OMAHA, Neb.—The Federal Reserve says farmland values declined from the third to the fourth quarter of 2008 as farm income declined and fewer developers tried to buy farmland.
Land values remained above 2007 levels.
The Federal Reserve Bank of Kansas City’s report released Friday covers Colorado, Kansas, Nebraska, Oklahoma, Wyoming and parts of New Mexico and Missouri. The report doesn’t include an estimated price per acre.
The value of irrigated cropland dipped 1.1 percent from the third to fourth quarter. Ranchland declined 1.7 percent. And nonirrigated land slipped 2.8 percent.
But when 2008’s fourth-quarter values are compared with 2007, irrigated cropland gained 10.9 percent, nonirrigated gained 7.1 percent and ranchland gained 5.6 percent.
———
On the Net:
Federal Reserve Bank survey:
