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In Virginia on January 1,195<S, the morgage debt on farms was $129,000,000. up $8,000,000 In a.. year. The proportion of farms mortgaged continues to drop, while the average size of the mortgage increases^.
Farm land prices continue to rise—faster In Virginia than to the nation as a whole. Farmers are buying land to expand their operations. Land is becoming Increasingly attractive to industries and others who foresee a strong demand for timber. Industrial expansion in Virginia is putting a premium' on land; for plant sites. Farmers who sell for industriaf. . and other non-farm uses are often able to bid up prices in other areas when relocating. The residential developments in the area affected by new Industry also contribute to rising land prices. The current trend toward r ’•al residences helps to push land prices up for many miles out of the cities, however, the rate of increase has slowed down. Some farmers who bought land . to get additional acreage of allotted crops are finding it hard to carry the overhead costs. Such allotment land is reported to carry a premium of from $1,« 200 to $2,500 per acre of allotted crop. Every subsequent reduction in acreage makes the costs more burdensome.
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