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FEDERAL HOUSING ADMINISTRATION WASHINGTON STEWART MCDONALD September 24, 1938 ADMINISTRATOR Honorable Marriner S. Eccles, Chairman Board of Governors of the Federal Reserve System Washington, D. C. Dear Marriner: The attached chart and figures are selfexplanatory, and it is thought would "be of interest to you. Last week the volume of mortgages selected for appraisal made a new high peak. It is indicated that 70 per cent of the volume covers newly constructed homes; that is, homes either to be constructed or recently finished. Sincerely yours, Stewart McDonald Administrator PHA F o r m No. 12 (Revised Oct. 15, 1937) FEDERAL HOUSING ADMINISTRATION MEMORANDUM DATE 9/22/38 To: FROM: SUBJECT— ero 16—3401 The following table shows the comparative volume of small home mortgage insurance applications for the first eight months of 1937 and 1938. MORTGAGES SELECTED FOR APPRAISAL 1937 1938 Jan. $38,786,750 $29,904,199 Feb. 46,042,118 42,612,638 Mar. 68,045,452 95,161,202 Apr. 67,886,307 94,229,313 May 58,232,578 96,108,623 June 55,184,630 97,231,622 July 47,152,173 94,175,437 Aug. 48,309,774 104,226,887 Month 23545 MONTHLY VOLUME OF HOME MORTGAGES SELECTED FOR APPRAISAL AMOUNT REPORTED BY INSURING OFFICES AT END OF EACH MONTH MILLIONS OF DOLLARS 100 MILLIONS OF DOLLARS 100 i— 90 / 90 80 80 70 70 60 / 50 / N X X 60 X 50 ^x X 40 40 30 30 1937 1938 20 20 10 10 JAN 9/16/38 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC FEDERAL HOUSING ADMINISTRATION DIVISION OF ECONOMICS a STATISTrCS CHART N O . - 2 3 6
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