We saw here that there are home builders trading at huge discounts to their book values. Could some of these offer a chance to buy land at a big discount?

Currently, most home builders are trading well below book value. Could this be a buying opportunity? Here they are, ranked by biggest discount to book:

For companies like Microsoft and Accenture, book value won't help you figure out the intrinsic value of the company. But are there some companies out there where book value is an appropriate measure for intrinsic value? Consider land developers.

A Reuters article on the homebuilders. "There is still plenty of downside risk in housing but it may be time to start looking beyond the current slump."