Perfect storm for cheap dairy farms in Canterbury and Southland

Farm asset values have dropped by 30 to 40 per cent and there are a lot of stressed farmers running significant cash deficits this year

Pssst! Wanna a cheap farm? Foreclosures coming to a place near you.

Five per cent to 10 per cent of farmers across the country had too much debt to be sustainable

feared an "avalanche" of dairy farm foreclosures next autumn if farmers did not sell assets and reduce costs, or if payouts did not improve

Some investments were totally loan-based

a white goldrush; unfortunately the late arrivals are particularly vulnerable

Not a good outlook for our biggest earner.

the enforcement of proposed international banking recommendations, requiring banks to impose rigorous capital and risk management policies, would create a "perfect storm" for financially stressed farmers

It will affect the whole country, but the primary sector in particular

Farmers turn after the closures in other sectors. The recession marches on.