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F o r m N o . 131
Office jCorrespondence
~v>
Chairman Eccles
FEDERAL RESERVE
BA D
0R
Subject:
n^. J*™ n,
Chart from Mr. McDonald
Mom
«!>•
Mr. McDonald has asked me to show you the attached chart
and table which he has had made comparing the FHA volume of new
construction and refinancing with that of the Federal Savings and
Loan Associations. Mr. McDonald says that, as nearly as his
statistical department can estimate, the FHA is now insuring about
one-third of all the current mortgage business that might be
eligible to insurance.
You will notice from the table and chart that in refinancing
the FHA volume is more than 90 per cent greater than that of the
Federal Savings and Loan Associations, and in new construction more
than 150 per cent greater. I am to return the chart and table to
Mr. McDonald after you have seen it.
I am also attaching the most recent summary of the volume
of the FHA business under Titles I and II. You will notice from
this that the business under Title I~is falling off considerably,
as was anticipated when the title was extended in limited form.
Mr. McDonald says that the reports from his field offices, however,
indicate that the banks are continuing to handle the Title I type
of business without insurance. I«tr will notice that the mortgageinsurance business, at the same time^is steadily increasing and
shows a very great advance thus far this year over the corresponding
period of last year.
16—852
FEDERAL HOUSING ADMINISTRATION
June 10, 1936
SUBJECT:
MONTHLY VOLUME REPORTED FOR TITLES I AND II BUSINESS
Modernization & Repair
Notes Insured
1934
$ 30,450,583
(Aug. through Dec.)
Home Mortgages Accepted
for Insurance.
$
24,150
(Dec. only)
1935
$
6,582,034
5,269,524
7,814,722
11,300,416
14,415,746
16,154,052
21,084,565
24,240,035
30,403,178
27,163,130
31,051,675
28,141,069
$
498,330
1,848,955
4,722,728
7,943,378
10,500,216
12,099,311
16,722,512
19,721,073
21,898,074
25,436,430
25,083,754
22,379,821
$
Jan
Feb
26,337,862
17,521,022
28,627,748
39,052,131
17,174,802
f
21,320,736
18,713,754
23,009,195
28,849,654
35,399,760
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1936
Jan
Feb
Mar
Apr
May
Jun (9 days)
Totals Through
June 9th
3,150,095
$ 385,934,389
14,285,387
(1,064,066
Notes)
$ 310,457,218
Balance Home Mortgages in Process
Rejections
34,100,169
86,278,737
Total Home Mortgages Selected for
Appraisal
$ 430,836,124
Large Scale Housing Mortgages Accepted
Modernization & Repair Notes Insured
TOTAL FHA Business, Transacted
Through June 9, 1936
49,787,158
385,934,389
$ 866,557,671
(77,153
Mtges)
COMPARISON 01* MORTGAGE LOANS OF FEDERAL SAVINGS & LOAN ASSOCIATIONS OF
THE HOME LOAN B A M BOABD & FEDESAL HOUSING ABMIKISTBATIOH MOBTGAGES ACCEPTED
c
1935 -
1936
A. New Construetiori
PEDEHAL SAYINGS & I
JOAN ASSNS
(New and Converted)
1935
Month
No. of
No. of
Amount
Assns.
Jan
?efe
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Sec
688
72?
752
778
808
851
894
922
949
979
1,002
1,023
Total for Year
••(Home Mortgages Accepted)
1935
1936
1936
«?
549,844
641,387
833,776
1,133,219
1,519,345
1,772,775
"* 2,131,670
•* 2,774,199
' 2,832,036
•
*
' 3,419,151
•* 3,337,066
*
' 3,398,377
Amount
Assns*
1,044
1,061
1,078
1,102
*
*
*
*
3,121,665
2 ,645,820
3 ,669,234
4 ,934,790
$ 24,342,845
Amount
F
4,500
965,590
1,902,559
3,321,749
4,820,888
4,923,682
7,021,719
7,513,701
7,370,524
8,334,515
7,372,723
6,696,106
Amount
6,121,269
5,532,579
7,550,835
10,951,343
$ 60,248,256
s,
3*ry
Bafinanejlfifi & Purchase offfnaes(Ped» Sav» & Lo^n A B S Q S » )
Refinancing - Existine Construction (Fed. Housing Adm.)
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
19^5
No. of
Assns.
688
727
752
778
$
808
851
894
922
949
979
1,002
1,023
lotal for Tear
*
•
•
*
•
*
1935
Amount
2,665,710
3,070,910
4,115,575
4,722,024
5,429,813
5,457,284
5,830,349
5,988,345
5,716,467
7,719,710
6,682,251
5,407,817
$ 62,806,255
No. of
Assns*
1,044
1,061
1,078
1,102
Amount
Amount
• $
•
•
5,569,870
5,835,888
7,217,705
9,118,081
$
509,780
1,170,890
3,199,037
4,604,605
6,288,795
7,340,319
9,850,762
13,158,197
13,914,874
17,829,386
17,142,422
15,337,541
1936
Amount
$ 15,410,619
13,649,951
14,476,010
20,292,323
110,346,608
reported in Releases of fed/Home Loan Bank Board* May vary slightly from corrected
figure as issued in Monthly Bulletin the following month.
These do not include FHA Large Scale Housing New Construction Mortgages Accepted.
No. 3 3 4 - 2 N, 10 X 10 TO THE HALF INCH.
_
, PRINTED IN U. S. A.
I 0 0 % RAG PAP ER
Federal Housing Administration Home Mortgages Accepted for Insurance
and
Federal Savings & Loan Association Mortgage Loans
1935—1936
(Source: Fed* Home Loan Bank Board Releases )•
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