is reflective of the U.S. housing industry and its improvement over the past nine months of 2012.

“In past cycles, the U.S. housing industry proved to be a powerful engine that could help drive the economy forward and accelerate the pace of a recovery,” he said. “A similar scenario could again be unfolding, as the industry is responding to increased sales by hiring additional workers and purchasing more building materials.”

“While we are mindful of any potential impact from global or domestic economic issues, we are optimistic that the combination of ever higher rental rates, record low interest rates and limited housing supply can continue to support the improved housing demand,” he added.

Dugas also added that PulteGroup increased its 2012 land spend by $90 million to $1 billion.

via HousingWire | PulteGroup earns highest third quarter result since 2006.

Given that rates are at all time lows, many buyer’s have asked me whether first time home buyer’s can qualify for these rates.  So today I want to help buyer’s understand the various programs that are available, what rates might be offered, what down payments they may need and whether mortgage insurance would be required.I will lay out comparisons for the following widely available programs:  Conventional, FHA, and USDA 30 year fixed rate mortgages.  These are 3 major programs that are offered, however, additional programs such as Mass Housing 0r combining a first and second mortgage to avoid private mortgage insurance may be offered.

via First Time Home Buyer’s Mortgage Primer | The Massachusetts Mortgage Blog.

Fannie Mae economists say they believe home prices “hit bottom” earlier this year and that prices and sales will continue to move up as more consumers enter the housing market.

Economists with the mortgage giant are forecasting about a 9 percent rise in home sales this year, topping out at 4.98 million. They expect home sales to reach 5.19 million next year—a number that hasn’t been reached in years. Fannie Mae is also predicting housing starts to rise: 746,000 this year and 888,000 by 2013.

Still, challenges persist in the housing market’s recovery, Fannie economists note.

“The U.S. fiscal cliff and debt ceiling debate as well as the weakened global economic environment are likely to create the strongest headwinds facing any real improvement this year,” says Doug Duncan, Fannie Mae’s chief economist. “With these issues hanging in the balance, we believe risks remain tilted to the downside. News from the housing sector is more positive, with various indicators showing continued momentum toward a sustainable, long-term recovery.”

via Fannie Mae on Housing: The Worst is Behind Us | Realtor Magazine.