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Farm Real Estate Values Continue Upward
WASHINGTON, Aug. 2, 2002 - U.S. farm real estate values, including land in buildings, averaged $1,210 per acre as of January 1, 2002, up 5.2 percent from the previous year, according to the annual Agricultural Land Values report released today by the USDA's National Agricultural Statistics Service (NASS).
The report also reveals that all States, except Delaware, Nevada, New Mexico, and Washington, showed gains from the previous year. The Lake States and Southeast regions showed the largest percentage gains from last year. The Northeast region, with its urban influences, had the highest average value of farm real estate at $2,810 per acre. The Mountain region, with its expanse of pasture and rangeland, had the lowest value at $507 per acre.
The average value of cropland in the U.S. rose 4.4 percent to $1,650 per acre. Cropland values were highest in the Pacific region and lowest in the Northern Plains. Values varied widely across States due competitive uses of land and different circumstances. The impact of suburban and resort influences in States such as Wisconsin, Vermont, and Arizona resulted in continued above average gains in cropland values. Washington was the only state to show a decrease. Poor commodity prices, concerns about the availability of irrigation water, and difficulty in securing financing have combined to hold cropland values down in Washington.
The average value per acre for pasture in the U.S. increased 5.0 percent, with the majority of States going up. The Mountain and Southern Plains regions, accounting for half of the pastureland in the U.S., both showed increases from the 2001 figures. Pasture values were highest in the Northeast, at $2,330 per acre, and lowest in the Northern Plains, at $251 per acre.
Equity skimming is a type of scam
In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him or her. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose.
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Definition:
A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
FHA
Definition:
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
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