Land that once had been secured by developers prior to 2007 is
coming back on the market after the economy tumbled.
coming back on the market after the economy tumbled.
Once destined for residential development this land has fallen so far in value that
thousands of acres across the country are again being used for agriculture.
thousands of acres across the country are again being used for agriculture.
Crop prices have reached all-time highs and farmers in the Midwest are
outbidding one another at land auctions.
In Southern New Jersey farmers are putting development land
into Land Preservation Trusts.
The Ogle County News in Illinois reports that
Commercial and Residential land values are down but farmland is up.
The Wall Street Journal wrote on Tuesday November 14, 2011 about
dairy farmers 30 miles west of Phoenix, AZ who purchased 760 acres of
cotton and alfalfa cropland for $7 million.
It had been sold to developers in 2005 for $40.8 million
It had been sold to developers in 2005 for $40.8 million
The USDA forecasts that net farm income will rise to $103.6 billion in 2011,
rising above $100 billion for the first time in history.
An increase of 31% over 2010.
Adjusted for inflation it will the highest income since 1973.
An increase of 31% over 2010.
Adjusted for inflation it will the highest income since 1973.
Corn, wheat, hay, cotton and soybean receipts are
expected to show the largest increases.
expected to show the largest increases.
Expenses
The USDA estimates that farm expenses will jump
by $32.5 billion (11.4%) in 2011,
exceeding $300 billion for the first time, due to rising input prices.
Prices for all crop-related inputs are expected to be up in 2011.
by $32.5 billion (11.4%) in 2011,
exceeding $300 billion for the first time, due to rising input prices.
Prices for all crop-related inputs are expected to be up in 2011.
LINK TO USDA ECONOMIC RESEARCH SERVICE
Submitted by George VanderWoude
