Where I live I saw property go from 2000 an acre to 10,000 in just ten years. The property wasn't worth that but the apraisers and the realistate folks and the banks let it happen, but most of all was the fools that were willing to over extend themselves and pay that much. The banks don't break peoples arms to sign the papers. I have to say though writing a 30-40 year morgage to a sixty year old dude is a little fishy and they will or at least would.