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FEDERAL
HOME
LOAN
BANK
Vol.
12, No. I t
Wasliinston, D. C.
SEPTEMBER 1946
IN THIS ISSUE
G l Home Loan Program Gathers Momentum
A Review of the Construction Outlook
W h o Holds the Backlog of Savings?
(Part III)
FEDERAL HOME LOAN BANK
Contents
Page
No. 12
SEPTEMBER 1946
The Federal Home Loan Bank Review
is published monthly by the Federal
Home Loan Bank Administration under
the direction of a staff editorial committee. This committee is responsible
for interpretations, opinions, summaries,
and other text, except that which appears in the form of official statements
and signed articles.
Communications concerning material
which has been printed or which is desired for publication should be sent to
the Editor of the Review, Federal Home
Loan Bank Building, Washington 25,
D. C.
The Federal Home Loan Bank Administration assumes no responsibility for
material obtained from sources other
than itself or other instrumentalities of
the Federal Government.
Gl H O M E L O A N P R O G R A M GATHERS M O M E N T U M . .
357
A REVIEW O F THE CONSTRUCTION O U T L O O K
361
W H O HOLDS THE BACKLOG OF SAVINGS? (Part III)..
365
SECONDARY MARKET FOR Gl H O M E L O A N S
371
STATISTICAL D A T A
New family dwelling units
Building costs
Savings and loan lending
Mortgage recordings
Gl lending
F H A activity
Federal Home Loan Banks
Insured savings and loan associations
Share investments and repurchases
HOLC
Bank System membership
Insured mortgage holdings
378-379
379-380
380-381
381-382
382
382
382
383
383
384
384
384
REGULAR DEPARTMENTS
News notes
Worth repeating
Bookshelf
Directory changes of member, Federal and insured institutions
Amendments to rules and regulations
Monthly survey
Index to Volume 12
356
364
364
369
370
373
385
Contents of this publication are not copyrighted
N A T I O N A L HOUSING AGENCY
Wilson W. Wyatt,
Administrator
FEDERAL HOME LOAN BANK
ADMINISTRATION
John H. Fakey, Commissioner
SUBSCRIPTION PRICE OF REVIEW.—A copy of the REVIEW is sent to each member and insured institution without charge. To others the annual subscription price,
which covers the cost of paper and printing, is $1. Single copies will be sold at 10
cents. Outside of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60 ; single copies, 15 cents. Subscriptions and orders for individual copies should be sent with remittances to the Superintendent of Documents,
Government Printing Office, Washington 25, D. C.
APPROVED BY THE BUREAU OF THE BUDGET
The
mm-
Brief
GI home loan program gathers momentum
B y t h e end of J u l y more t h a n 250,000 home loan applications h a d
been acted upon by t h e Veterans Administration a n d approved for
loan closing. T h e principal a m o u n t of these loans is estimated a t
more t h a n $1.2 billion. I m p o r t a n t is t h e fact t h a t t h e program has
only recently gotten into high gear. Almost half of t h e total applications made to d a t e were received during M a y , J u n e a n d July. Applications are presently running about 13,000 a week—an estimated $60
million in new loans.
In t h e first state-by-state breakdown of d a t a on G I home loans, 22
states and t h e District of Columbia reported in excess of $10,000,000
a t t h e end of June. New York led t h e group with $92,000,000.
Pennsylvania was next with almost $66 million, and Ohio, third, with
$57 million.
T h r o u g h t h e end of July, t h e principal a m o u n t of all GI home loans
closed averaged $4,968. This m a y be compared with $4,678 at t h e
end of March. During July, t h e average principal a m o u n t of t h e
loans closed was just over t h e $5,500-mark. There has been considerable geographic variation in t h e size of loans made as indicated b y a
m a p which shows t h e average size of loans closed in each state. [Page
357.}
A review of the construction outlook
While t h e building picture is not all rosy b y a n y means, a realistic
review of reports on current building material production and of recent
administrative actions to channel an increasing proportion of t h e o u t p u t
into home building offers hope for contra-seasonal gains during t h e
balance of t h e year. A further cut in non-housing authorizations a n d
tighter controls on the distribution of critical items will shift t h e m a t e rials shortage squeeze from housing to non-housing construction.
Single-family houses accounted for almost 90 percent of the 419,000
permits issued for privately financed dwelling units during t h e first
seven months. July permits for privately financed units totaled
62,000, up 6 percent from J u n e , breaking t h e downward t r e n d which
had prevailed since March.
A table shows t h e n u m b e r of permits issued for privately financed
1-, 2- and 3-and-more family dwelling units during t h e first half of
1941 and 1946 in 79 cities t h r o u g h o u t t h e country. These statistics,
especially prepared by t h e Bureau of Labor Statistics, a t t e s t t o t h e
progress which has been made in m a n y areas in spite of t h e fact t h a t
a t t h e beginning of t h e year material distribution pipelines were
drained a n d stockpiles nonexistent. [Page 361.]
July highlights
Another new peak in real estate
financing activity was registered as
total mortgage recordings of $20,000
or less reached $981 million. Cumulative figures for the first seven
months of this year exceeded the
12-month total for last year.
New lending by all savings and
loan associations was virtually u n changed from t h e J u n e total. Increases in loans for new construction
a n d reconditioning were offset by
declines in t h e other categories.
NHA estimates of VEHP progress
through the end of July showed
607,100 units started—over half of
the 1946 goal. These totals include
trailers, prefabs, conversions a n d
re-use war housing, as well as conventional construction. T h e n u m ber of units completed reached
287,100. Building p e r m i t s for privately financed dwellings were u p 6
percent, reversing t h e t r e n d which
has prevailed since t h e M a r c h peak.
N e t inflow of private savings into
all savings a n d loan associations
a m o u n t e d to $85 million—a third
larger t h a n in t h e same m o n t h
last year. T h e July repurchase ratio
was only slightly higher t h a n a
year ago.
The FRB index of industrial production advanced 3 more points to
set another postwar high. Civilian
e m p l o y m e n t figures stood a t 58,100,000—the highest on record.
The " O P A holiday" in J u l y m a d e
price trends of prime interest. T h e
chart below, based on t h e wholesale
prices of 900 commodities, shows
t h a t building material prices went
up less t h a n average.
^w
•\mm.
Wholesale prices since June
(June 1946 = 100)
Who holds the backlog of savings?—Part III
T h e concluding article in the series on t h e national survey of savings
reports on t h e plans for home ownership, home financing a n d prospective savings programs of the spending units studied. T h e fact
t h a t "comparatively few" percentagewise were ready to go into t h e
m a r k e t a n d b u y consumer goods belittles t h e economic importance of
these contemplated purchases.
Prospective buyers of homes were found in each classification.
Neither low income nor absence of liquid assets was a complete barrier
to plans for home ownership. T h e majority of potential customers
h a d incomes of less t h a n $3,000 in 1945. B e t t e r t h a n one out of every
six said t h e y could p a y t h e full price in cash. [Page 365.]
September 1946
:;•*;; >'j#*y
r.Htjili!!
355
aMEWSMOT
Tighter controls
for lumber
A series of orders issued jointly
by the Housing Expediter's Office
and CPA late in August were designed to tag large additional
amounts of construction lumber,
hardwood flooring and millwork for
the Veterans Emergency Housing
Program
As a result of these orders, distributors will get on an annual basis
at least one-third more housing
construction lumber from sawmills,
or two carload lots per quarter,
whichever is larger. Of these increased shipments, at least 80 percent must be held indefinitely for
certified and rated orders.
Military housing in this country
has now been reduced to tbe level of
civilian housing in the priority ratings. All military housing, both at
home and overseas, will be subject
to even tighter screening as to its
geographical impact and timing.
Millwork manufacturers or distributors must reserve indefinitely
for certified or rated orders 85 percent of the millwork they produce or
receive, unless specifically authorized
to do otherwise. In the case of
hardwood flooring, the set-aside
ratio for rated orders was set at
100 percent of all residential hardwood flooring which is produced or
received.
British Homebuilding
declined in June
Despite an increase in the labor
construction force, the number of
permanent houses started in England
and Wales during June fell almost
21 percent below the May total, the
British government reported. Of the
14,770 dwellings begun in June, 4,534
were being erected by private builders
and 10,236 by local (government)
authorities. Completions during the
month totaled 2,852 units—2,059
by private builders and 793 by local
authorities.
By June 30 the total number of
356
houses provided this year had reached
178,570. Including rebuilt war-destroyed houses, 12,002 permanent
and 30,706 temporary dwellings had
been completed. The remainder of
the housing made available by the
mid-year date consisted of temporary huts and requisitioned unoccupied houses.
Surplus materials held
for housing
To direct surplus building materials and equipment into the Veterans Emergency Housing Program,
on August 16 the Housing Expediter
issued Housing Expediter Priorities
Regulations 1 and 2. Regulation 1
grants the VEHP and the VA construction program preferential consideration in acquiring (from War
Assets Administration) over 80 types
of
surplus
building
materials.
HE PR 2 applies in similar fashion
to surplus materials and equipment
for utilities (water, gas, power or
sewerage).
Listed materials, supplies and
equipment under both orders must
be made available during a 15-day
period to the VA and the FPHA.
After such an interval, remaining
goods will be offered to holders of
HH priorities under the VEHP.
Any unclaimed surplus stock will
then be disposed of according to
general disposal procedures of the
War Assets Administration.
Deferment for
construction workers
Certain skilled workmen, managerial and supervisory personnel
working on VEHP construction, are
now eligible for deferment from
military service under a recent
agreement between NHA and the
Selective Service System. To qualify for such certification by NHA,
such workers must have at least
three years' training and experience
in key building trades. In addition
they must be employed in areas of
established labor shortages and their
prospective loss must constitute a
threat to home construction under
the VEHP.
PROGRESS OF THE VEHP JULY 31, 1946
607,100 units started account for 51 percent of 1946 goal of 1,200,000
Units
started
Program component
Total.
_ _ _ _.._ _ _ __
New permanent _ _
_ ..
Conventional
Factory-built- __
Temporary re-use_ _
Conversions __
Trailers _
_
-
__
-_
3
5
__
_
607, 100
i 401, 200
___
__
_
Units
completed
385, 200\
4
16, 000/
132, 000
55, 300
18, 600
6
7
287, 100
2
194, 200
n. a.
5
6
7
25, 500
48, 800
18, 600
i TJ. S. Bureau of Labor Statistics. Estimate for month of July is preliminary. Includes factorybuilt homes.
2 U. S. Bureau of Labor Statistics, preliminary estimates.
3 Total permanent units as reported by TJ. S. Bureau of Labor Statistics, less estimated number of
factory-built homes started. Includes 3,256 units in New York City Housing Authority projects.
< National Housing Agency reports on factory shipments.
«Federal Public Housing Authority. Includes family-equivalent units, Federally and nonFederally financed. A family-equivalent unit consists either of a 1-family unit or of 2 dormitory units.
Actual living accommodations totaled 152,200 started and 27,900 completed.
e Preliminary estimate.
7 TJ. S. Bureau of Census. Includes National Housing Agency preliminary estimate of July factory
shipments.
n. a. Not available.
Federal Home Loan Bank Review
GI HOME LOAN PROGRAM GATHERS
MOMENTUM
Statistics of the Veterans Administration indicate the increasing
importance of the GI loan program in current home financing
activity. Recently released data also tell the story of where the
loans made during! the first 18 months of the program originated.
•
T H E G I home loan program has now been in
operation for more than a year and a half.
For the most part, however, this has been a period
of organization, education and modification—all
pointing toward one of the biggest Government
operations in the field of insuring or guaranteeing
the purchase of homes. New records are being
set with almost every week's activity. These
result primarily from the nev/ regulations which
became effective in March, covering the increase
in the loan guaranty amount authorized in the
December 28, 1945 amendments to the Act, together with the demobilization of the armed forces
and the acute shortage of rental housing.
Statistics on the volume of GI home loans have,
until recently, been quite meager; but through the
cooperation of the Loan Guarantee Service Division of the Veterans Administration, it is now
possible to present for the first time a comprehensive statistical summary of home loans made
through the end of July. Of special interest, too,
is a geographical breakdown of all loans completed through June 28, 1946.
Unfortunately, from the point of view of students and economists in the field of home finance
or of institutional managers in the operating end
of the business, it is not yet possible to obtain data
by type of lender. I t is generally agreed, however,
that savings and loan associations—as the traditional source of home financing funds—were off to
an early lead in this type of financing, and are
now accounting for a major share of GI home loans.
Loan volume passes $1,000,000,000
By the end of July more than a quarter of a
million home loan applications had been acted
upon by the Veterans Administration and approved for loan closing. The principal amount
of these loans is estimated a t more than $1.2
billion. Loans actually closed and disbursed
totaled 200,231 on July 26, having an aggregate
principal amounting to almost a billion dollars.
(See Table 10, p . 382.)
September 1946
Important is the fact that the program has
only recently gotten into high gear. Almost half
of the total applications made by veterans in the
18 months the program has been in effect were
received during May, June and July. Recently,
new applications have been pouring in at the
rate of better than 12,000 a week, reaching a
peak of over 13,600 in the week ending August 30. I n terms of dollar volume, this involves
potential new loans amounting to more than
$60,000,000 per week, or over a quarter of a
billion dollars a month.
Loans actually closed and disbursed are keeping
pace with the applications and the current rate
is running well in excess of $50,000,000 a week, or
more than $200,000,000 a month. Relating these
figures to a series such as mortgage recordings,
which measures the volume of all real estate
financing of $20,000 or less, the conclusion may
be drawn that GI home loans are accounting for
possibly as much as one-fourth to one-third of all
home financing being done today.
As an indication of the increasing tempo of
current activity, it can be noted that a year ago
in July only between 700 and 800 applications
for G I home loans were being submitted each
AVERAGE WEEKLY VOLUME OF
6.1. HOME LOAN APPLICATIONS
NOV.
SOVftCm-VtHfOM
Atmimstraiion
OCC. JAM. FEB. * * * OPEMCftft* ANALYSIS B t y t f K M
ntPcuAi -mm. cam 9*m:»ummliu
357
week. The weekly average in December was
around 2,500; and in March, when the major
changes in regulations took effect, the number of
applications was approximately 7,600 a week.
Since the middle of May, however, there has
only been one week with less than 10,000 new
applications.
GI home loans as of June 28, 1946
V A b r a n c h office a n d s t a t e
U N I T E D STATES
B r a n c h Office #1
Average loan and commitment data
Through the end of July, the principal amount
of the GI home loans closed since the program
started averaged $4,968. This may be compared
with an average of $4,678 at the end of March
when this type of statistics first became available.
I t is likely that this figure will continue to rise, for
the average of loans currently being closed is well
above those already on the books. In the four
reporting periods during July, for example, the
average principal amount of the loans closed was
just over the $5,500-mark.
