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Illinois farmland values hit record high

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[August 25, 2008]  URBANA -- The average farm real estate value for Illinois in 2008 is $5,000 per acre, according to a new University of Illinois Extension study.

"This is the highest value on record," said Dale Lattz, University of Illinois Extension farm financial management specialist who prepared the report based on data from the USDA's National Agricultural Statistics Service.

The full report, "Fourth Year in a Row of Double-Digit Increases for Illinois Farm Real Estate Values," is available at U of I Extension's farmdoc site on the Web. (See report.)

"The $5,000-per-acre figure includes the value of all land and buildings," said Lattz. "The figure is 15.5 percent higher than the 2007 average of $4,330 per acre. This increase marks the fourth year in a row of double-digit increases.

"The 2005 value increased 27.6 percent, the 2006 value increased 14.1 percent, and the 2007 value increased 13.9 percent. The 2008 percent increase was the second-highest since 1977."

Lattz noted that farm real estate values have shown a year-over-year increase every year since 1988, or 21 consecutive years.

"Since 2000, Illinois farm real estate values have increased 121 percent," he said.

Lattz said the current strength in farmland values appears to be driven by higher corn and soybean prices and the expectation that those prices will remain high due to strong demand.

[Text from file received from University of Illinois Extension]



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