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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 ii n Feb. II n II Mar. 11 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 ~n 8 MORTGAGES r-'' / 18 16 *~ *""^ +*t •'"•1 ; \ i 14 \ r "^ 12 vx 11 / / 1/ \ \ / i 1 V \ / V\ 10 / \ / \ / / / Y \* 8 X \ % \ / 6 1* 20 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. c - 2 - 649 daily and weekly newspapers, 725 trade papers and 383 house organs receive weekly press releases from FHA on their request. Such national magazines as Saturday Evening Post, C o l l i e r ^ , Woman's Home Companion, Cosmopolitan, Time, Ladies' Home Journal, Better Homes and Gardens, Fortune, e t c . , have either published articles about phases of the FHA program or have such articles in preparation. We have furnished data for these articles upon their request• Building material manufacturers have appropriated $5,000,000 to be spent in 1938 in publicizing the opportunity of home ownership through FHA financing. 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 FHA financing. 93,330 building supply dealers, represented by 136 trade and dealer associations, are organizing themselves to carry the FHA 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 FHA financing. 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. FHA will have exhibits in a l l of these shows 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 FHA for this display space. 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
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