by Calculated Risk on 6/09/2011 08:32:00 PM

From Buck Wargo at the Las Vegas Sun: Land that sold for $30 million fetches $4.4 million after foreclosure

A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.

It is amazing that people were still paying crazy prices in 2007.

This is mixed use land, and the commercial real estate bust started later than the residential bust, but the usual pattern is for commercial real estate to follow residential real estate - both up and down. The housing bust was obvious to everyone by late 2006, so I'd think developers would have been avoiding commercial by then too. Apparently not ...

Earlier:
• Weekly Initial Unemployment Claims increase to 427,000
• Trade Deficit decreased to $43.7 billion in April
• Q1 Flow of Funds: Household Real Estate assets off $6.6 trillion from peak
• Graphs: Weekly Claims, Trade Deficit, Flow of Funds