"The real estate market and lending conditions continue to deteriorate causing land sales to slow significantly," he says. "Liquidity in all aspects of the real estate industry is extremely limited and within recent weeks the worldwide credit crisis has begun to negatively affect our potential multi-family land buyers. Like many others, we are working to restructure our debt and have begun those discussions with our lenders."

Focus Property Group is a vertically integrated real estate investment company and developer of master planned communities based in Las Vegas. The company's current projects total more than 14,500 acres in Las Vegas and throughout the Southwest, and the company's portfolio includes approximately 30,000 residential lots along with commercial and mixed use property. Ritter was not immediately available Monday afternoon to provide additional detail on the company's debt load or its assets.

"Those companies that face the market realities head on will be the ones that survive and that is what Focus is doing," says Darrin Badger, Focus partner and acquisitions director. "We firmly believe in the long term viability and strength of the Las Vegas market. We believe in our projects and are committed to them."