Arizona Land Sells For 8 Percent Of Peak Price

We spotted this today:

"A 10,200-acre desert site in Arizona sold for $32.5 million this week, five years after a group with investors including the California Public Employees’ Retirement System paid $400 million for the land.
...
The site ... had been planned for a 42,000-home community by the Calpers- financed group when it was purchased in 2006."

Statistics Source: Bloomberg

Bonus: “This won’t be developed in my lifetime.” said Kent Kleinman, a spokesman for the buyer ...

We have written about housing statistics and housing price decline before.

Meantime, the Chinese are taking over Vancouver - is that a hint for a solution?