The mortgage foreclosure picture in Virginia is a mixed bag. Overall, the Commonwealth fairs better than most states in its mortgage delinquency and foreclosure rates. Still, there are some problem areas. As the uncertainty of the nation’s financial system persist, leaders are challenged to develop strategies that minimize the impact on their communities.

The Federal Reserve Bank of Richmond and George Mason University will present “Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities.”

Two communities, one in North Carolina and one in West Virginia, were among those studied for the Federal Reserve's report on concentrated poverty. Recently released, The Enduring Challenge of Concentrated Poverty: Case Studies from Communities Across the U.S., looks at the factors that give rise to high-poverty neighborhoods and the challenges they face. The report was the result of a joint project between the Community Affairs functions of the Federal Reserve System and the Brookings Metropolitan Policy program.

Richmond Fed officials discuss the credit market and the impact of mortgage foreclosures.

The Federal Reserve Bank of Richmond has launched an online Foreclosure Resource Center providing information for homeowners, community groups and local governments to help prevent foreclosures and lessen their negative influence on neighborhoods.

The meltdown of the subprime mortgage industry and the subsequent credit crunch has dominated news about the health of the nation’s financial system, with reports routinely centered on market activities. But what about the homeowners, neighborhoods and communities where mortgage foreclosures are dramatically changing lives and landscapes?