Guaranty or insurance commitments by the
Veterans Administration on all GI home loans
made through the end of July aggregated $455,000,000. This was equal to about 46 percent of
the cumulative principal amount of these loans,
and averaged $2,271 per loan. At the end of
March, the average commitment was $2,027. Two
factors have combined to bring about this substantial increase: first and most important was the
increase in the amount which could be insured or
guaranteed; and second was the larger average
size of each loan made, as noted above.
Where the loans have been made
A geographical breakdown of activity through
the end of June provides the first complete
analysis of where the G I home loans have been
made. The whole story is contained in the table
on this page, which shows the total number of
loan applications made, the number and amount
of loans closed and disbursed and the average size
of loan for each VA regional branch and the states
within each branch. In some cases there are
several local offices within a given state (New York
and Pennsylvania, for example, each have three)
and sometimes a local office territory will take in a
few counties in a neighboring state (for example
the Chicago office accepts applications from a few
counties in northwestern Indiana). For these
reasons, the data in the table for an individual
state can only be considered as the approximate
total.
358
Connecticut
Maine
Massachusetts
_.
New Hampshire
R h o d e I s l a n d __ ___
Vermont
_
-
B r a n c h Office #2
L o a n s closed a n d
disbursed
Number
of loan
applications
Number
Principal
amount1
257, 986
165, 737
$804, 907
24,352
16,410
94, 078
5,733
3,405
2,439
12, 693
2,553
1,994
1,268
2,299
2,226
7,610
1,824
1,493
958
14, 760
8,941
49, 558
8,551
7,840
4,428
6,420
4,017
6,512
4,688
5,251
4,622
Average
size of
loan
$4,857
21, 738
16, 352
92,398
5,651
__
21, 738
16, 352
92, 398
5,651
B r a n c h Office #3
31,872
20,063
92, 780
4,624
391
7,418
24, 063
260
4,818
14, 985
1,471
25, 436
65,873
5,659
5,279
4,396
19, 267
13, 680
67, 654
4,945
2,669
4,593
4,889
4,790
2,316
1,763
3.321
3,593
3,565
1,438
12, 437
17, 306
16, 212
16, 395
5,305
7,054
5,211
4,512
4,599
3,689
16,165
9,967
43,409
4,355
2,576
3,424
4,653
2,056
3,456
1,638
1,730
3,222
1,113
2,264
5,909
7,847
15,459
4,720
9,474
3,607
4,536
4 798
4,241
4,185
33, 021
20, 726
95,965
4,630
2,705
11,819
18,497
1,957
6,755
12, 014
7,965
30,842
57,158
4,070
4,566
4,758
28, 028
18, 590
87,630
4,714
15,088
8,852
4,088
9,028
6,799
2,763
45, 911
27,497
14, 222
5,085
4,044
5,147
14,810
9,294
40, 518
4,360
6,045
4,602
3,250
412
501
4,111
2,424
2,127
280
352
18,005
11,688
8,405
1,147
1,273
4,380
4,821
3,952
4,097
3,616
20, 868
14, 743
62, 005
4,206
1,928
4,596
9,427
4,917
1,328
3,642
6,287
3,486
4,322
14, 937
26,853
15,893
3,254
4,101
4,271
4,559
18, 220
9,367
46, 021
4,913
2,612
1,441
14,167
1,130
662
7, 575
5,154
3,213
37,653
4,562
4,853
4,971
10, 234
5,908
23, 539
3,984
855
796
3,177
5,402
4
13, 975
999
12, 666
171
139
356
508
1,940
3,102
2
1,481
2,002
8,099
11,952
5
67959"
472
6, 332
99
56
3,678
1,866
549
992
271
42, 807
1,618
40, 370
338
482
4,159
3,941
4,175
3,853
2,400
67T51
New York
Delaware
_
N e w Jersey
Pennsylvania
_..
__ ___
B r a n c h Office #4
D i s t r i c t of C o l u m b i a
Maryland
N o r t h Carolina
Virginia
W e s t Virginia
_
__
__ _.
_ __
B r a n c h Office #5
A l a b a m a __
F l o r i d a _.
Georgia
.
S o u t h Carolina
Tennessee
_ - _ _
_ __
_
_ __
B r a n c h Office #6
Kentucky
Michigan
Ohio _ _
_
_ _
_
________
B r a n c h Office #7
Illinois ._ __
Indiana
Wisconsin _ _
__
B r a n c h Office #8
Iowa
Nebraska _
North Dakota
South Dakota
_ __
B r a n c h Office #9
Arkansas
__
Missouri
Oklahoma
_ _ _
_
B r a n c h Office #10
Louisiana
Mississippi
Texas
__ _
__
__
B r a n c h Office #11
Idaho
MontanaOregon
W a s h i n g t o n _ __ ._
Alaska
B r a n c h Office #12
Arizona
California _
_
Nevada
Hawaii
__ __
B r a n c h Office #13
Colorado
N e w Mexico
Utah_
Wyoming..
__
_ __
__ _ __
..
M31T
2,964
760
1,378
344
16, 103
8,615
2,284
4,127
1, 077
3,427
6,376
3,409
8,604
47378
4,617
4,159
4,160
3,975
• Figures in this column are shown in thousands of dollars.
Federal Home Loan Bank Review
To recapitulate the status of loans on June 28,
the total number of the reports and applications
received for home loans was 257,986. The status
of 34,592 had not yet been determined, leaving a
net figure of 223,394. Of these, 14,387, or about
one out of sixteen, had either been withdrawn by
the applicant or approval had been denied, leaving a total of 209,007 which had been approved
by the Veterans Administration for loan closing.
Of the approved loans, 165,737 were reported as
having been closed and disbursed, and the remaining 43,270 were in the final processes. In many
cases these are for new construction where prior
approval by VA has been obtained but the guaranty process cannot be completed until final disbursement has been made. In others, it is merely
a question of completing all necessary papers.
Because of space limitations, discussion of the
loans on a state-by-state basis is limited to those
loans reported closed and disbursed—the 165,737
mentioned in the preceding paragraph. In terms
of the number of loans, it is natural that the volume
would be greatest in those areas where there are
the greatest number of veterans. Consequently,
it is not surprising to find that New York, Pennsylvania and Ohio accounted for slightly more
than one out of every four loans closed. Add to
these the totals of the states of Massachusetts,
Illinois, California, Texas, Michigan, and Indiana
and you have more than half of the aggregate
number of completed actions.
In terms of dollar volume there were 22 states
and the District of Columbia which reported loans
in excess of $10,000,000. New York led the group
with a total of $92,000,000, Pennsylvania was
next with almost $66,000,000, and Ohio was third
with $57,000,000. Nevada was the only area with
less than $1,000,000.
Average size of loan
Of considerable interest to all lenders is the
average size of loan made under the GI program.
We have already noted that on a nationwide
basis this average has been steadily rising, and on
June 28, stood at $4,857. Comparing the various
reporting areas, there were 10 states and the District of Columbia with averages above this figure
{Continued on p. 376)
AVERAGE SIZE OF G.I. HOME LOAN
1
1—Under $4,000
X//X— $4,000 - 4,499
j — 4,500-4,999
J— 5,000-5,499
I— 5,500 and over
September 1946
OPERATING ANALYSIS DIVISION
FE0ERAL HOME LOAN BANK ADMN.
359
RESIDENTIAL CONSTRUCTION IN 1941 AND 1946
^Public
15,000 —
Number of Public and Privately Financed dwelling units provided
^Private
during the first half of each year in selected U.S. cities
&5Q~-Public
10,000
*- Private
5,000 —4
NORTHEAST
1941 1946 19411946
NEW YORK LOS ANGELES
SOUTHEAST
NORTH CENTRAL
SOUTH CENTRAL
WEST
1,000
1,000
HARTFORD
TRENTON
MIAMI
RICHMOND
DES MOINES
FLINT
NASHVILLE
TULSA
SALT LAKE
CITY
SPOKANE
3,000 •
- 3,000
2,000 -
2,000
1,000
0
1,000
— ~
JERSEY
CITY
ROCHESTER
ATLANTA
COLUMBUS
INDIANAPOLIS
KANSAS
CITY, MO.
HOUSTON
LOUISVILLE
DENVER
—
SEATTLE
0
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000
- 2,000
1,000
1,000
—\
BOSTON
PHILADELPHIA
PITTSBURGH
SOURCE - U S Department of Labor
360
BALTIMORE
WASHINGTON
>.'* Less than 3 dwelling units
CHICAGO
CLEVELAND
DETROIT
NEW
ORLEANS
SAN
FRANCISCO
OPERATING ANALYSIS DIVISION
FEDERAL HOME LOAN BANK ADMINISTRATION
Federal Home Loan Bank Review
A REVIEW OF THE CONSTRUCTION OUTLOOK
Contra-seasonal gains in home construction during the last half
of this year are presaged by encouraging production reports for
some of the most critical building materials. New actions have
been taken to channel this output into veterans1 housing. A
special study of 79 individual cities during the first six months
reveals some spectacular gains over prewar levels.
•
ONLY a confirmed optimist would be foolhardy enough to begin to talk about the
troubles being oyer in the building picture—and
yet only the perennial pessimist would be sour
enough to discount some of the real progress that
has been made during the past few months. A
foundation has been laid for continued expansion
in homebuilding during the rest of this year and
next. I t is time to review realistically the gains
which have been made and some of the problems
which remain to be solved.
The Veterans Emergency Housing Program has
been in operation only a little more than six months
if you count back to the date of the President's
initial report to Congress on February 8. If you
start with the passage by Congress of the Veterans
Emergency Housing Act on May 22, it has been
functioning for only four months. And programs
of such magnitude do not get rolling over night.
The picture is not all rosy by any means, and
yet as each new problem crops up, positive action
is being taken to meet the need. Despite the fact
that the Department of Commerce composite
production index for 16 selected building materials
shows a gain of 70 percent from December through
the end of June, the situation boils down to
whether there is enough of every single material
needed to finish a given house. All of us have
seen houses under construction that have stood
idle for several weeks or months. Maybe there
weren't enough nails, cast iron soil pipe, hardwood flooring, mill work or plumbing fixtures.
These seem to be the strategic items which at
present are clouding the picture and hiding some
of the real progress which has been made. Every
one is under constant review and the record of
administrative actions during the past few weeks
indicates the comprehensive steps being taken to
remedy the situation.
In many ways the current status of the housing
program is not too different from that point in
our development of the war production program
when we had tanks all set to roll, but no engines;
September 1946
or planes all ready to fly, but no propellers.
These problems were licked with the cooperation
of labor, of business and of Government and we
went on to win. We can and wiil achieve the
same end in the battle for housing.
Breaking the material bottlenecks
Basically there was no reason why the production of building materials during the first half of
this year should have been much different from
that for other industrial commodities. Management-labor disputes, transportation difficulties
and differences over pricing policies were common
throughout the American economy in the early
months of 1946. I t has been only recently that
our industrial giant has been free enough from
these arthritic kinks to begin to move forward
toward the postwar peaks ahead.
During June, July and August, the combined
efforts of business, of labor and of Government
were beginning to have some cumulative, beneficial effects. For the first time this year there
was comparative peace and quiet on the labor
front. Industry had been the recipient of innumerable price increases designed to stimulate
production. In the field of building materials,
premium payment plans were introduced for the
most critical items and the initial effects of this
incentive program were beginning to be evident
in production totals.
Indicative of the generally brightened picture
are the latest figures on brick and lumber production—two basic commodities in the homebuilding industry. Estimates for June indicate a
total production of approximately 3.2 billion
board feet of lumber. This was the second successive month above the 3-billion-board-feet rate,
and the first time in more than two years that an
output of this proportion had been registered.
The July volume will be below this level because
of the vacation period in West Coast producing
regions. In spite of this, predictions for the
year's total have already been revised upward to
361
32 billion board feet by the Civilian Production
Administration and there are good prospects that
even this figure will be surpassed.
The outlook for brick production is equally encouraging. Brick production jumped 11 percent
in June and rose an additional 17 percent in July.
The Civilian Production Administration's estimate of 457 million bricks made during July was
more than twice the amount manufactured in
August 1945 when the war ended. In fact, it
was the first time since 1941 that more than 400
million bricks had been produced in a single
month. The premium payment plan for this
material was among the first to be put into effect
(June 1). Barring unforeseen developments, the
critical shortage of bricks should be greatly alleviated by the end of the year, although the
question of distribution of the supply may still
be a problem in some areas.
Structural tile and clay sewer products continue
in tight supply, but 36 more plants were operating
in mid-July than a month before. July production
of both structural tile and clay sewer pipe was 5
percent above June totals and at postwar peak
levels. The premium payment plan for these
items was announced early in June.
For housing only
To make certain that the stepped-up output
of building materials would not be sidetracked
into non-housing uses, the Housmg Expediter and
the Civilian Production Administration have announced a number of new orders which will channel much greater percentages of critical materials
into veterans' housing. The drastic measures
were designed to make possible the completion of
a great volume of houses and apartments before
winter sets in.
In the first place, 28 more materials in short
supply were added to Schedule A of Priorities
Regulation 33—making a total of 58—which now
contains the principal materials necessary to construct and complete houses. For 44 of the 58 materials, dealers and distributors must accept priority
rated orders which are offered to them up to 75
percent of their material receipts. Even larger
proportions must be set aside and held for rated
orders for the remaining 14 materials.
In the case of millwork (the most critically
short material in the whole program at the present
time), for example, manufacturers and distributors must reserve indefinitely for rated orders 85
362
percent of the millwork they produce or receive.
Every hardwood flooring manufacturer or distributor must now reserve 100 percent of his
residential hardwood flooring for rated orders.
The problem of cast iron soil pipe has been
attacked on three fronts: At least 93 percent of a
producer's output must be in sizes needed for
housing; the use of this material beyond five feet
from any building or for any purpose other than
sewage disposal systems has been prohibited; and
80 percent of the quantity received by distributors
or jobbers must be set aside for rated orders.
Further cuts were agreed upon in the amount of
non-housing construction which is to be permitted.
A weekly volume of $35 million is now the goal in
contrast to $48.8 million during the period from
May through August.
All of these actions add up to a concerted effort
to shift the materials shortage squeeze from housing
to non-housing channels.
Private housing in 1946
The whole story of the progress of the Veterans
Emergency Housing Program is shown in the
table on page 356, prepared by the National Housing Agency. To bring the discussion closer to
the operations of home financing institutions,
however, let's look at the record thus far in 1946
for privately financed housing. The statistics
used are based on building permits issued, as reported by the Department of Labor, because the
data are available by type of structure and also
on a comparable basis for the prewar year of 1941.
In the first seven months of this year, permits
were taken out in all nonfarm areas for almost
419,000 privately financed dwelling units. This
was nearly 10 percent more than in 1941, and
more than four times the volume in the same
period of last year. One-family units accounted
for 89 percent of the total; 2-family units, 4 percent; and multi-family units, 7 percent. Of the
382,000 permits issued in the same 1941 period,
85 percent were for single-family houses; 4 percent for 2-family units; and multi-family units
made up 11 percent of the total. Because a
higher proportion of current building consists of
single-family dwellings, the gain in this type of
construction over 1941 was almost 16 percent.
