During the boom we watched acres and acres of farmland ploughed under and turned into housing developments and shopping centers. While we have only seen a few developments actually ploughed under, there have been a number of acres that were slated for development, that are not going back to farmland: [Thanks L!]
Rick Gibson, University of Arizona county extension director and agriculture agent in Pinal County, said the real-estate crash has farmland once sold to developers finding its way back into agriculture, especially in Maricopa and Pinal counties.
“Some are buying or coming back to them when the buyers defaulted on payments,” he said.
For the developers the land might have dropped in value or may not be worth developing at present, he said.
In the meantime, Arizona farmers are happy to take the extra land and increase acreage for commodities like cotton, wheat, alfalfa and corn that are enjoying high prices amid increasing demand.
For instance, Arizona’s cotton acreage rose from 136,000 acres in 2008 to 261,000 acres this year, according to the National Agricultural Statistics Service.
Arizona is not the only place that is seeing this trend:
Total land in farms nationwide decreased from 933.4 million acres in 2005 to 919.8 million acres in 2009. It has since increased to 920 million acres in 2010.
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I believe that prices may stagnant for quit some time we have not yet experienced a really really large drop in the prices of houses in most areas of the country’ when compared to the enormous increases that had taken place from early 2000′s to mid 2000′s’ although I believe it could be more that ten years before the housing markets returns to what would be considered normal. Also keep in mind that area like the southwest and florida are great places to now buy a summer home because of all the empty condos and houses. Also these areas will now be much more attractive places for americans and international investors to invest in or buy a summer home at a great price.