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July 24, 1937
Honorable Marriner S. Eccles, Chairman
Federal Reserve System
Washington, D. C.

Dear Mr. Eccles;
Some of the high spots covering the operations of the Federal Housing
Administration for the first six months of this year are exceedingly interesting •
In the volume of business done, California led all states by a very
large margin — with New York second and comfortably ahead of the next
group of five states consisting of Pennsylvania, Illinois, Mic}iig&n, New
Jersey and Ohio, all practically tied for third place* These are followed
by Texas, Indiana and Florida running very close together for fourth place.
These ten states account for 70 percent of the total amount of mortgages selected for appraisal throughout the entire countiy for the first
six months. Indeed, the first seven of these states account for 60 percent
of all the business done by the Federal Housing Administration.
The percentage of new construction (meaning homes completed within
one year of date of insurance) shows a wide divergence — Florida with
71.7 percent being easily in first place. New York and Texas are tied with
68.2 percent and Michigan follows closely with 62.6 percent.
California was almost 50 percent new construction and New Jersey 45
percent, with Illinois and Pennsylvania about 35 percent, followed by Ohio
next with 32.5 percent and Indiana last in this group with only 27.9 percent
of the business done representing new construction, against an average of
48 percent for all the offices in the United States including Alaska and
I find this a very convenient and interesting analysis, and am sending
it to you because it readily answers the questions most frequently put to me
and gives a very clear and concise picture of our operations.

erely yours,