I've read every reply on here and it looks like some have already forgotten the 1980's.Try telling the 100's of thousands of farmers that went busted in the 1980's that land values will never go down.20% interest and drought killed everyone in my part of MO.Neighbor after neighbor is no longer farming.
Land here peaked at $1200 per acre here in 1980 and by 1987 it was selling in the $400-600 range.I watched a neighbors 320 acres sell for $350 on the courthouse steps.I bought land in 1979 for $1100 and in 1988 it was valued at $550 per acre.The best of farmers around here couldnt afford land in the late 1980's as most barely survived.Lots of bankruptcies were filed and many write downs were given.
Farm land has went up every year here since 1987 and is now in the $1500-2000 range.Only the very well off can now afford it.Those that are buying land around here own 1000-3000 acres free and clear.
Click the link below to see what farm land did in Illinois in the 1980's.In 1980 it was worth $3932 per acre and fell clear down to $1706 per acre in 1987.
Land may still be a good buy if you can make a substanstial downpayment and have other sources of income for hard times.
If we have a severe recession or a depression land values will fall.What would 20% interest of the early 1980's do to our current faltering economy?
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