Considering the fact that at the start of this
year material distribution pipelines were virtually
drained and stockpiles non-existent, the achievements during the first seven months take on even
greater significance.
Federal Home Loan Bank Review
Permits issued for new privately financed
dwelling units in 79 selected cities—
First six months, 1941 and 1946
1941
1946
City and state
1-famiiy
2-fam-
ny
A k r o n , Ohio
. „
Albany, N . Y
Atlanta, Ga
___ _
Baltimore, M d
B i r m i n g h a m , Ala
.
Boston, Mass
_ __
Bridgeport, Conn
Buffalo, N . Y
Cambridge, Mass
Camden, N . J
567
42
683
2,180
668
99
113
105
2
103
19
706
16
44
]0
22
Chattanooga, Tenn
Chicago, 111 _
C i n c i n n a t i , Ohio_. ._ .
Cleveland, O h i o . . .
C o l u m b u s , Ohio
Dallas, Texas
.
D a y t o n , Ohio __ .
D e n v e r , C o l o . . __
Des Moines, I o w a , . . . .
Detroit, Mich
_.
187
2,584
208
642
580
2,492
297
1,801
588
4,881
10
96
130
47
5
128
14
46
18
164
Erie, P a
Fall River, M a s s . . . . . .
Flint, Mich._
Fort Wayne, Ind _
Fort Worth, Texas
G a r y , I n d _ ._ . ___
Grand Rapids, Mich_._
Hartford, Conn
_ .
Houston, Texas
Indianapolis, I n d
216
32
434
296
2,127
323
378
37
1,891
520
10
398
50
Jacksonville, F l a
Jersey City, N . J
Kansas C i t y , K a n s a s . . .
Kansas C i t y , M o . . .
"Knoxville, T e n n
_
L o n g B e a c h , Calif
.
Los Angeles, Calif
Louisville, K y
Memphis, Tenn
Miami, Fla_.
621
1
140
433
420
824
7,427
671
1,107
791
40
4
10
60
2
165
969
2
140
316
Milwaukee, Wis
Minneapolis, M i n n
Nashville, T e n n
Newark, N . J
New Haven, Conn
N e w Orleans, L a
N e w York, N . Y
Norfolk, V a . . . .
O a k l a n d , Calif _ _ . .
O k l a h o m a C i t y , Okla__
885
755
286
13
128
254
1,810
115
534
741
Omaha, Nebr
Paterson, N . J
_ __
P h i l a d e l p h i a , P a __ . . .
P i t t s b u r g h , P a _. . . ._
P o r t l a n d , Ore _
Providence, R. I
Reading, P a . . .
Richmond, Va
._
Rochester, N . Y
St. L o u i s , M o
455
30
2,263
241
1,268
25
43
769
207
115
St. P a u l , M i n n
Salt L a k e C i t y , U t a h . . .
S a n A n t o n i o , Texas
S a n Diego, Calif
San Francisco, Calif
S c r a n t o n , Pa_ _ _ . . .
Seattle, W a s h
Spokane, W a s h . . . _
Springfield, M a s s
.
Syracuse, N . Y
680
575
1,765
782
1,230
7
1,463
848
395
70
20
74
33
133
425
257
8
558
745
658
132
215
173
150
36
1
17
T o l e d o , Ohio
T r e n t o n , N . J_
T u l s a , Okla
Washington, D . C._.
Wichita, Kansas... . .
Wilmington, Del . .
Worcester, M a s s
Yonkers, N . Y . . .
Youngstown, Ohio.
September
1946
.
.
_
_
3-and
morefamily
1
72
4
29
12
42
1
4
391
292
50
92
98
72
471
7
73
3
5
52
7
6
17
7
55
130
1-famiiy
2-fam-
466
40
437
1,759
350
255
179
57
10
158
4
4
82
358
129
17
70
14
111
2,031
455
850
608
867
351
1,539
345
5,764
106
21
373
269
602
364
240
123
1,608
656
40
889
23
66
8
741
3,625
11
5
301
50
232
123
957
5,961
661
824
789
187
140
29
60
5
41
3
2
68
1,549
8
97
127
37
2,148
10
154
20
389
606
136
18
68
372
3,785
303
864
519
13
42
44
20
22
2
2
166
32
8
2
57
8
90
165
230
7
206
152
265
83
144
99
122
39
3
94
24
60
5
132
957
16
10
18
8
36
45
3
355
109
2,556
337
885
76
25
366
89
453
394
551
713
1,684
2,108
13
1,309
351
122
62
281
1
653
1,383
743
84
249
98
159
ny
3-and
morefamily
37
45
229
11
56
132
70
95
136
162
25
52
123
12
110
3
272
79
615
176
254
19
67
83
27
4
6
8
8
5
46
4
18
114
121
12
219
78
42
2
4
152
4
36
3
89
506
7
450
119
312
3,338
8
20
152
230
46
23
44
8
18
205
1,786
22
93
53
40
9,812
138
114
4
18
10
2
4
39
30
54
6
46
12
42
58
290
223
2
14
4
12
54
133
4
223
149
41
40
234
37
26
5
2
6
54
25
30
2
6
3
4,555
89
4
91
187
4
July permits for privately financed construction
in nonfarm areas totaled approximately 62,000
units. This was a gain of 6 percent over the June
volume and reversed the downward trend which
had prevailed since the March peak. While the
gain is not unusually large, it may indicate that
builders are beginning to see enough improvement
in the materials picture to warrant undertaking
additional projects.
City data
The Bureau of Labor Statistics has prepared a
special summary of building permits issued in 79
individual cities during the first half of this year
and the comparable period in 1941. The chart on
page 360 shows the breakdown of public and private construction for the two years in selected
cities in representative geographic areas. All
figures are limited to city boundaries and do not
include data for surrounding communities.
Tax
Incentive
for Rental Housing
•
A recent ruling by the Commissioner of
Internal Revenue allows builders and owners
of multi-family rental projects to step up the rate
of depreciation for tax purposes. This action is
expected to provide an important new incentive
to build rental housing projects for veterans.
Owners of rental housing will no longer be
restricted to the equal annual instalment method
of charging off depreciation for tax purposes.
Rental housing owners can use a method which
will permit a property to be depreciated at a
faster rate in the earlier years of its life.
The text of the ruling is as follows:
"The Bureau of Internal Revenue recognizes and
approves the use of the declining balance method of
accounting for depreciation with the condition that the
applicable declining balance rate not exceed 150 percent
of the normal straight line rate. For example, where the
normal depreciation rate on a building is 2.5 percent the
declining balance rate would be 3.75 percent. Under this
method the amount of depreciation in the case of new
property computed at the applicable rate for the first
year is subtracted from the cost or other basis of the
property and the declining balance rate would thereafter
be applied to the resulting balances from year to year."
Rental housing owners will have the option of
choosing whichever method is more suited to their
needs. In addition, an owner can apply for the
right to use a higher depreciation rate if he believes special conditions prevail.
363
* * * WORTH REPEATING * * *
ASSISTANCE: "Brokers, builders, appraisers, and lenders can assist the
veteran by helping him to find a
home at the most reasonable price
available under present conditions,
by helping to get new homes in low
price ranges constructed, by giving
sound advice and counsel to veterans
with regard to real estate prices and
values, and by making sure that the
veteran embarks on a home ownership program within his earning
capacity."
Fred T. Greene, President, Federal Home Loan Bank of Indianapolis, in Savings and Loans
News, August 1946.
JUDGMENT: "It does require knowledge, wisdom and judgment to distinguish the quality and safety of a
mortgage investment and some measure of courage to be unyielding in the
face of unwise competition for available loans. Remember that today
is the yesterday of tomorrow and
post mortems are not likely to produce convincing alibis.''
William J. Dwyer, President,
The Franklin Society for Home
Building and Savings, National
Savings and Loan Journal, August 1946.
TAXES AND BLIGHT: "We must
decentralize our tax base, if we are to
preserve our cities from blight, if we
are to slow down the exodus to the
suburbs, and if we are to maintain
real estate as a sound medium of
investment and sound security for
credit. Taxation is inevitable, indispensable, but taxation must be sanely
and fairly conceived and imposed."
H. Walter Graves, President,
Philadelphia Real Estate Board,
Delaware County Magazine, July
1946.
CHARACTER: " W i t h o u t s o u n d
character, all the public relations
tools and techniques in the book are
ineffective and useless.
"This character must be big
enough to sacrifice short-range expediency for long-range stability. It
will be expressed by the wisdom of
fair-dealing and have no part of
sharp practice. Companies planning
for favorable public opinion will
choose to be wise, rather than smart,
they will consider people as well as
364
projects, the public interest as well
as profits, and sound principles as
well as politics. This basic character
and enlightened philosophy are the
foundations upon which a planned
public relations program must rest."
George F. Meredith, President,
American P u b l i c Relations
Association, The Constructor,
July 1946.
HEADACHES: "We look back upon
the Thirties as a period of intense
problems. Only within the past few
years have our thrift institutions
overcome the difficulties of defaulted
mortgages and frozen real estate
which developed in that period.
But the rea] problems occurred
much earlier, at a time when we
thought we had no problems. The
headaches and heartaches of the
Thirties were the product of the
mistakes of the boom times before.
It was the loans we made when
prices were high and everything was
booming that caused the sleepless
nights years later. Once again prices
are high and booming. Once again
we are drinking the wine of inflation
which will surely give us some more
headaches tomorrow."
Elliot V. Bell, New York State
Supervisor of Banks, Guide and
Bulletin, July 1946.
\§>
HOUSING NEEDS AND THE HOUSING MARKET: By Ramsey Wood.
1946. Postwar Economic Studies,
No. 6, Federal Reserve Board, Washington, D. C.
"The operations of the Federal
Home Loan Bank System should be
continued substantially as they are,"
says Mr. Wood. "It would be desirable, particularly in view of the
probability of a rising real estate
market in early postwar years, to
require that all members of the
System use a uniform technique of
appraisal." Such a technique, Mr.
W^ood suggests, should be consistent
with NHA standards and might be
handled either by the present FHA
valuation staff or by a similar
FHLBS or FSLIC staff.
In fact, except for minor changes,
Mr. Wood would retain the current
organization of all Federal housing
activities.
He believes a central
agency similar to NHA is vital to
integrate various individual programs
but "serious consideration should be
given to the [removal of] contradictions and inconsistencies . . ."
Reduced interest rates and longer
mortgages have been recommended
by some builders as a means of stimulating home ownership, according to
the report. However, the advocates
of such a course recognize frankly
that it would not actually reduce
prices and costs but only reduce current charges per dollar of debt. Since
this would make housing available to
families more concerned with current
charges than with ultimate price, it
would immediately increase the size
of the market for residential real
estate at existing prices.
But this suggestion is not a surefire prescription for a general and
permanent improvement of housing
conditions in this country, the report
quickly points out. It is more likely
to add fuel to the flames of inflation
and lead to a four- or five-year period
of boom building than a sustained
large volume of construction necessary to achieve the goal of "an adequate supply of housing that meets
recognized standards of health and
decency . . . available at charges
commensurate with family incomes."
Our only hope of reaching the sustained production of housing we must
have to provide for our long-term
needs is to weld all remedial actions
into an integrated housing program
which takes due cognizance of "the
important role played by capital
values in regulating the amount and
kind of new housing added to the
[existing] supply."
Federal Home Loan Bank Review
WHO HOLDS THE BACKLOG OF SAVINGS?
— PART III —
Plans for home ownership, home financing and prospective savings
programs of approximately 3,000 spending units receive detailed
attention in Part III of the Federal Reserve Board's study. This
concludes the series, previous summaries having appeared in the
July and August issues of the REVIEW.
•
AT the turn of the year, with the war over
and reconversion under way, what did people
plan to do with their money? Did they expect
wartime earnings to continue? Would they be
willing and able to save at the recently prevalent
rate?
Was the "huge backlog of consumer
d e m a n d / ' about which economists and laymen
alike have talked so glibly, about to be translated
into actual purchases or was it a product of wishful
thinking?
Part I I I of the survey, made for the Federal
Reserve Board by the Division of Program Surveys, Bureau of Agricultural Economics, Department of Agriculture, 1 provides an analysis of
answers to these questions. This study is based
on a sample survey made during the first three
months of 1946 when the heads of 3,000 "spending
units'' (members of a family who live together and
pool their major items of income and expense) were
interviewed.
Income expectations
With regard to the economic outlook as a whole,
people were equally divided between optimism and
pessimism. However, judging from the results of
this inquiry, they were generally more optimistic
about their own income prospects than were the
economists in calculating trends of production,
profits and wages. About a third of the spending
units (not including those on farms) estimated
that their 1946 incomes would remain substantially the same as last year. A fourth expected
less income this year; another fourth anticipated
more; and a sixth could or would not make a
commitment.
In order to assess the effects of these antici National Survey of Liquid Asset Holdings, Spending, and Saving, Part
Three: Prospective Spending and Saving, Division of Program Surveys, Bureau
of Agricultural Economics, Department of Agriculture, Washington, D. C.
This article presents the highlights of Part III of the report prepared by the
Division of Program Surveys and summarized in the August issue of the
Federal Reserve Bulletin.
Szpfzmbzr 1946
ipated changes, it is necessary to know by what
amounts people expected their incomes to change.
This produced a slightly different story. According to personal income expectations, the amount
of additional income anticipated was approximately equal to that of the expected decrease, so
that the total of incomes in 1946 would be about
the same as in, 1945. As an indication of soundness, it is to be noted that more estimates were
based on changes already experienced than on
mere anticipation.
Apparently the size of community bore little
or no relation to expected changes in income, but
age, current income and occupation did make a
difference. As might be expected, the younger
the head of a spending unit the more likely he
was to look for an increase; also the lowest income
brackets in 1945 were more often in the " optimistic" category. Professional and business
people and white-collar workers more frequently
expected increases than decreases, while skilled
workers anticipated the opposite trend.
However, it is real income, not just cash in hand,
that lays the groundwork for future savings and
substantial purchases. What did people expect
prices to do and how would that affect their personal expenses? Slightly more than half of those
interviewed thought that prices wo aid go up this
year, while only S percent of those who expressed
any definite opinion looked for a decline. The
most frequent, if not very realistic, answer given
by the 21 percent who anticipated no rise in
prices was, ''They can't go any higher."
Indicating that price changes are not the only
factor influencing people's expectations about
their own expenses, 40 percent thought that they
would spend more on day-to-day living this year;
37 percent believed an expenditure equal to last
year's would see them through, while only 7
percent anticipated spending less than they had
during 1945.
