Las Vegas Land Worth 75% Less Than 2007 Peak

About half of commercial mortgage defaults in Las Vegas last year were for vacant land. With loans impossible to get and construction at a halt, vacant land is a hard sell.

"For land speculators today, what's the exit strategy? Their ability to build out is limited by upside potential," [Applied Analysis principal Brian] Gordon said. "The commercial end continues to struggle and we're seeing construction activity essentially coming to a halt, so you have less demand for real estate for commercial today, whereas residential land has been turning over in anticipation of the bottom."

Full Story: REAL ESTATE: Recession leaves raw land in dust

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