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Clearance Sales In The Farmland Market?

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Author Info

  • Featherstone, Allen M.
  • Schurle, Bryan W.
  • Duncan, Steven S.
  • Postier, Kevin D.

Abstract

The ultimate loss financial institutions bear for foreclosed loans is determined by their success in liquidating their acquired property portfolios. This study examines the price received for land sold by private individuals and financial institutions from 1977 through 1990. After adjusting for quality differences, financial institutions received on average 9.2% less than private individuals. Further analysis reveals that commercial banks received a discount of 5.8%, the Farm Credit System (FCS) a 9.2% discount, and Farmers Home Administration (FmHA) a 14.7% discount. For this sample of 13,375 Kansas sales, it is estimated that the sum of the transfers from financial institutions to land buyers amounted to $9.2 million.

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File URL: http://purl.umn.edu/30970
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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 18 (1993)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:jlaare:30970

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Web page: http://waeaonline.org/
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Related research

Keywords: Land Economics/Use;

References

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  1. Sass, Tim R, 1988. "A Note on Optimal Price Cutting Behavior under Demand Uncertainty," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 336-39, May.
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Citations

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Cited by:
  1. Atwood, Joseph A. & Buschena, David E., 2003. "Evaluating the magnitudes of financial transactions costs on risk behavior," Agricultural Systems, Elsevier, vol. 75(2-3), pages 235-249.
  2. Tsoodle, Leah J. & Featherstone, Allen M. & Golden, Bill B., 2005. "Estimating the Market Value of Agricultural Land in Kansas Using a Combination of Hedonic and Negative Exponential Techniques," Proceedings: 2005 Agricultural and Rural Finance Markets in Transition,October 3-4, 2005; Minneapolis, Minnesota 132763, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
  3. Nivens, Heather D. & Kastens, Terry L. & Dhuyvetter, Kevin C. & Featherstone, Allen M., 2002. "Using Satellite Imagery In Predicting Kansas Farmland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December.
  4. Snyder, Stephanie A. & Kilgore, Michael A. & Hudson, Rachel & Donnay, Jacob, 2008. "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach," Journal of Forest Economics, Elsevier, vol. 14(1), pages 47-72, January.
  5. Perry, Gregory M. & Robison, Lindon J., 1999. "Personal Relationships: Do They Influence The Sale Price Of Land?," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35685, Western Agricultural Economics Association.
  6. Katchova, Ani L. & Barry, Peter J., 2003. "Credit Risk Models: An Application to Agricultural Lending," Proceedings: 2003 Regional Committee NCT-194, October 6-7, 2003; Kansas City, Missouri 132519, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.

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