365
Table 2.—Cha racteristics
Plans (or spending
One thing is quite evident from this survey,
namely, that no great number of people planned to
rush into the market right away just because the
war was over and the bars were down. How they
may feel as ersatz goods are replaced by those of
prewar quality and economic conditions are stabilized, is anybody's guess at this point. To the
question: "Do you think 1946 will be a good time
or a poor time to buy things like cars, refrigerators,
radios, furniture and things like that?" over twothirds of the replies indicated that it would be a
poor time, with the reasons about equally divided
between high costs and poor quality. Sixteen percent thought that this would be a good buyers'
year, while six percent did not answer the question
but argued in terms of need—that is—if you must
have certain goods and have the money, one time
is as good as another to buy.
Bearing out the current state of mind, Table 1,
which appears on this page, shows that an overwhelming percentage of people did not intend to
buy consumer durable goods or houses in 1946.
Comparatively few did plan such purchases, in
spite of poor market conditions, emphasizing the
intensity of their demand for durable goods.
To speak of the "comparatively few" is quite
correct, percentagewise. However, it must be remembered that although they were a minority of
the spending units interviewed, they constituted
a substantial number of people whose total purchases could represent a sizable "shot-in-the-arm"
to our national economy and indicated a demand
likely to exceed the supply available this year.
Part I of this survey projected consumer expenditures in 1946 as follows: $4-6 billion for cars;
$3.2-4.4 billion for other consumer durables; and
$13-17.5 billion for houses.
fe
y
Table
1.—Intentions to purchase consumer
d u r a b l e goods a n d houses in 1 9 4 6
P e r c e n t of s p e n d i n g u n i t s
Other
Automo- consumer Housing
biles
durable
goods
Intentions
P l a n to b u y
Will p r o b a b l y b u y , b u t m a y n o t
Undecided, "it d e p e n d s " . . .
Will n o t b u y
_ __
I n t e n t i o n s n o t ascertained
N u m b e r of cases
366
-
_.
8
3
2
84
3
22
6
5
63
4
6
1
2
83
8
100
2,890
100
2,890
100
2,890
of p o t e n t i a l
of nonfarm housing *
Characteristic
Place of residence
M e t r o p o l i t a n areas
,
. _.
O t h e r cities over 50,000
... ... _
Cities from 2,500 t o 50,000
.
Small t o w n s (under 2,500)
...
O p e n c o u n t r y n o n f a r m people
. . .
1945 a n n u a l income
$1-999
1,000-1,999
2,000-2,999
3,000-4,999
5,000 a n d over
Not ascertained.
.
_.
.
O c c u p a t i o n of h e a d of s p e n d i n g u n i t
Professional a n d w h i t e - c o l l a r . .
Businessmen, m a n a g e r s . .
Skilled a n d unskilled workers
R e t i r e d , u n e m p l o y e d , other
N o t ascertained
L i q u i d asset holdings
None
...
$1-499
500-999
1,000-2,999
3,000-4,999
5,000 a n d over ._
N o t ascertained
_ _
....
. .
._
.
.
. _
. .
Age of h e a d of s p e n d i n g u n i t
20-29 years
30-44 y e a r s . .
_ ... _
_ . _
45-60 y e a r s . . . . . . . .
... ._ _ . . . . . .
Over 60 years
_ .. _ _ _ _ . . . _ ..
N u m b e r of cases ...
_
__
bu yers
Potential
buyers 2
Nonbuyers
Percent
Percent
26
25
31
11
7
32
19
28
13
8
100
100
8
23
28
29
11
1
17
27
24
23
8
1
100
100
19
15
52
14
21
13
44
21
1
100
100
14
22
16
23
13
9
3
21
31
14
20
6
6
2
100
100
27
47
24
2
21
33
30
16
100
100
192
2,440
i This table excludes farm operators whose purchases of housing are usually
incidental
to their purchases of farm land.
2
Those who say they will build or buy and those who say they probably
will.
Neither place of residence nor occupation distinguished prospective buyers of durable goods
(including cars but excluding housing). On the
other hand, age was a different story. Younger
people (under 45) were more heavily represented
among prospective buyers than in the population
at large: Almost two-thirds of the prospective
buyers were under 45 and only 8 percent were over
60 years old.
Low income was not a deterrent to prospective
purchasing. One-third of the people who expected
to buy cars or other durables had incomes of less
than $2,000 in 1945. Only 11 percent had incomes as high as $5,000. However, on the
average, spending units that expected to make
these purchases had higher incomes than those who
didn't plan to buy. t
Interest in home ownership
Recording a subject of particular interest to
savings and loan executives, the statistical data
which are presented in Tables 1 and 2 give a picture
of people's expectations with respect to home
Federal Home Loan Bank Review
General Conclusions from the Survey of Savings ]
1. Current buying will be paid for primarily out of
current income. Relatively small a m o u n t s of liquid
assets are held by most individuals and, according to
intentions expressed a t the beginning of 1946, these
people do not intend to use their Government bonds
or b a n k deposits for consumption expenditures..
However, t h e use of liquid assets by consumers who
plan to use t h e m to purchase durable goods or
housing, together with the use of liquid assets by
consumers to meet other consumption outlays, could
a m o u n t to a sizable fund relative to the available
supplies of such goods.
2. T h e use of instalment credit, an indirect way of
buying from current income, will be substantial during t h e year. Borrowings to finance the purchase
of consumer durable goods a n d houses will greatly
exceed t h e a m o u n t s of liquid assets people plan to
use for these purchases.
3. Strong inflationary pressures will continue in
the consumer goods markets. T h e present d e m a n d
for consumer goods, largely m a d e possible by current
income plus the additional purchasing power created
by the availability of borrowing and by spending of
liquid assets, will continue to exceed production,
particularly in those industries not yet able t o
operate a t t o p capacity.
4. T h e d e m a n d for consumer durable goods, in
addition to t h e increase in prices of cost-of-living
articles, will result in savings far below 1945 levels
and in a large reduction in t h e r a t e of liquid asset
ownership, which included buying and building.
Part I I I of the survey elaborates on the conclusions published in Part I—that the average anticipated expenditure for houses (new and old) was
just over $5,000. The breakdown shown in
Table 2 confirms the fact that the widest home
market is in the lower cost brackets. Less than
16 percent of prospective buyers expected to pay
as much as $8,000, while one-third anticipated
spending less than $4,000. Eliminating those
buyers in the under-$2,000 class (many of whom
planned to buy materials and do part or all of their
own building), the average amount in prospect for
home purchases would be about $6,000.
Table 2 shows that some prospective buyers
were to be found in each classification. Neither
low income nor absence of liquid assets was a
complete barrier to plans for home ownership.
Although a somewhat greater proportion of the
upper than of the lower income brackets were
prospective buyers, the majority of potential
customers had incomes of less than $3,000 in 1945.
September 1946
accumulation.
A greatly increased proportion of
consumer income is currently being allocated to
consumer expenditures a t t h e expense of saving.
5. Transfers of liquid assets to other forms of
investment could exert considerable inflationary
pressure in t h e real estate m a r k e t and t h e m a r k e t s
for securities other t h a n Government, a n d have
i m p o r t a n t secondary effects in other markets.
6. T h e sum of 10 t o 15 billion dollars, t h e estim a t e d volume of liquid assets t h a t might be used for
various purposes in 1946, is of significant inflationary
magnitude. Some allowance must be made, however,
for the non-inflationary character of consumer savings t h a t will be invested during 1946 in liquid
assets. E v e n when allowance is made for the offsetting effects of such savings, it would appear t h a t
the likely use of individual liquid asset holdings
during this year constitutes a serious current inflationary pressure. And in assessing its full inflationary force, account must be t a k e n of additions to
consumer purchasing power through the mechanism
of borrowing.
7. The liquid assets held by t h e majority of people
can not be considered to constitute a reserve fund
large enough for carrying on regular expenditures in
t h e event of drastic changes in income. T o t a l asset
holdings of three-fourths of t h e people a m o u n t e d to
less t h a n one-fifth of their annual income.
1
"A National Survey of Liqu'd Assets," Federal Reserve Bulletin,
August 1946, page 854.
The same pattern was true with regard to liquid
asset holdings. On the average, those who were
planning to buy homes had more cash reserves
than those who were not. However, many who
said they definitely or probably would build or
buy, had small holdings and 14 percent had none.
All occupational groups were in the market for
homes, with skilled and unskilled workers showing
the greatest proportionate interest. I t is not
surprising to note that youth was again an important factor in prospective home ownership.
In addition to the information shown in the table,
it was found that people planning to buy tended
to be quite a bit younger, on the average, than the
rest of the population.
Financing purchases
Savings and loan managers will also have a
more-than-ordinary interest in the expressed
intentions regarding the financing of these home
purchases. Amazingly enough, better than one
out of every six of the prospective purchasers
367
said they would be in a position to pay the full
price in cash. Nearly three-fourths planned to
borrow at least some of the money, with part of
them counting on borrowing the entire amount
under the GI Bill or through some other means.
When it is considered that rough estimates indicate aggregate borrowing of over one-half the
entire amount that prospective home buyers are
planning to spend ($13-17.5 billion), the magnitude of potential home financing becomes
evident. Additional plans for payment included
drawing about one-fourth of the total cost from
liquid assets, leaving a relatively small part to be
met from income or from the sale of non-liquid
assets.
Slightly over half of the spending units who
expected to buy a car or other durable goods
counted on paying for them fully in cash. As to
sources of funds to be used, rough estimates indicated that, in the aggregate, a fourth of the total
cost was to be financed through borrowing or the
use of instalment plans with another fourth of the
cost to be met by using present holdings of liquid
assets. The remaining half of the cost would
come from current income and trade-in values.
Although instalment buyers tended to be concentrated in the middle income group, a sizable
group was found in the upper income brackets.
Several conclusions may be drawn from these
facts. One is the widespread reluctance to use
liquid assets. (Half of the prospective borrowers
holding such assets expected to finance their
purchases in other ways.) I t was apparent that
the majority of people considered these holdings,
particularly bonds, as permanent assets not suitable for use in purchasing consumer durable goods.
The fact that many prospective buyers were
Table 3.—Relation between income expectations and savings expectations
Income expectations
Savings expectations
Decrease by
Same
Increase by
Within 25 per- 5 to 25
5 to 25 25 peror 5 per- cent or percent
percent cent
more
cent
more
Increase by 5 percent or more
No change (within 5 percent)
No savings in 1945, don't expect
to save in 1946
Decrease by 5 percent or more--.
Depends, don't know
Not ascertained
_
Number of cases
368
10
13
15
39
IG
7
11
8
18
54
5
4
14
33
60
9
39
19
17
15
10
11
9
9
10
3
8
9
16
9
100
100
100
100
100
373
230
905
258
391
willing to borrow for substantial purchases may
be due in part to their having become debt-free
during the war, the report points out.
In summary, it should be noted that this whole
question of prospective buying and financing is a
rather "iffy" one. If there are substantial
changes in price levels, people's plans about buying
may be altered, or if the amount of money available (savings and income) won't go so far, they
may have to revise their borrowing programs.
Based entirely on first quarter predictions, it
appears that current income will be augmented
by $2 billion each from liquid assets and borrowing
to finance cars and other durable goods, and at
least $3 billion out of liquid assets and $7 billion
by borrowing for the purchase of housing.
Prospective savins
And what about saving—was the wartime spurt
just that or do people think that they now have
neither the desire nor the ability to continue?
As far as the desire is concerned they still have it,
but their expectations as to the performance are
less substantial. As stated in more detail in
Part I of this survey, the American people as a
whole expect to save less this year than last. This
is based on the fact that the spending units with
high incomes and large asset holdings expected
to reduce their annual savings. This would not
be compensated for in the lower income groups.
Although a smaller proportion felt it would be
necessary to reduce their savings, many had put
aside nothing last year and didn't expect to do so
in 1946. Table 3 shows clearly what people expected the cost-of-living "squeeze" plus the possibility of making long-deferred, essential purchases to do to savings.
What has happened to the savings motive since
the end of the war? When asked whether they
would rather go on saving at the wartime rate or
felt they might as well spend more, only 8 percent
of those interviewed favored the spending. Almost 60 percent wanted to save at least as much
as they had been, while nearly a fifth said they
couldn't save. The cost of living and the economic uncertainty can easily be seen to have taken
their toll of wartime savers.
In summing up, the report states that the relation of consumer expenditures and savings is a
complex problem, by no means dependent solely
on the amount of disposable income in the hands
{Continued on p. 377)
Federal Home Loan Bank Review
vv
Held For Veterans
•
A new red, white and blue "Held for Veterans''
placard wras announced late in August by
NHA Administrator Wilson W. Wyatt. The sign
must be posted conspicuously on all housing being
built under the Veterans Emergency Housing
Program. The posters are being distributed by
state and district FHA offices.
Used to earmark homes and apartments being
constructed for veterans, the tri-colored placard
carries the FHA-approved sales or rental price.
Sales prices shown are the authorized V E H P
ceilings, not necessarily the appraisal values of the
properties for loan purposes. Posted sales prices
are subject to changes resulting from conditions
beyond builders' control, NHA pointed out.
Under the current regulations all houses for
sale, whose construction was authorized on or
after August 6, must be held for veterans' purchase
at least 60 days after completion. Although required to hold their sale housing only 30 days after
completion, builders who received their priorities
before August 6 are asked to hold such housing
voluntarily the full 60-day period. There has
been no change in the ruling that all rental housing
must be held 30 days for veterans.
tt% DIRECTORY
f CHANGES
July 1 - J u l y 31, 1946
Key to changes
* Admission to membership in Bank System.
** Termination of membership in Bank System.
0 Insurance certificate granted.
BOSTON DISTRICT
MASSACHUSETTS:
Fall River:
*0First Federal Savings and Loan Association of Fall River, 27 North
Main Street.
NEW YORK DISTRICT
N E W JERSEY:
Barnegat:
**Bay Shore Building and Loan Association, 11 South Main Street.
N E W YORK:
Rockville Centre:
*0Rockville Centre Savings and Loan Association, 203 Sunrise Highway.
PITTSBURGH DISTRICT
PENNSYLVANIA:
Beaver:
*Dollar Building and Loan Association, 489 Third Street.
WINSTON-SALEM DISTRICT
FLORIDA:
Quincy:
*0Quincy Federal Savings and Loan Association, 211 Masonic Building.
CINCINNATI DISTRICT
KENTUCKY:
Newport:
*United Building Association, 702 Monmouth Street.
OHIO:
Wellsville:
*Perpetual Savings and Loan Company, Fifth and Main Streets.
INDIANAPOLIS DISTRICT
MICHIGAN:
Sault Ste. Marie:
**Sault Ste. Marie Federal Savings and Loan Association, 511 Central
Savings Bank Building.
CHICAGO DISTRICT
ILLINOIS:
Chicago:
**Commonwealth Edison Savings and Loan Association, 72 West Adams
Street.
L I T T L E ROCK DISTRICT
TEXAS:
Littlefield:
0Littlefield Federal Savings and Loan Association, 429 Phelps Avenue.
TOPEKA DISTRICT
OKLAHOMA:
Cushing:
*Cushing Savings and Loan Association, 208 East Broadway.
