The geographic distribution of U.S. agricultural land acquired by foreign investors between 1980 and 1982 differed significantly from the distribution of land purchased prior to 1980. Examination by county and district of the number of parcels expected, based upon the distribution of land purchased prior to 1980, and the observed number of parcels acquired during 1980-82 indicate locations where foreign investment deviated from expectations under the hypothesis that foreign investment follows a stable geographic pattern. Analysis of the variation in distributions suggests that factors such as the activities of real estate agents and monetary exchange rates influence the location and timing of foreign investment.