Posted by dhermesc on December 18, 2012 at 05:51:33 from (24.248.193.103):
In Reply to: Farm land bubble posted by Jon L on December 17, 2012 at 22:29:56:
I agree it is a bubble, but the difference is there isn't near as much money borrowed against land today as there was in 1980. Back then the lenders ended up owning massive amounts of property and they sold it for what they could get driving prices even lower, prices went from bubble to depressed.
This time around the owners are much more vested and I doubt you'll see near as many foreclosures. Rather than taking the barely/nondeductable capital loss people will hold onto it waiting for land prices to come back. End result, prices may get cheaper but there will be very little land that actually sells.
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