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FEDERAL HOUSING ADMINISTRATION
WASHINGTON
STEWART MCDONALD

MaTCh 1 8 ,

1938

ADMINISTRATOR

PERSONAL
Honorable Marriner S. Eccles, Chairman
Federal Reserve System
Washington, D* C.

Dear Marriner:

The attached is more or less self-esplanatory.
It shows the mortgages selected for appraisal
for the wfcek ending March 12th — a new high of
$20,386,711.
You will also note the new figure of $10,460,100
for large scale rental housing projects upon which we
have issued mortgage insurance commitments during the
first two months of this year. We have, in addition,
a very large volume of applications for this class of
business under survey, which will be approved or rejected as soon as processed*
These commitments precede actual construction by
a period controlled somewhat by climatic conditions.
In California and through the Southwest, considerable
building has already started.
The blue sheets outline the activities which have
been, or are being conducted to promote the housing
program.




icerely yours,

Stewart McDonald
Administrator

WEEKLY VOLUME OF FHA. INSURING
For 1938 a n d C o r r e s p o n d i n g

OPERATIONS

P e r i o d of

1937

HOME MORTGAGES SELECTED FOR APPRAISAL

1937

1938
By Weeks
Jan.

n
i
i

n
Feb.
I
I

n
I
I

Mar.
1
1

No.

No.

Amount

Amount

8
15
22
29

1,256
1,504
1,711
1,888

$ 5,483,184
6,531,200
7,299,975
8,150,840

1,967
2,286
2,167
2,272

$ 8,565,650
9,556,860
9,447,127
10,091,713

5
12
19
26

1,982
1,988
2,219
2,775

8,571,895
8,787,105
10,025,800
13,100,250

2,306
2,701
2,765
2,835

9,721,165
11,068,008
11,764,089
11,747,954

5
12

3,899
4,470

17,613,402
20,386,711

3,244
3,405

13,683,500
14,176,560

RENTAL HOUSING PROJECTS ~ COi&ITLGENTS ISSUED
Fo,
1938-through February 28th
Corresponding Period 1937

21258




18
3

Anount
ft 10,460,100
2,515,000

WEEKLY VOLUME

OF HOME

AMOUNT REPORTED

SELECTED FOR

BY INSURING OFFICES

APPRAISAL

AT END OF EACH WEEK

/
/
/ *
/

20

18
16

If

/
/

14

y

12

j

10

1*

20
18
16
*~ *""^ +*t

•'"•1
;

\

i

14

~n

8

MORTGAGES

r-''

/

r

"^

12

x
v

1 //
1
1/

\

\ /

i

1

V

\

/

V\

10

/

\ / \

/
/

/

Y

\*

8

X
\
%
\

/

6

\

v^

1937 1938 -

4

| |

JJ 1
WEEK ENDING I

8 15 22 29 5 12 19 26 5

JAN
S R - >038
20980 R.^/1




FEB

1 1

12 19 26 2

9

MAR

i i

16 23 30 7 14 21 28 4

APR

MAY

II

1 1 1

18 25 2

JUN

9

1 III

16 23 30 6

JUL

1 1

13 20 27 3 10 17 24

AUG

SEP

MM

1 1 1 1M

M 1

i 15 22 29 5 12 19 26 3 10 17 24 31
DEC
OCT
NOV
DIVISION OF ECONOMICS a STATISTICS
OPERATING STATISTICS SECTION

6

FHA F o r m No. 13
(Revised Jan. 1, 1938)

FEDERAL HOUSING ADMINISTRATION
MEMORANDUM

DATE

TO:

March 18, 1938

Mr. Stewart McDonald

FROM:

SUBJECT:

Fourteen thousand banks, Building and Loan Associations,
Insurance Companies, Finance Companies, etc., (including branches),
have applied for and been granted approval for making Title I or
Title II loans or both.
These financial institutions are spending more.of their
own money advertising FHA loans than they have on any other single
item in their history.
More than 500 members of the National Association of Real
Estate Boards came to Washington at their own expense for a three
day conference in order to learn how they could obtain the benefits
of the National Housing Act in their own business.

c

National Association of Real Estate Boards have selected
a group from their organization to conduct meetings throughout the
country to carry the FHA message to all prominent realtors and
developers,
Mr. Walter McCornack, Chairman of the Housing Committee of
the American Institute of Architects, is leading a nation-wide movement among architects putting them actively into the FHA program.
The Associated General Contractors are conducting a nationwide series of conferences among all big contractors, showing them
the benefits to be obtained under the National Housing Act and howto obtain them.
The United States Chamber of Commerce is leading all local
Chambers and trade boards in a unified program to bring the benefits
of the National Housing Act into every community.
More than 3500 prominent civic leaders in communities of
every State have organized Better Housing Committees to stimulate
modernization and home building through FHA financing.
1469 newspapers and other publications have requested
FHA Clip Sheets and mat service.

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- 2 -

649 daily and weekly newspapers, 725 trade papers and 383
house organs receive weekly press releases from F A on their request.
H
Such national magazines as Saturday Evening Post, C o l l i e r ^ , Woman's
H m Companion, Cosmopolitan, Time, Ladies' H m Journal, Better
o e
o e
Homes and Gardens, Fortune, e t c . , have either published articles
about phases of the F A program or have such articles in preparation.
H
W have furnished data for these articles upon their request•
e
Building material manufacturers have appropriated $5,000,000
to be spent in 1938 in publicizing the opportunity of home ownership
through F A financing.
H

c

The National Retail Lumber Dealers Association is organizing i t s 24,017 r e t a i l outlets in a nation-wide small home demonstration, emphasizing F A financing.
H
93,330 building supply dealers, represented by 136 trade
and dealer associations, are organizing themselves to carry the F A
H
program into every large and small community in the United States.
The Edison Electric Institute, representing u t i l i t i e s , is
organizing the u t i l i t i e s of the country to make use of the benefits
of F A financing.
H
250 home shows, expositions and conventions will be held
during 1938. They will call for an expenditure of over $8,000,000
by private interests. F A will have exhibits in a l l of these shows
H
with no cost to us except for exhibit material. The cost of exhibit
space, transportation of exhibit material, e t c . , is a l l handled by
private enterprise. The attendance at such shows in 1937 was
11,110,117 and attendance records "this year indicate they will be
greater.
2,488 newspapers are running special sections and advertising on FHA. These newspapers are running these sections in conjunction with the building industry, nationally and locally.
595,000 car cards will be carried in street'cars and buses
in 1938, with no cost to F A for this display space.
H

c




c
- 3 -

1600 twenty-four sheet bill-boards will be posted by the
end of April, the display space being contributed by private enterprise,
2940 hours of electrical transcription time (worth $345,000
at established rates) will be used at no time cost' to FHA. National
network broadcast time worth |180,000 at regular rates is also being
furnished by broadcasting companies with no cost to us.
450 radio stations carrying spot announcement news service
weekly, with a time value of $2,808,000 per year, will be used in
1938 without charge to FHA.
1657 theatres are booked for news reels featuring FHA.
Our only cost is preparation of film.

c

Motion picture film contrasting American and European
housing is now being made for exhibition to lending institutions,
contracting organizations, Chambers of Commerce, etc.

Jay Keegan
Special Assistant
to the Administrator

c