We have more outside influence in land prices than we did in the past from people buying land for recreational purposes. JohnMO stated that people are buying land based on what the payment is and not how much it cost. This is true. We will find out if they can really afford these "farms" when crunch time comes and it is a choice of making the house payment or farm payment.
dhermesc said that very little farmland was involved in the subprime mess. How do you think some of these urban buyers financed the down on the rural property? By using the equity in their homes.
Believe it or not, the health of our economy is based on the price of crude oil. When crude is cheap, we have a boom. When crude is high we have a bust. We're fixing to have a bust. I really hope I'm wrong on this.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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