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Clearance Sales In The Farmland Market?

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

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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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
Contact details of provider: Web page: http://waeaonline.org/

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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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