Farmland values in the five Seventh District states continued to increase, on average, during the fourth quarter of 2000. Based on a survey of 332 agricultural bankers, farmland values rose just under 1% between October 1, 2000, and January 1, 2001, an increase that compares with similar gains in the second and third quarters of 2000. The end-ofyear 2000 survey also indicated that farmland value gains, relative to end-of-year 1999, slowed to a 6% rate. Nonetheless, this increase in farmland values was well above the year-over-year gain reported at the end of both 1998 and 1999, when the District’s farmland values were up 1%.