The correction in land values is not yet over in Texas, according to the most recent survey of ag credit conditions conducted by the Federal Reserve Bank of Dallas. The Fed bank, whose region includes all of Texas plus northern Louisana and sourthern New Mexico, surveys ag lenders about credit conditions and farmland values every quarter. Its survey of fourth-quarter conditions found dryland cropland edged down 2% during the quarter when compared to the previous quarter and finished 2009 down 5% compared to 2009. The survey indicated irrigated cropland edged down 1% for the quarter and ended 2009 down 4% on an annual basis. Ranchland slipped a similar 1% for the quarter but posted a 1% increase on an annual basis.
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