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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 " e of
b
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