Farmers, who bet on the weather each growing season, have emerged as the shrewdest gamblers in the housing industry.
A decade ago, they began seeing land values escalate as homebuilders needed raw land to satisfy demand. They sold land to homebuilders at high prices, took their profit and invested in land downstate that they leased to local farmers. Now they are back in Chicago's far-flung suburbs, spending a pittance of what land sold for five to 10 years ago, planting crops and profiting from surging commodity prices.
Read Full Article »