The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL HOUSING ADMINISTRATION WASHINGTON, D. C. May 23, 1938. FHA INSURING Since early in March, applications for insurance in our field offices have averaged 5,000 a week and there has been no decrease in this average for the past six weeks the week ending May 21, equaled two of the #23,000,000 weeks in April. Of these approximately 5,000 a week, 53 per cent cover homes to be constructed. Reports from our insurirg offices for the past three weeks, indicate an average of between 1,500 and 1,800 homes on which first compliance inspections are being made each week. The mortgages reported as accepted for insurance which have been averaging around 3,500 to 3,800 a week for approximately $15,000,000, cover only the mortgages on which there is an individual borrower on the paper - commitments to operative builders who are constructing homes for sale are not included. For example, during the months of March and April, FHA reported #103,000,000 in mortgages accepted for insurance, but in addition to that #103,000,000, for the same two months, we had issued conditional commitments in the amount of $28,000,000 to operative builders who were constructing new homes for sale. In other words, in March we issued commitments on a total of $50,000,000 in mortgages, including these conditional commitments to operative builders, and in April we issued $77,000,000 on the same basis.
@FedFRASER