Private equity firms and hedge funds are snapping up cheap land in markets where real estate has gone from boom to bust. Fortune's Katie Benner reports.

By Katie Benner, Fortune reporter

September 17 2007: 10:00 AM EDT

 In California, Forestar Land Partners, a joint venture between real estate investment firm Starwood Capital and developer Foremost Communities, is emerging as a buyer to watch. Run by local building veteran Steve Cameron, Forestar was formed in June to buy $250 million worth of land in Southern California over the next several years...

Click CNN Money.com to view the rest of the article.