Another Sign of Real Estate Crisis

[Richard Warren]

Focus Property Group, a major developer of master planned communities in Nevada, has stopped making payments on $500 million worth of loans. They are a major player here in Las Vegas and are part of the reason that undeveloped land for residential building has climbed past $600,000 per acre. If this signals a major downturn in the price for raw land, home prices here could plummet. The financing had been secured through private investors at hard money rates. A lot of people could be screwed depending on how this plays out.

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http://www.lvrj.com/business/15306346.html

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