Wednesday, November 23, 2011

Midwest’s Hot Land Boom: 25% Jump in Values

Farmland continues to climb in the Midwest, with some areas seeing a 25 percent increase in the past year and reaching its highest increase in 30 years, CNNMoney reports from two recent Federal Reserve surveys.

"District farmland values surged to a record high in the third quarter," according to a survey by the Kansas City Federal Reserve, released this week. "Cropland values rose more than 25 percent over the past year, and ranchland values increased 14 percent."

Nebraska alone is reporting about a 40 percent jump in farmland prices compared to last year. Iowa farmland values have soared 31 percent from last year’s third quarter. Also, farmland values in the Chicago district have seen values jump 7 percent from just the previous quarter.

“The surveys indicate that good credit conditions, successful harvests, and elevated levels of farming income helped to contribute to this large surge in an already strong agricultural property market,” CNNMoney reports.

Source: “Farmland Prices in the Midwest Soar,” CNNMoney (Nov. 16, 2011)

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