DES MOINES, Iowa (AP)
Feds: Iowa farmland values rose in 2009
A survey by the Federal Reserve Bank of Chicago shows the value of good quality Iowa farmland rose by 3 percent during the last quarter of 2009 and 4 percent during the year.
The report is based on a survey of 214 bankers in its five-state district. It doesn’t put a dollar amount on land values.
Chicago Fed economist Richard Oppedahl says despite a 35 percent drop in farm income last year, farmers have financial cushions after a run of several good years.
An annual survey by Iowa State University released in December reported a 2 percent drop in Iowa farm values through November of last year. That survey reported an average value of $4,371 an acre.
