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Land Prices Up While
Farmer’s Debt Grows
i The Virginia farmer’s debt load will become even heavier in the year ahead, says agricultural economists at VPI.
In their annual look ahead at farming,'the economists say a growing need for capital will cause farmers to borrow more money. An increasing proportion of the borrowing will be for. capital improvements. New technology and rising labor costs will hasten the substitution of’* capital for labor. The kinds of adjustment needed for most types of farming will need to be financed through mortgages.
C edit is being used to finance • the sale of about % of the fajrms sold. The volume of sales IS about steady. Meanwhile, sale price increases and the consolidation under mortgages of other debts, are causing an increase in mortgage debt, outstanding. The rise in the nation last year amounted , to about $800,000,000, or 10 percent ...
64.9%