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FARMLAND VALUES SURGE 10% IN CHICAGO FED DISTRICT
Nov. 29, 2010
BrownfieldAgNews reports:
Farmland values jumped 10 percent in the third quarter of 2010 in the Seventh Federal Reserve District.
The bank says the value of good farmland rose so quickly it prompted more farms to be put up for sale compared to recent quarters.
Farmland values in Iowa increased the most, up 13 percent compared to the same quarter last year, Indiana ag land values increase 11 percent, Michigan increased 10 percent, Illinois saw an 8 percent increase while Wisconsin nudged 3 percent higher.
Nearly half of the bankers, 48 percent expect land values to increase in the fourth quarter as well while 49 percent expect prices to hold steady. More than a third predict increased demand for farmland among non-farm investors.
The Seventh Federal Reserve District consists of Iowa, Michigan, the northern halves of Illinois and Indiana and the southeastern two-thirds of Wisconsin.
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