Virginia economy continues to weaken
- October 22, 2008
Virginia’s economy continues to look weak, according to a report by the Federal Reserve Bank of Richmond.
Delinquent mortgages represented 4.86 percent of total mortgages in Virginia in the second quarter, the highest level since the fourth quarter of 2001. Virginia ,however, fared better than the national average, which was 6.22 percent.
About 18.15 percent of subprime mortgages went unpaid during the quarter, the Fed report said.
The report also showed the number of manufacturing jobs dropped by 2,300 to 273,000. (Richmond Times-Dispatch)