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KS and NE in eastern 3rd | On a 20 year note with 30% down a increase in rates from 4% to 5% interest is basically equivalent to a 10% drop in price. Last sale here was off about 10% which is mostly contributed to the increase in rates. Powell just said rates are near neutral so where does land go with steady rates? Slightly down would be my guess unless commodity prices stabilize. It's not going to take 5 dollar corn to put land prices on the rise again, over 4 would probably be sufficient. | |
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land prices dropping
