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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.
Covenant condition restriction is an agreement, usually included in the deed to a property
This tool acts as restricting the manner in which the property can be used. For example, a deed for a residential property may contain a covenant that the owner won’t permit “noxious uses” on the property, or any of a lengthy list of particular offenses such as stables, factories and so forth.
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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 percen... Read more >
Definition:
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
Fair Market Value
Definition:
The price which a willing buyer will pay a willing seller for a piece of real estate.
Flood insurance
Definition:
Insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.
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