Interest rates were and are a big part of it also. Way too high in the 80's and way too low for quite some time. Grain embargo to Russia then had a big detrimental effect also. Government causing artificial economic results. I left the farm after tech school in 73. I paid 12% mortgage interest all through the 80's. I lived in Waterloo which had unofficial unemployment rate of about 25%. I think Dubuque was about the same. I didn't necessarily like my job, but had one. You couldn't go shopping for a job elsewhere because the house value's had gone down the tube. So many foreclosed houses on the market at fire sale prices, that the only alternatives were to stay and tough it out, or walk away from the house as my neighbor did. He was employed, but decided to heck with his credit rating and rented a house much cheaper than his mortgage and taxes were. When I moved out in 91 I sold my house for about 75% of what I had in it. I think as a lot of you do, that this is going to happen again, although I hope not with such severe results. Commodity prices have been unusually high for a number of years. The pendulum swung the other way now.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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