Farmland values declined in the fourth quarter of 2008 for
the Seventh Federal Reserve District—the first quarterly
decrease in a decade. There was still an annual increase of
5 percent in the value of “good” agricultural land for 2008,
based on 209 surveys completed by District agricultural
bankers. Few respondents expected farmland values to
rise in the first quarter of 2009, but 35 percent expected
them to fall in their respective areas.