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Wednesday, October 31, 2012

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Dick,
I was talking with an Iowa farmer about this just yesterday. He said there are record land prices in the NW of the state, and I asked about fear of a return to the 80's.

He said that today, buyers (here at least) are required to put down 50% compared to just 5% in the 80's. He said the screwy deals of the 80's where buyers only paid interest (no principle) for the first three years of the deal (and then often defaulted) are no longer allowed. He added that today, even with the rising prices, 75% of Iowa farm land is fully paid for.

Take that for what it is worth... one farmer talking. But I had the same fear you expressed. And I was feeling a little more confident until I read your blog today!

Keith Porter
Muscatine

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