Abstract
The rapid increase of real estate debt and nonreal estate debt outstanding in the farm sector at the national level is well documented [e.g., 2, 4, 6]. Reasons for these increases include the rapid consolidation of land ownership, continuing adoption of capital intensive technology, greater off-farm purchases of operating inputs, increases in land values, and other such factors. On the one hand the ability of the farm sector to attract this debt is encouraging. Yet, serious questions arise concerning agriculture's liquidity position, repayment capacity, and the actual performance of its finance market. Much of the increased debt came from land sellers, other individuals, and merchants and dealers. None of these are specialized lenders.
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