The Bubble in Farmland Prices

Farmgate has an index of Illinois farmland prices here.  Here's the recent figures:

2001 123
2002 126
2003 131
2004 138
2005 173
2006 193
2007 216
2008 245
2009 244
2010 264
2011 307

As a comparison, my neighbors house sold for about $100K in 2000 and about $360K in 2006.  Bottom line: see the title of this post.