SAN FRANCISCO DISTRICT
Posting the first "Held for Veterans" sign. From left to right: Clark
Daniels, representing the builders of these homes at Riverdale, Md.; Wilson
W. Wyatt, NHA Administrator; Raymond Foley, FHA Commissioner;
and L. R. Legendre, Ass't. National Adjutant, American Legion.
September 1946
712368—46
3
CALIFORNIA:
El Monte:
*0 Valley Savings and Loan Association of El Monte, 318 West Valley
Boulevard.
369
Amendments to Rules and Regulations
FHLBA
Bulletin No. 67
AMENDMENT TO RULES AND REGULATIONS FOR
THE FEDERAL SAVINGS AND LOAN SYSTEM RELATING
TO THE AVAILABILITY OF OPINIONS,
ORDERS, RULES AND REGULATIONS FOR PUBLIC
INSPECTION. (Adopted August 27, 1946; effective
September 5, 1946.)
A new Section 201.4 has been added to the
Rules and Regulations for the Federal Savings
and Loan System which outlines the provisions for
making available for public inspection final
opinions or orders in the adjudication of cases, and
all Rules and Regulations for the Federal Home
Loan Bank System. The only exceptions are
those final opinions and orders classed as confidential by the F H L B Commissioner or by persons
designated by him for that purpose.
201.4 AVAILABILITY OF OPINIONS, ORDERS, RULES AND
RECxULATIONS FOR PUBLIC INSPECTION—(a) AVAILABILITY FOR INSPECTION. Notwithstanding any provision of the
rules and regulations of the Federal Home Loan Bank Administration,
all final opinions or orders in the adjudication of cases, and all rules and
regulations for the Federal Home Loan Bank System now or hereafter in
force and effect except such final opinions and orders as are required for
good cause to be held confidential and not cited as precedents, shall be
made available for public inspection at the Office of the Secretary, Federal
Home Loan Bank Administration, Federal Home Loan Bank Board
Building, 101 Indiana Avenue, N . W., Washington, D. C
(b) CLASSIFICATION AS CONFIDENTIAL. The classification
of final opinions or orders in the adjudication of cases as final opinions and
orders which are required to be held confidential and not cited as precedents
shall be made only by the Federal Home Loan Bank Commissioner or
such person or persons as he may designate for that purpose and shall be
in writing. Any change in such classification may be made only by the
Federal Home Loan Bank Commissioner or such person or persons as he
may designate for that purpose and shall be in writing.
(c) BEQUESTS TO I N S P E C T RECORDS. All requests to inspect
official records shall be in writing and delivered to the Office of the Secretary,
Federal Home Loan Bank Administration, Federal Home Bank Board
Building, 101 Indiana Avenue, N . W., Washington, D. C , with a statement of the name or names of the party or parties making such request
and the concern of said party or parties in the matter.
This amendment, deemed to be of a procedural
character,, became effective on September 5, 1946.
I t had been filed with The Federal Register on
August 28, 1946.
FHLBA
Bulletin No. 68
AMENDMENT TO RULES AND REGULATIONS FOR
THE FEDERAL SAVINGS AND LOAN SYSTEM RELATING
TO THE PROVISIONS FOR THE SALE OF LOANS
BY FEDERAL SAVINGS AND LOAN ASSOCIATIONS.
(Adopted and effective August 28, 1946.)
The third sentence of paragraph (a) of Section
203.13 of the Rules and Regulations for the Fed370
eral Savings and Loan System has been amended
to read as shown below. The new text eliminates
the provision that in selling mortgages Federal
associations make and collect an initial service
charge sufficient to reimburse them for the expenses
incurred in originating such business. The sentence now reads:
Any mortgages so sold shall be sold without recourse, and if under a contract to service the same, then on a basis to provide sufficient compensation
to the Federal association to reimburse it for expenses incurred under
its service contract.
This amendment was deemed to be of a minor
character and became effective upon filing- with
The Federal Register on August 28, 1946.
FSLIC
Bulletin No. 29
AMENDMENT TO THE RULES AND REGULATIONS FOR
INSURANCE OF ACCOUNTS RELATING TO THE AVAILABILITY OF OPINIONS, ORDERS, RULES AND REGU-
LATIONS FOR PUBLIC INSPECTION.
(Adopted Au-
gust 27, 1946; effective September 5, 1946.)
The provisions of the Rules and Regulations for
Insurance of Accounts for making available for
public inspection the official records and all final
opinions or orders in the adjudication of cases,
and all Rules and Regulations for Insurance of
Accounts have been amended by adding the following new sentence at the beginning of paragraph
(c) of Section 301.20:
All requests to inspect official records shall be in writing and delivered to
the Office of the Secretary, Federal Savings and Loan Insurance Corporation, Federal Home Loan Bank Board Building, 101 Indiana Avenue,
N. W., Washington, D. C , with a statement of the name or names of the
party or parties making such request and the concern of said party or parties in the matter.
A new Section 301.25 relating to the same subject has also been added as follows:
301.25 AVAILABILITY OF OPINIONS, ORDERS, RULES AND
REGULATIONS FOR PUBLIC INSPECTION—(a) AVAILABILITY FOR INSPECTION. Notwithstanding any provision of Section
301.20 of these rules and regulations, all final opinions or orders in the adjudication of cases, and all rules and regulations for insurance of accounts
now or hereafter in force and effect except such final opinions and orders as
are required for good cause to be held confidential and not cited as precedents, shall be made available for public inspection at the Office of the
Secretary, Federal Savings and Loan Insurance Corporation, Federal
Home Loan Bank Board Building, 101 Indiana Avenue, N. W., Washington, D. C.
(b) CLASSIFICATION AS CONFIDENTIAL. The classification
of final opinions or orders in the adjudication of cases as final opinions and
orders which are required to be held confidential and not cited as precedents shall be made only by the Federal Home Loan Bank Commissioner
or such person or persons as he may designate for that purpose and shall
be in writing. Any change in such classification may be made only by
the Federal Home Loan Bank Commissioner or such person or persons as
he may designate for that purpose and shall be in writing.
Federal Home Loan Bank Review
These amendments were deemed to be of a procedural character and became effective on September 5, 1946. They were filed with The Federal
Register on August 27, 1946.
FSLIC
Bulletin No. 30
AMENDMENT
INSURANCE
VISIONS
TO
RULES
O F ACCOUNTS
FOR T H E
SALE
AND R E G U L A T I O N S
RELATING
OF
LOANS
FOR
TO T H E P R O BY
INSURED
August
28, 1946.)
The third sentence of Section 301.18 of the Rules
and Regulations for the Insurance of Accounts has
been amended to read as shown below. The new
text eliminates the provision that in selling mortgages insured associations make and collect an
initial service charge sufficient to reimburse them
for the expenses incurred in originating such
business. The sentence now reads:
ASSOCIATIONS.
(Adopted and effective
Any mortgages so sold shall be sold without recourse, and if under a contract to service the same, then on a basis to provide sufficient compensation
to the insured institution to reimburse it for expenses incurred under its
service contract.
This amendment was deemed to be of a minor
character and became effective upon filing with
The Federal Register on August 28, 1946.
Secondary M a r k e t Established for
G l Home Loans
EARLY this month, the Reconstruction
Finance Corporation announced that it had
established a market for veterans 7 home loans that
have been guaranteed or insured by the Veterans
Administration. The loans will be purchased by
the R F C Mortgage Company, an affiliate of the
RFC, only from the original lenders, at par plus
accrued interest, and the loans must conform to
certain general requirements.
This action was taken, the R F C said, "because
many private financial institutions have indicated
that in order to continue making loans to veterans
for the purchase or construction of homes they
must have a dependable market, where, if necessary, they can sell the loans."
The following are some of the principal requirements of the R F C Mortgage Company with
respect to the purchase of such loans: (1) The loan
shall not exceed $10,000, must bear interest at the
rate of 4 percent, must be secured by a first mortgage, and must be guaranteed by the Veterans
Administration to the extent of $4,000, or 50 percent of the face amount, whichever is less, or must
be insured to the extent of 15 percent of the face
amount under the provisions of Section 508 (a) of
the Servicemen's Readjustment Act of 1944, as
amended. (2) The note and mortgage must be on
standardized forms which will be supplied by the
Veterans Administration as soon as printing is
completed. (3) The loan must not be delinquent.
(4) The seller must continue to service the loan, for
which it will be paid a service fee of }{ of 1 percent
per annum on the unpaid balance. (5) The property securing the loan must be situated within a
radius of 200 miles from an office of the seller.
In the case of a secondary loan guaranteed under
Section 505 of the Act, both the secondary loan
guaranteed by the Veterans Administration and
the primary loan insured by F H A must be tendered to the Company for purchase, unless the
R F C already owns the primary loan.
The R F C Mortgage Company is reserving the
right to discontinue purchases whenever such
action is deemed appropriate.
Circular No. 4 of the R F C Mortgage Company
sets forth in detail the requirements under which
these loans will be purchased by the R F C Mortgage
Company. Copies of this circular are now available and will be mailed to interested lending institutions upon request to the Company at 811 Vermont Avenue, Washington 25, D . C , or to a
regional office of the R F C .
•
September 1946
Lights, Action, Camera!
•
MAYORS' Emergency Housing Committees
are now in action in more than 570 communities—and in the movies. To show a typical example of how some communities have already
mobilized to tackle the housing problem, the N H A
has produced for these groups, a 25-minute
sound film. I t shows the story of a returning
veteran, his house hunting troubles and what his
back-home neighbors are doing to make more
homes available.
Copies of this movie are now on hand in many
communities—ready for use by local groups, such
as civic clubs, trade unions, veterans' organizations, etc. NHA/ Housing Representatives have
the names of distributors with whom the film has
been deposited and from whom it can be obtained
for a nominal handling fee.
371
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
INDEX
1935-1939= 100
BY YEARS
550
INDEX
BY MONTHS
I
1
I
1
1
1
ADJUSTED FOR SEASONAL
550
l
VARIATION
500
500
450
rJ
n
j
/
450
7
400
400
350
350
H
300
300
/
250
F>RIV.CONSl 7?U OTIC)N*
i 8 2 F"AMILX DVVELL . UNITS
200
) ^
FED HOM E LIS .BK. ADM
(U.S . DE 3 T 0 F LA BOR-)
\
150
/
/GS.a
V * ! ENL
w •. i L( F.H. L B . *
50
V'T"
tv
%
1 1 1
200
^SVGS.SLN LEND j
150
.•
PRIV. CONSTRUCTION^/
LA/.
100
'J
FOl
|
50
AO JFAI
.OS URE
(Ft ED. H OME LIU. t 3K. A
0
300
L /••i-H'
/
4 *"
250
.-A-^'
K
/
f
100
/
1
/*
J
J
J
NONFARM FORECLOSURES
^
1
LLZ n i i 11 i i IT i 11 i n i n i'ICE ZEE JJ_ J_L
ri
i
i
i
i
i
i
i
i
300
r
ADJUSTED FOR SEASONAL VARIATION
pINC. &AYMTS.
250
INDUSTRIAL PRODUCTION-
200
(FED.
RESERVE BOARD)
INDUS'L.
200
PRODIS
>w-M
150
fINCOME
PAYMENTS
( U. S. DEPT. OF COMMERCE)
150
EMPLOY.*"
(U.S. DEPT. OF LABOR)
100
1 1 I 1 I I I I I I I I I M I I 1 II
1930*31 '32 '33 '34 '35 *36 '37 '38 *39 *40 *4I '42 '43 *44 '45 *46
MILLIONS
MORTGAGE
$12001
ALL
RECORDINGS
t.
800
600
400]
N
1944
P « INDEX OF BUILDING COSTS
I60r
LENDERS
1000
/''
150
LABOR
140
130
120
."• .•*••""""
„
II
Ii il n I n n l n l w i n
1943
1944.
372
iilnlnln
J 945
lllllllll
too
11 M i i 11
1945
1946
50
INDEX WHOLESALE COMMODITY PRICES
220
1935-19 39=100
1935-1939*100
200
••"'
180
zz^Z-
160
zzz?\
MATERIAL
140
"BUILDING MATERIAL"
i2or...«~.r..—
110
200
0
MFG.
V.MFG. EMPLOY.
100
50
250
MIMIIIIM
iilnlnln
iilnlnln
nlninliL
1943
1944
1945
1946
100 • • I . . I . . I I
1943
r£
ALL INDUSTRIAL
• IMIMI,
1944
111 • 11 tt j I I It 1111111111
1945
1946
Federal Home Loan Bank Review
ff
CC
«
ONTHLY
BUSINESS CONDITIONS—Production
index up 3 points
The industrial production index of the Federal
Reserve Board advanced three more points during
July to reach a new postwar high of 174 percent
of the 1935-1939 average. This reflected another
month of comparatively uninterrupted production
in contrast to the erratic performance during the
first few months of the year. The Civilian Production Administration, in its report on July
production, pointed out that the output of industrial materials neared capacity levels. The time
was approaching, it said, when industry would
again be able to draw on full pipelines. Third
quarter operations may come within 5 percent of
the all-time peak reached in the second quarter
of last year.
Production of durable goods and of minerals
generally increased during July while the output
of nondurable manufacturers as a group showed
little change. More than 300,000 automobiles
were turned out, of which 220,000 were passenger
cars—an increase of 56 percent over the June
totals. Production at steel mills was the highest
so far this year, with the output of ingots reaching
about 90 percent of capacity.
Lumber production showed a decline, as was
expected owing to the vacation period for lumber
workers on the West Coast. However, the total
output was believed to have been near the 3billion-board-feet mark.
A primary problem during the rest of the year
will be the serious shortage of freight cars. The
Office of Defense Transportation predicts that
by October we will face a more difficult transport
situation than existed at any time during the
war. Record farm crops and peak levels of
industrial production are creating a backlog of
Index
[1935-1939=100]
Home construction (private) 1 .
Rental index (BLS)
Building material prices.- . . .
Savings and loan lending i____
Industrial production i
Manufacturing employment 1
Income payments 1
r
1
July
1946
232. 5
108. 5
147. 5
456.7
174.0
145.6
251.1
Revised.
Adjusted for normal seasonal variation;
September 1946
June
1946
Percent
change
'219.0
108.5
145.1
426.0
'171.0
* 143.8
r
240. 9
+6.2
0.0
+1.7
+7.2
+1.8
+1.3
+ 4.2
July
1945
79.1
108.3
131.2
224.7
210.0
157. 2
243.4
Percent
change
+193.9
+0.2
+12. 4
+103. 2
-17.1
-7.4
+3.2
SURVEY
» » »
freight traffic which will not be cleared up until
next year.
Restoration of price control on many items
has slowed down the rate of rising prices. Commodity prices advanced rapidly during July and at
a more moderate pace during August. In the
eight-week period following the lapse of over-all
price control at the end of June, the composite
index of the Bureau of Labor Statistics based on
wholesale prices of about 900 commodities rose 10
percent. Of the various components making up
the index, food prices jumped 31 percent; farm
products, 15 percent; and all commodities other
than farm products and foods, 3 percent. Wholesale prices of building materials were reported to
have advanced only 2 percent during the period.
