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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.
Stopping foreclosure with Deed-in-lieu of foreclosure can be done
This won't save your house, but it is not as damaging to your credit rating as a foreclosure. You can qualify if: you are in default and don't qualify for any of the other options,your attempts at selling the house before foreclosure were unsuccessful, and you don't have another FHA mortgage in default.
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Hud Housing Program
The Uniform Act, passed by Congress in 1970, is a federal law that establishes minimum standards for federally funded programs and projects that re... Read more >
Definition:
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Housing counseling agency
Definition:
Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and homebuying.
Lease
Definition:
A lease is an agreement between a landlord, property owner or property manager and a tenant. The agreement covers issues such as rental amount and length of time the lease is in effect. The rental amount may include or exclude property taxes, garbage pickup fees, utility costs, property maintenance and other expenses.
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