Civilian employment reached an unprecedented
58,100,000 in July. This was 4,000,000 more than
the wartime level of a year ago. Unemployment
fell to about 2,300,000, the year's low to date.
BUILDING ACTIVITY-July
for private building up 6 percent
permits
The gradual decline in new permits for private
residential construction in all nonfarm areas which
had been observed since JVlarch was reversed during the month of July as construction financed by
private funds advanced an estimated 6 percent
to 61,900 dwelling units. Preliminary estimates
of the total volume of building permits issued, including publicly and privately financed projects,
however, continued the decline for the fourth consecutive month. The 6-percent decline in total
number of permits issued resulted from the sharp
reduction in the public construction figure during
the month.
Public construction volume for July—1,947
dwellings—was made up largely of housing projects in the city of New York which were financed
by municipal funds. Reports on Federal construction activity in the veterans temporary re-use
housing program were not received in time for
this release, according to the Bureau of Labor
Statistics, and were, therefore, not reflected in
this preliminary figure.
During the first seven months of this year,
building permits were issued in all nonfarm areas
373
«Q1
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1
t
1
1
t
1
1 t\
PRIVAT
• IS2
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\yV
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A
PRIVATE J
\j\
MULTI-FAMrfsJ?^}.'
La£uuLuJ ,i.r
fPtftgWlt ANALYSIS (HVtSIOK
for over 418,900 privately financed dwellings.
This comprised 90 percent of the total number of
dwelling units for which permits were taken out
during January-July, 463,100 dwellings. [TABLES
1 and 2.]
B U I L D I N G COSTS—Upward
continued during J u l y
trend
The cost of constructing the standard six-room
frame house continued its upward surge during
July. The combined index of material and labor
was up 2 points during the month, to stand at 148
percent of the 1935-1939 average. Of the two
components, materials showed the higher gain of
1.5 percent, advancing the index to 144, while
labor costs rose 1.2 percent, bringing the index
to 156 for July. All cities in this cycle, for which
reports were available, participated in this increase.
Editor's Note: Beginning with the figures for
July, the building cost index will be prepared each
month by the Statistics and Control Branch of
the Office of the Administrator, National Housing
Agency. All basic records have been transferred
so that the data will be comparable to previous
figures in the series. Further improvements and
refinements in the index are planned, and its
coverage will be broadened as rapidly as conditions permit.]
Despite the fact that OPA controls were off
during July, wholesale building materials prices
as measured by the Department of Labor index,
advanced slightly less than 2 percent. This compared with a gain of approximately 3 percent for
all industrial commodities, and 10 percent for the
composite index based on about 900 items. Paint
and paint materials were up almost 6 percent
during the month; brick and tile, cement, lumber
and the miscellaneous classification all advanced
about 1 percent; while the plumbing and heating
and structural steel components were unchanged.
[TABLES 3, 4 and
5J
MORTGAGE
L E N D I N G — N o change
from June totals
The volume of new mortgage loans made by all
savings and loan associations was virtually unchanged from the June total, amounting to approximately $326,000,000. This was about 10
percent below the all-time monthly high reached
in May of this year.
New
mortgage
loans distributed b y
purpose
[Dollar amounts are shown in thousands]
Purpose
Construction
Home purchase.
Refinancing
Reconditioning__
Other purposes._
Total
July
1946
June
1946
$59, 708 $56,
216, 369 218,
21, 388 22,
7,327
6,
21, 256 22,
297
575
402
625
098
326, 048 325, 997
Percent
change
July
1945
+ 6. 1 $17,
- 1 . 0 112,
- 4 . 5 15,
+ 10. 6 3,
- 3 . 8 11,
658
761
622
351
007
Percent
change
+ 238. 1
+ 91. 9
+ 36.9
+ 118. 7
+ 93. 1
0 . 0 160, 399 + 103.3
Construction costs for the standard house
[Average month of 1935-1939=100]
Element of cost
Material
Labor _ _
Total
r
Revised.
374
Julv
1946
PerJune
cent
1946 change
Julv
1945
Percent
change
143. 7 141. 6 + 1.5 133.8 + 7.5
155. 6 r 153. 8 + 1.2 r 144. 1 + 8. 0
147. 7 r 145. 7 + 1.4 r 137. 2 + 7.6
Among the various loan purpose categories,
changes from June ranged from an increase of 11
percent in reconditioning loans to a decline of 5
percent in refinancing loans. Loans on new construction reached almost $60,000,000, up 6 percent
in contrast to a 1-percent decline in home purchase
loans.
Cumulatively, new mortgage lending proceeded
at substantially more than twice the level reported
during the first seven months of last year. The
Federal Home Loan Bank Review
TOTAL LOANS MAOt BY ALL SAVINGS AND LOAN ASSOCIATIONS
FEDERALS*
k^
'^"^JJ'
S~"
NONMEMBERS^
T'H"T+TTrT~
^J.iL«L:k
Jf
^r
by more than $100 million. While all lenders
showed considerable increases, mutual savings and
commercial banks continued to report the heaviest
gains, enhancing their relative positions within
the total financing picture. Although individual
lenders increased their activity 48 percent over
last year, this was the smallest rise registered
among the various mortgagees.
The average mortgage recorded during July
climbed to $4,332 compared with $3,408 for July
1945. While this increase in average size was due
to a great extent to higher real estate prices, it
also reflected the tendency toward higher average
loan-to-value ratios of today, caused by the influx
of GI loans, a proportion of which are financed
at or near 100 percent of sales prices. [TABLES
8 and 9.]
Mortgage recordings by type of mortgagee
[Dollar amounts are shown in thousands]
most rapid rise occurred in construction lending,
the volume of which was more than four and onehalf times as great as that reported during the
corresponding period last year, and approximately
one-third larger than in the same 1941 months.
Financing the purchase of existing homes continues to dominate the lending activity of savings
and loan associations. Loans for this purpose
comprised 68 percent of all loans made during the
first seven months of this year, while home construction loans accounted for an additional 16 percent. During the January-July period of last
year, however, home purchase lending accounted
for 73 percent of the total and home construction
loans, only 7 percent. [TABLES 6 and 7.]
MORTGAGE RECORDINGS—Another
new peak—$981 million in July
Following a slight decline in real estate financing
during June, the effects of today's housing needs
and of the current construction program were
reflected in another upswing in mortgage recording
activity for July. The 7-percent gain over
the previous month resulted in an estimated
$981,000,000 of nonfarm mortgages of $20,000 or
less recorded in July, topping the previous peak—
May—by 2 percent.
The total for the seven months of 1946 consequently advanced to $5,769,000,000, or 91 percent
above the activity reported during the same
months of a year ago. In fact, the January-July
totaljexceeded the total for the whole of last year
Sepf ember 1946
July
T y p e of lender
1946
amount
Savings and
loan
associations
Insurance companies, _
Banks, trust companies.
M u t u a l savings b a n k s _
Individuals
Others _
_ __
Total
$314, 779
48, 101
263, 669
58, 020
178, 128
118,490
Percent
change
from
1945
Cumulative
1946 (7
months)
+ 8 5 . 4 $1,987,117
+ 138.4
244,945
+ 192.3 1,425,173
+ 221. 2
288,137
+ 5 2 . 3 1,169,710
+ 119. 1
654,076
Percent
of
total
34. 4
4. 3
24. 7
5. 0
20.3
11.3
981, 187 + 109. 1 5,769,158 100. 0
F H L B SYSTEM—Advances stayed
above $200-million mark
The balance of outstanding Federal Home Loan
Bank advances declined slightly over $1 million
during July, but the total remained above the
$200,000,000-mark for the second successive
month. The balance of $202,027,000 established
a new high for this period of the year. The
amount of advances outstanding continued to
climb throughout August, and in view of the
current high volume of mortgage lending activity,
it is likely that the previous peak of Bank advances set in December 1941 will be passed
during September.
New advances exceeded repayments in seven
of the 11 Bank Districts. However, the reverse
conditions in the Indianapolis, Chicago, Des
375
Moines and San Francisco Districts were more
than enough to offset the gains in the other
regions. New advances for the month totaled
$18,247,000 and repayments amounted to
$19,516,000.
The total assets of all Federal Home Loan
Bank System members were estimated at $9,443000,000 on June 30, 1946. This was a gain of
more than $800,000,000 in the first half of the
year. At the end of June the membership consisted of 3,660 savings and loan associations, 25
mutual savings banks and 14 insurance companies,
for a total of 3,699. The last six months saw 18
admissions and 16 terminations, resulting in a net
gain of two members. [TABLE 12.]
INSURED ASSOCIATIONS—10-percent
increase reported in reserves
Activity of insured savings and loan associations
continued at a high level during July, an estimated
$255,000,000 of new mortgage loans being closed
during the month. Although less than the volume
of loans made during any of the three preceding
months, mortgage lending in July was more than
double that reported for the same month of last
year.
As is usual in the months immediately following
semi-annual dividend dates, both new share investments and withdrawals increased substantially
during the month. The net inflow of new savings,
however, was well over one-third greater than in
July 1945 and boosted the privately owned share
capital of these institutions to $5,800,000,000.
Share capital owned by the HOLC and the U. S.
Treasury was reduced 13 percent during the month
to $16,832,000. By way of comparison, these
agencies had invested close to $270,000,000 in
shares of these institutions as a recovery measure
during the middle 1930's, of which more than
$196,000,000 was outstanding at the beginning of
World War I I .
At the close of July, all insured savings and loan
associations had built up $424,700,000 in general
reserves and undivided profits, or 6.2 percent of
total assets. Although this was a gain of nearly
10 percent over the $386,400,000 in these accounts
on January 31, the ratio to assets was the same,
6.2 percent.
A net increase of three in July raised the number
of insured savings and loan associations to 2,493
which, at month-end, held aggregate resources of
$6,811,000,000.
376
[TABLE 13.]
S H A R E C A P I T A L — J u l y gain one-third
higher than last year
Despite the sharp rise registered this year in
expenditures for consumer goods, savings and loan
associations have continued to attract an increasing volume of savings funds. During the first
seven months of 1946, individuals increased their
investments in savings and loan accounts by
approximately $679,000,000, or 18 percent more
than during the same months of last year.
The greater net inflow of savings funds this
year has been accompanied by quite substantial
increases in both new investments and withdrawals, the former, of course, showing the larger
dollar rise. Compared with the January-July
1945 period, total new share investments during
the same months of this year were up 44 percent
to approximately $1,920,000,000 and withdrawals
up 64 percent to $1,241,000,000. I t is to be
noted, however, that these repurchases were equal
to 65 percent of new investments, whereas during
the first seven months of 1945 the repurchase
ratio was only 57 percent.
During the month of July, both new investments and repurchases were approximately 50
percent higher than a year ago. The repurchase
ratio for the month (76 percent) was up seasonally
from June and only 2 points higher than in the
same 1945 month. The net inflow of savings
funds during the month ($85,000,000) was, however, a third more than in July 1945. [TABLE 14.]
G l Home Loans
(Continued from p. 359)
and 38 states below the national mean. This
indicates that a larger volume in the states with
the higher averages has been "pulling u p " the
over-all figures. The District of Columbia reported the highest average loan—$7,054—more
than $500 above Massachusetts, which was next
in line with an average loan of $6,512. At the
other end of the scale, Arkansas had the smallest
average loan, $3,254.
The map on page 359 shows the geographic
distribution of the average size of loan. Although
there is not too definite a pattern, the highest
average loans were in the Middle Atlantic states,
Illinois, Wisconsin, Mississippi, Texas, and California. Sixteen of the twenty-four states with
averages below the mid-point were located west
of the Mississippi River.
Federal Home Loan Bank Review
W h o Holds the Backlog
of Savings?
{Continued from p. 368)
of individuals. The need to spend more money for
daily expenses, the relative importance of maintaining an established standard of living, reluctance to use liquid asset holdings and the psychological factors involved in feelings of security or
insecurity are important in influencing people's
decisions. These and many other factors need
further study in order to yield a reliable basis
for prediction.
Investment of liquid assets
Another matter of prime importance to thrift
institutions is the intentions of these spending
units regarding the transfer of their liquid assets
to non-liquid investments. This is particularly
significant, since both the attitudes and plans were
determined only for spending units whose liquid
assets exceeded $1,000. (These were only onethird of the number of units but they controlled
nine-tenths of all asset holdings.)
Roughly two-thirds of these holders were partial
to fixed-value assets, chiefly Government bonds,
because they considered them safer. They rejected non-Government securities or real estate
on the grounds of their being too high in price
more frequently than for lack of safety.
On the other hand, those who preferred the
latter forms of investment did so because they
were more profitable. Most of these people
stated a preference for real estate as something
tangible—at least a home in case of a depression.
The value of real estate as a hedge against inflation
was seldom mentioned.
Table 4.—Plans to transfer Government bonds
or bank deposits to non-liquid investments
during 1946
Percent of substantial holders 1
Plans
Definitely plan to transfer some
liquid assets
Undecided, "depends"
_Do not plan to transfer any
liquid assets
Not ascertained
_ . .-. _
Securities
Any of
Business the three
kinds
Real
estate
2
2
2
3
3
4
6
7
83
13
76
19
73
20
66
21
100
100
100
100
i Spending units holding $1,000 or more in liquid ass ets; numht>r of cases:
1,184.
September 1946
Type of community, occupation and price
expectations were of no particular significance in
relation to people's expressed preference for owning
this type of investment. The proportion of
people who preferred real estate or securities was
also similar in the low and medium income groups.
However, among those with incomes of $7,500 or
more, twice as many preferred non-liquid assets.
Although this preference was not a majority in any
income group nor any group by size of holdings,
it did show up more often in the higher than in the
lower income brackets.
People's actual plans about transfer of assets
were found to be only slightly different from their
expressed preferences. Table 4 shows that a total
of 13 percent of the spending units were considering making the change, while 19 percent had said
only that they considered it wiser to hold nonliquid assets b u t for various reasons were at the
time in no position to shift to that type of investment.
In naming definite amounts of money involved
in these prospective transactions, many people
were a little vague or indefinite. Most who mentioned exact amounts quoted sums between
$2,000 and $5,000, with as many going under that
figure as exceeding it. Therefore, assuming the
average to be $3,000, if only those with definite
plans are considered, transfers would amount to
about $3 billion. This is more than the amount
people planned to spend on cars or consumer
durable goods ($2-2.7 billion). If the plans of
those who were undecided should materialize, the
total transferred to real estate and other investments would be in excess of $6 billion.
Interpretation
This information must, of course, be related to
data on liquid asset holdings (see July R E V I E W ,
page 296) and to the willingness of over a third of
the spending units to use their bonds for housing
or investments during the next five years or so.
Also, it must be recalled that this survey was
conducted during the first quarter of this year.
At that time, the report points out, "the fear of
large-scale inflation was very rare and the opinion
was widespread that real estate and securities had
already reached rather high prices. Then the
conclusion is warranted that the transfer of liquid
assets to non-liquid forms of investment may easily
cause disturbances of considerable dimensions in
the national economv."
377
Tabic 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number of new family dwelling units provided
in all urban areas in July 1946, by Federal Home Loan Bank District and by state
[Source: U . S . D e p a r t m e n t of L a b o r ]
T o t a l u r b a n residential
construction
P r i v a t e residential construction
Federal Home Loan Bank
District and state
1- a n d 2-family dwellings
July
1946 P
U N I T E D STATES
Boston
__.
Connecticut
Maine
_
Massachusetts
New Hampshire
Rhode Island
Vermont
New York
.
J
Pennsylvania
-
Winston-Salem
Alabama
__ . .
D i s t r i c t of C o l u m b i a . .
Florida
Georgia
_
Maryland
N o r t h Carolina
S o u t h Carolina
Virginia
_ __
_ -_
Kentucky... _
Ohio- _
Tennessee
.
.
Indianapolis
.
.
.
Indiana
Chicago __
--
Illinois
Wisconsin
__
Des Moines
Iowa
Minnesota
Missouri..
__
_
South Dakota
__
Little Rock
__
^
Arkansas .
_
_.
I
Texas.
__
Topeka
Colorado
Kansas
_
.
Oklahoma
S a n Francisco
ArizonaCalifornia. .
Idaho
_
Oregon
_
Utah
.
Washington
_.
_.
.
_ _ _
. .
39,391
43,833
15,913
1,431
1,546
270
-
322 1
June
1946 r j
July
1945
33,059
33,516
11,246
1,406
1,358
270
25 |
53
20
145
4
48
25
218
106
912
13
136
21 |
July
1946 p
June
1946 *
1,310
1, 710
6,077
749
2,125
2,756
585 1
602
3,290 j
1,856
4,221 |
352 1
397 |
595
1,530
849
1,907
268
317 |
1,553
2,137
387
1,506
1,781
206
450 1
47 1
60
1,263
230 j
60
1, 680
397 j
349
37
60
1, 246
200
60
1,539
182
1
168
37
4,558
5,513
1,936 1
4,133
4,585
648
331
1,139
591
445
672
264
468
537
149
1,411
783
885
657
213
878
208
461
562
212
21
233
75
164
618
186
991
560
435
664
243
436
526
47
1,114
749
857
558
195
539
3,395
3,271
1,137
2,871
431
2,359 j
605
592
2,086
593
35
837
265
2,592
2,732
949
1,643
939
1,793
2,765
1,953
812
J une
1946 '
7,173 I
July
1945
2,957
129
59
3,892
30 1
223 !
70 1
694 1
177
194
July
1946 P
July
1945
3,144
5, 022
53
20
145
4
48
99
47
12
30 1
457 1
345 1
164
56
84
80
60
181
17
30
51
181
1,399
425
640
208
56
448
201
21
233
68
164
30
145
148
31
10
102
181
8
8
4
71
21
32
263
2,268
1,000
524
309
407
1,883
581
330
1,348
590
35
718
247
24
476
24
925
2,542
2,316
925
50
7
299
3
8
304
621
945
1,597
879
1,437
304
621
4
46
3
5
3,138
1,184
2,582
2,589
673
183
130
89
419
422
2,279
859
850
334
1,837
745
1,832
757
374
299
116
67
117
13
54
35
330
89
422
2,592
2,922
450
2,369
2,376
440
223
279
10
267
632
882
719
167
192
738
1,005
1,006
90
83
69
232
97
20
32
632
872
569
167
129
580
943
696
74
83
69
232
93
20
26
10
150
63
14
202
4
95
48
108
16
5,477
4,474
2,141
4,647
4,339
1,798
830
115
108
20
291
601
366
272
3, 947
227
404
304
51
3,488
191
95
103
320
1,432
291
562
349
272
3,173
223
404
299
51
3,362
191
95
103
75
1,334
39
17
5
774
106
10
98
20
1, 758
1,860
628
1,643
1,471
428
115
203
20
186
180
621
390
190
557
724
531
250
355
118
279
57
174
538
358
190
557
118
83
53
174
83
32
192
16
4
186
180
9,378
10,163
6,106
7,235
7,677
3, 522
2,143
996
464
1,490
2,120
81
3,604
22
55
66
266
88
1,912
12
111
5,188 |
195
100
106
447
369
654
65
74
5,539
203
232
202
459
257
672
39
73
2, 753
22
55
66
168
72
301
12
4
1,906
6
5
3
926
4
8
415
8
1,338
436
132
7
83
19
18
18
16
7
115
7,094
201
105
106
579 1
376
737
65
85
7,803
207
232 1
314
478
275
730
39
1 1
p Preliminary.
378
July
1946 P
3- a n d more-family dwellings
70
741
177
206
21 1
'
Cincinnati
July
1945
243 i
106
912
13
136
. i
New York _
Pittsburgh
June
1946 '
{ P u b l i c residential construction
532
345 i
242
352
7
289 1
288 1
116
26
24
28
18
76
7
63
951 1
2,025 1
90
405
114
11
Il9
18
1,310 1
206 1
537 1
137
2,976
296
9 1
n
1,310
1
694
255
439
408
57
351
6
235
4
8
3
235
112
1
26
80
32
1,604
* Revised.
Federal Home Loan Bank Review
Table 2 . — B U I L D I N G ACTIVITY—Estimated number and valuation of new family dwelling units
Source: U S. D e p a r t m e n t of Labor.
Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
Permit valuation
N u m b e r of family dwelling u n i t s p r o v i d e d
Private construction
Private construction
Period
Total
construction
3-and
morefamily
Public
construction
Total
construction
3-and
morefamily
Public
construction
1-family
2-family
$1,339,973 $1,184,377
$42,120
$113,466
243,474
216, 561
6,592
20,321
23, 630
356,609
313,365
276,190
15,076
22,099
43,244
79,991
74,903
80,094
124, 532
129,195
127,065
70,881
74,162
80,094
124,294
129,195
127,065
62, 511
67,887
72,280
111,861
117,642
112,467
2,811
2,244
3,306
3,779
4,379
4,912
5,559
4,031
4,508
8,654
7,174
9,686
9,110
741
1,815,300 1, 648,192
67,028
100, 080
136,472
5,222
6,969
12,098
10,991
13,754
9,531
8,463
9,282
9,043
23,934
13,419
17,063
14,317
13,022
20, 612
20,658
14,810
24,670
11,097
30,716
13,909
727, 585
35,811
105, 716
139,915
129, 578
5,372
19,105
17, 250
232, 727
197,103
14,433
21,191
26, 790
51, 682
54,262
60,133
91,114
93,953
95,040
43,520
48,199
52,537
79,194
82,944
80,639
2,707
2,138
3,197
3,551
4,134
4,275
5,455
3,925
4,399
8,369
6,875
10,126
8,148
538
1, 294, 278 1,133,948
64, 607
95,723
111,061
4,947
6,659
11,749
10,688
13,304
9,172
8,088
8,941
8,659
23,400
12,755
16,109
13,617
12,242
20, 612
19,592
13, 596
21, 557
9,336
18, 538
7,830
Total
1-family
2-family
442,797
381,754
323, 574
17,492
40, 688
61,043
$1,537,370
74,610
68,122
58,315
2,685
7,122
6,488
267,104
113,000
96,928
84, 522
4,909
7,497
16,072
23,300
20,400
21,800
29,800
31,400
29,100
19,948
20,154
21,800
29,775
31,400
29,100
17, 377
18,364
19,665
26,696
28, 229
25,116
823
668
888
929
1,146
1,426
1,748
1,122
1,247
2,150
2,025
2,558
3,352
246
463,100
418, 932
373, 939
16,494
28,499
44,168
1, 951,772
43,900
48, 500
83,600
81,000
74,300
68,000
63,800
39,093
43,379
76,949
70,461
68,826
58,371
61,853
34, 764
38,726
68,408
64,165
60, 617
52,781
54,478
1,395
1,889
2,783
2,671
3,417
2,226
2,113
2,934
2,764
5,758
3,625
4,792
3,364
5,262
4,807
5,121
6,651
10, 539
5,474
9,629
1,947
182,916
205,706
367,766
335, 517
307, 235
286,502
266,130
162,304
185,048
352,956
310,847
296,138
255, 786
252,221
147, 800
169,036
316,924
286,437
265,321
231,938
230,736
276, 719
233, 491
182, 506
14,090
36,895
43, 228
1,009,027
869,112
45, 025
40,474
31,887
2,061
6,526
4,551
171,305
154,054
73, 953
64, 009
52,225
4,610
7,174
9,944
259, 517
15,913
13,059
14,619
19,496
20,417
19,256
12,956
12,915
14,619
19,496
20,417
19, 256
10,464
11,206
12, 567
16, 582
17,421
15,494
782
626
845
857
1,069
1,241
1,710
1,083
1,207
2,057
1,927
2,521
2,957
144
59,830
54,800
60,133
91,114
93,953
95,040
305, 506
267,807
224,910
15, 754
27,143
37, 699
1,405,339
30,725
33,479
56,002
53,860
48,216
43,833
39,391
25,918
28,503
50,066
44,996
43, 583
36,660
38,081
21,786
24,072
41,785
39,000
35,824
31,372
31,071
1,309
1,792
2,683
2,571
3,267
2,144
1,988
2,823
2,639
5,598
3,425
4,492
3,144
5,022
4,807
4,976
5,936
8,864
4,633
7,173
1,310
139,598
151,478
266,133
240,969
220,656
201,281
185,224
Total
Nonfarm
1941: J a n u a r v - J u l y
-
July
1945: J a n u a r y - J u l y
July
August
September
_
October. _ _
November
DeC3mber _ _ _ _
1946: J a n u a r y - J u l y
January.
February
March _
April
May
June r
J u l y P . _.
_ _
.-
25
$197,397
238
Urban
1941: J a n u a r y - J u l y
__
July
1945: J a n u a r y - J u l y
July
August.
September _
October
November
December .
..
...
1946: J a n u a r y - J u l y .
January
February
March
April
May
June1Julys...
.
.
.__
. . . . ._
.._ ._
r
118,986
131,886
252,537
219,412
211,320
182,743
177,394
105,098
116,568
217,388
195,969
181,907
159,954
157,064
P Preliminary.
Revised.
Table 3 . — B U I L D I N G COSTS—Index of wholesale prices of building materials
[Source: U. S. Department of Labor. 1935-1939=100; converted from 1926 base]
Period
1944: July
1945: July
August..
September
October...
November
December.
_-..
_.
_.
1946: January
February...
March
April..
May
June
July
Percent change:
July 1946-June 1946.
July 1946-July 1945.
All b u i l d i n g
materials
Brick a n d
tile
Cement
Lumber
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
129.4
110.8
105.8
171.7
129.7
121.4
103.5
111.5
131.2
131.5
131.8
132.1
132.5
133.4
122.9
122.8
123.7
126.8
128.4
128.4
109.1
109.1
109.3
109.6
109.9
110.3
172.7
172.9
172.6
172.8
173.2
175.7
130.4
131.9
132.3
132.3
132.4
132.5
121.7
122.7
124.8
124.8
124.8
124.8
103.5
103.5
103.5
103.5
103.5
103.5
112.8
112.8
113.0
113.1
114.0
114.5
134.0
135.0
139.5
141.3
142.7
145.1
147.5
128.7
128.7
129.2
132.0
132.6
133. 5
134.8
111.0
111.4
112.3
112.4
112.6
112.6
114.1
176.5
178.3
186.6
190.9
192.1
196.0
197.4
132.5
132.5
132.5
132.8
133.0
133. 5
141.3
124.8
124.9
124.9
132.4
132.4
139.3
139.3
103.5
109.7
115.9
115.9
115.9
115.9
115.9
115.3
115.9
121.4
122.0
125.1
128.0
129.7
+1.7
+12.4
+1.0
+9.7
+1.3
+4.6
+0.7
+14.3
+5.8
+8.4
0.0
+14.5
0.0
+12.0
+1.3
+15.0
Table 4 . — B U I L D I N G COSTS—Index of building costs for the standard house
[Source: National Housing Agency. Average month of 1935-1939=100]
1946
1945
E l e m e n t of cost
July
M a t e r i a l __
L a b o r . _ ___
Total
March
April
June
May
143.7
155.6
141.6
'153.8
r
139. 2
152. 5
138.0
r 150. 6
147.7
r 145. 7
' 143.6
142.1
February
January
137.1
' 148. 9
136.3
' 148. 5
135.5
' 147.9
141.0
140.3
r 139. 7
December
November
October
September
135. 2
r 147. 5
135.0
r 147. 3
134.6
M46.3
134.1
' 146. 0
133.9
r 144.5
133.8
« 144.1
«• 139. 3
' 139.1
' 138. 5
138.0
137.4
137.2
August
July
• Revised.
Table 5 . — B U I L D I N G COSTS—Index of building costs in representative cities
[Source: National Housing Agency- Average month of 1935-1939=100]
1945
1946
1944
1943
1942
1941
1940
Aug.
Aug.
Aug.
Aug.
Aug.
F e d e r a l H o m e L o a n B a n k D i s t r i c t a n d city
Aug.
Pittsburgh:
Wilmington, Delaware .
Philadelphia, Pennsylvania
Pittsburgh, Pennsylvania Charleston, West Virginia..Cincinnati:
Louisville, K e n t u c k y
.
Cincinnati, Ohio
. _.
C l e v e l a n d , Ohio
_ __ M e m p h i s , Tennessee
..
._
..
- - - _. - . . . - - .
- __ __
. ...
_
- __ _
._.___
Little Rock:
Little Rock, Arkansas
N e w Orleans, L o u i s i a n a - . __ .
Jackson, Mississippi. .
Albuquerque, New Mexico..
Houston, Texas
. _
...
May
Feb.
Nov.
143.1
176. 5
146.9
157. 4
141.6
172.9
' 140.9
150.5
138.5
170.0
* 139. 6
136.3
137.9
161.1
' 138. 9
136.1
150.7
146.1
159.6
147. 3
146.0
141.0
147.0
141. 6
142.9
140.1
145.9
141.3
154. 9
155.2
148.6
148.6
138.1
145.4
150. 2
141. 7
137. 6
135.5
142.3
143.1
141.6
133.9
132.3
Aug.
137. 0
158.3
136. 4
135.4
134.9
149.7
134. 2
133.4
130.0
115. 7
131.9
121.3
129.7
138.5
126.1
121.3
115.9
120.1
118. 7
108. 0
93.9
110.0
100.1
100.7
138.4
138. 2
149.2
139. 9
135. 7
138.3
148.1
137.7
134.3
142.6
135.3
122.0
124.2
138.5
121.7
116. 4
114.3
127.3
118.6
108.6
103.4
121. 3
108.8
104.4
97.4
108.4
102.8
140.9
142.7
141.1
132.5
128.6
138.8
141.9
139.2
132. 3
126.8
138.1
141.2
137.2
130.9
126.7
135. 0
131.4
123. 9
118.7
116.5
135.0
131.9
122.7
117.7
115. 9
113.9
123. 9
118.9
110. 3
108.9
104.5
102. 5
106.3
103.8
96.8
r
i For complete explanation of these data, see Statistical Supplement to April 1946 REVIEW.
' Revised.
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home mortgage loans by all
savings and loan associations, by purpose and class of association
[Thousands of dollars]
Purpose of loans
Class of association
Period
Construction
1944
January-July
July
_
1945
January-July . . .
July
August
September
October
November
December
_.
__
January-July..
January
February.
March
ApriL_
May
_
1946
__
_•_
__
_
_
J u n e . . _.
July
380
—
H o m e purchase
Refinancing
Reconditioning
Loans for
all other
purposes
Total
loans
Federals
State
members
Nonmembers
$95,243
$1,064,017
$163,813
$30,751
$100,228
$1,454,052
$669,433
$648,670
$135,949
65, 757
583,932
93,093
17,191
56,210
816,183
375,015
365,024
78,144
7,078
93,232
13,871
2,841
8,014
125,038
57,164
56, 539
11,333
180,550
1,357, 555
196,011
40,736
137,826
1,912, 678
911, 671
836,874
164,133
72,057
723,429
106,069
19,483
73, 296
994,334
468,709
438, 074
87,551
17,658
20,730
16,375
23,985
24,481
22,922
112,761
120, 557
113,103
135,224
135,685
129, 557
15,622
17,146
16,786
18,751
19,411
17,848
3,351
3,971
3,980
4,857
4,487
3,958
11,007
11,259
12,189
13, 562
14,095
13,425
160,399
173,663
162,433
196,379
198,159
187, 710
76,355
82,197
77,321
95,815
96, 709
90,920
70, 264
75,644
70,642
84,819
85,804
81,891
13,780
15,822
14,470
15,745
15,646
14,899
338,460
1,416,835
158, 540
41,920
143, 111
2, 098, 866
1, 070, 366
879,890
148,610
30,807
30,866
45,391
53,202
62.189
56, 2^7
69,708
145,342
154, 219
202,995
235,877
243,458
218.575
216,369
21,372
19,801
24,244
24,882
24,451
22,402
21,388
3,803
4,217
6,198
6,796
6,954
6.6?5
7,327
15, 518
16,416
21,335
22, 242
24,246
22, 098
21,256
216,842
225,519
300,163
342,999
361,298
325. 997
326,048
109,146
111, 927
155,960
174,468
186,282
167. 552
165,031
92,103
97,305
123,945
143,114
150,161
136,296
136,966
15, 593
16,287
20, 258
25.417
24,855
22,149
24; 051
Federal Home Loan Bank Review
Tabic 7.—LENDING—Estimated volume of
new loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm mortgage recordings, $20,000 and under
[Dollar amounts are shown in thousands]
JULY 1946
[Thousands of dollars]
Federal H o m e
Loan Bank
District and
class of
association
UNITED STATES..
C u m u l a t i v e n e w loans
(7 m o n t h s )
N e w loans
July
1946
June
1946
July
1945
1946
1945
$326,048 $325,997 $160,399 $2,098,866 $994,334
Percent
change
Federal H o m e
Loan Bank
District a n d
state
UNITED
167,552
136, 296
22,149
23,858
23,057
10, 868
136, 770
67, 309
+103.2
9,897
11,418
2,543
9,662
10, 995
2,400
4,381
4,687
1,800
60, 923
62,886
12, 961
27,677
31,517
8,115
+120.1
+99.5
+59.7
38,061
35, 547
15, 889
214,907
96, 926
+121.7
17,628
15, 526
4,907
16,472
15, 295
3,780
5,483
7,773
2,633
91,765
93,787
29,355
34,007
46,500
16, 419
+169.8
+101.7
+78.8
Boston
._ .
Federal
State member .
Nonmember...
1,070,366
879,890
148, 610
468,709
438, 074
87, 551
+128.4
+100.9
+69.7
STATES..
Boston
Connecticut...
Maine.. . _ .
Massachusetts.
New Hampshire _ _ .
Phode Island..
Vermont
N e w York
New York
Federal
__
State m e m b e r .
Nonmember...
Pittsburgh
Federal
S t a t e member_
Nonmember...
23,415
24,831
12, 094
160, 257
83,128
+92.8
11,338
7,395
4,682
12, 885
8,012
3,934
6,258
4,036
1,800
82, 616
49, 985
27, 656
39, 239
29,037
14,852
+110.5
+72.1
+86.2
Winston-Salem..
45, 679
47,729
19,449
297, 055
121, 845
+143.8
Federal
State m e m b e r .
Nonmember....
26, 333
15, 929
3,417
26,745
17,799
3,185
10, 314
7,923
1,212
168,444
107, 923
20,688
65,062
49,835
6,948
+168.9
+116.6
+197.8
50, 603
49,133
27,836
332,009
165, 772
+100.3
Cincinnati
Federal
State m e m b e r .
Nonmember.—
23, 023
25, 257
2,323
22,150
24,441
2,542
11, 596
14,329
1,911
151,460
165, 036
15,513
71, 026
83, 572
11,174
+113.2
+97.5
+38.8
18, 912
19,318
8,618
126,353
55, 539
+127. 5
11,224
7,318
370
11,846
7,020
452
4,646
3,711
261
73,498
49, 809
3,046
29,668
23, 302
2,569
+147.7
+113.8
+18.6
32, 531
34,636
17,487
216,796
113,104
+91.7
N e w Jersey
New York
Federal
State m e m b e r .
Nonmember...
Chicago _.
Des Moines _
Federal
S t a t e member_
Nonmember...
Little Rock
Federal
...
State m e m b e r .
Nonmember.._
Topeka
.
Federal
State member.
Nonmember...
San Francisco
Federal
State m e m b e r .
Nonmember...
15,118 ' 17,691
15, 643
16,021
1,392
1,302
7,221
9,073
1,193
100, 267
106, 704
9,825
47, 996
56,347
8,761
+108.9
+89.4
+12.1
19, 920
21, 623
9,572
129,126
58, 564
+120. 5
11,133
6,385
2,402
12,138
6,805
2,680
4,933
3,409
1,230
72,149
42, 052
14, 925
29,871
20, 836
7,857
+141.5
+101.8
+90.0
18, 928
16, 512
7,607
110,890
47, 557
+133. 2
7,983
10, 802
143
7,609
8,765
138
3,871
3,609
127
52, 790
57,024
1,076
23,711
23,201
645
+122. 6
+145.8
•• + 6 6 . 8
14,495
15,453
8,315
105,921
50,617
+109.3
8,157
4,661
1,677
9,327
4,623
1,503
4,677
2,280
1,358
61, 356
32, 777
11, 788
27, 396
14,749
8,472
+124. 0
+122. 2
+39.1
39,646
38,158
22, 664
268,782
133, 973
+100.6
23,197
16, 254
195
21, 027
16,898
233
12, 975
9,434
255
155,098
111,907
1,777
73, 056
59,178
1, 739
+112.3
+89.1
+2.2
September 1946
Other
mortgagees
Total
$314,779 $48,101 $263, 669 $58,020 '$178,128 $118, 490 [$981,187
29, 057
921
12,137 25,425
10, 310
5,381
83, 231
3,599
875
21, 751
575
25
298
4, 529 4,333
528 1, 228
5, 277 17,285
3,489
624
4,670
1,766
87
2,986
18. 291
3, 367
52, 267
565
1,950
317
8
15
1.072
'955
552
529
728
270
55
452
35
2, 489
5, 445
1, 372
28, 991
2,629
24, 334 27,153
25, 243
6,074
22,917
1,003
6, 880 1,556
1,626 1 17,454 25, 597
5,729
19, 514
3. 258
7,660 |
24, 500
94,768
260
1, 345
198
10, 918 119,268
24, 398
3,206
25,185
1,591
10, 330
7,796
72, 506
354
22, 433
1, 611
173
2,588
445
352
21,838
2, 995
147
1,444
372
9,060
898
138
7,345
313
1, 536
64,708
6, 262
W i n s t o n - S a l e m _.
28, 537
6,026
12,430
560
21, 336
9,183
78, 072
Alabama
.
D i s t r i c t of Columbia
Florida
Georgia
Maryland
N o r t h Carolina
S o u t h Carolina.
Virginia
..
1,326
616
1,184
1,287
1,451
5,864
4,685
5,339
3,457
7,419
2,280
609
3,422
575
2,305
315
282
842
310
781
1,114
2,073
2,319
2,290
765
826
1,859
560
2.566
7,413
1, 899
2,093
1,407
886
3,785
1, 227
1,860
1,872
475
783
468
1,047
10,167
18, 990
9,862
13,119
6, 077
3, 099
10, 894
57, 243
3,647
27, 023
1,259
11, 373
5,542
50, 055
1,646
732
1,782
1,133
2,176
21,844
3.003
1,259
751
9,087
1,535
21, 098
4,726
25, 421
15
11, 850
9,248
1, 765
2,961
9,008
16, 413
15
Cincinnati
Kentucky
Ohio
Tennessee
..
Indiana...
Michigan
Chicago
Illinois
..
Wisconsin
.
Des Moines
Federal.._ . . .
S t a t e member_
Nonmember...
Mutual
Indisav- viduals
ings
banks
Delaware
Pennsylvania..
West Virginia..
Pittsburgh
Indianapolis..
Indianapolis
Banks
and
trust
companies
+111.1
165,031
Federal
S t a t e m e m b e r . 136, 966
24,051
Nonmember...
76,355
70, 264
13, 780
SavInsurings
and
ance
loan
comassoci- panies
ations
Iowa
. .
Minnesota . . .
Missouri,
North Dakota.
South D a k o t a . .
Little Rock
Arkansas
L o u i s i a n a . ___
Mississippi
N e w M e x i c o . __
Texas
. _
Topeka
Colorado
Kansas
Nebraska.
Oklahoma
...
San Francisco
Arizona. __ . . .
California
Idaho
Montana
Nevada
Oregon
Utah
Washington
Wyoming
9, 727 110,272
325
3,995
5,407
9. 526
88, 022
12, 724
5,889
7,282
64,431
2,205
3, 684
2,436
4,846
27, 279
37,152
36, 947
2,022 • 15,613
37
11,719
15, 904
82, 242
28,176
8,771
1,352
670
9,552
6.061
37
7,145
4, 574
14,569
1,335
60,794
21, 448
19,076
6,718
17,353
554
8,566
10, 344
59, 511
4, 520
7, 686
5,626
831
413
467
1,084
1,956
84
27
4,552
4,725
7,502
278
296
1,608
2,361
4,170
181
246
875
3,343
6,038
71
17
12,022
19, 753
25, 292
1,445
999
18, 958
6,792
5,808
12, 706
10, 527
54, 791
1,320
6,997
888
336
9, 417
365
1,594
329
23
4,481
870
587
690
139
3,322
618
3,325
640
435
7,688
93
1,778
393
28
8,235
3,266
14. 281
2,940
961
33, 343
14, 796
2,051
6,579
9,241
6,142
38,809
2,556
5,449
1,539
5,252
336
383
647
685
1, 590
2,361
652
1,976|
4, 758
1,251
702
2, 530
1,785
1,197
166
2,996
11,023
10. 641
3,706
13,439
35, 678 12, 463
91, 786
234
980
22,215 10, 936
76
1,008
68
614
57
239
420
2, 638
223
978
431
6,496
18
510
1,413
77, 797
470
588
345
1,988
1, 480
7, 222
483
554
1,426
176
1,250
51,415
25, 286 218, 054
2, 277
42, 216
732
579
556
2,085
335
2, 262
373
5, 284
380
19, 699 172,863
2,458
172
1,861
12
1,290
93
8,605
1,298
3, 233
217
3,368 21,029
1,431
47
381
Table 9 . — M O R T G A G E RECORDINGS—Estimated volume oF nonfarm mortgages recorded
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
Savings a n d loan
associations
Banks and trust
companies
Insurance
companies
M u t u a l savings
banks
Individuals
O t h e r mortgagees
All mortgagees
Period
Total
1945
Jan uary-July
July
August
September
October
. ._
November
December
Percent
Total
Percent
Total
Total
Percent
Percent
Total
Percent
Total
Total
Percent
Percent
$2,009,707
35.7
$244,432
4.4 $1,091,021
19.4
$216,982
3.9 $1,402,103
24.9
$658,945
11.7
$5,623,190
100.0
1,049,454
169,784
181,156
172, 551
_ 207.006
205,100
194,440
34.7
36.2
37.0
37.2
37.2
36.6
36.9
137,736
20,173
20,359
18.935
22,229
23,061
22,112
4.6
4.3
4.2
4.1
4.0
4.1
4.2
570, 349
90,199
93,358
91.661
110.429
114,636
110, 588
18.8
19.2
19.1
19.7
19.9
20.5
21.0
107,737
18,062
18,488
18,472
23,711
23,310
25, 264
3.6
3.9
3.8
4.0
4.3
4.1
4.8
790, 745
116,964
120,015
111,384
131,590
130,986
117,383
26.1
24.9
24.5
24.0
23.7
23.4
22.2
370,126
54,087
56,013
51,154
60,928
63,087
57,637
12.2
11.5
11.4
11.0
10.9
11.3
10.9
3, 026,147
469. 269
489.389
464,157
555,893
560,180
527,424
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1,987,117
2?0.420
217,621
.._ 277,408
315, 471
333.192
308, 226
314,779
34.4
34.8
35.2
36.2
35.6
34.6
33.6
32.1
244,945
26.936
26,099
31,083
33,974
38.862
39,890
48,101
4 . 3 1,425,173
4.2
139,126
4.2
140.890
4.1
180,656
3.8
213,878
4.0
241,330
4.3
245,624
4.9
263, 669
24.7
21.9
22.8
23.6
24.1
25.0
26.8
26.9
288,137
24,401
24, 973
33,914
44,855
51,851
50,123
58, 020
5.0 1,169,710
3.9
151,601
4.0
140,477
4.4
162,986
5.1
180,318
5.4
187,311
5.5
168,889
5.9
178,128
20.3
23.9
22.7
21.3
20.3
19.4
18.4
18.1
654, 076
71,633
68,703
79,926
98, 770
111,892
104,662
118,490
11.3
11.3
11.1
10.4
11.1
11.6
11.4
12.1
5, 769,158
634,117
618,763
765,973
887,266
964,438
917,414
981,187
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1946
Jan uary-July
January
February
March
April
May
June.
July
Tabic 1 0 . — G l L E N D I N G — H o m e loans 1
Table 1 1 . — F H A — H o m e mortgages insured *
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
T o t a l loans reported closed
and disbursed2
N u m b e r of
applications a n d
reports
Cumulative through
June 2 1 . . .
June 2 8 . . .
July 5
July 12....
July 19....
July 26....
A u g u s t 2_.
A u g u s t 9..
A u g u s t 16
A u g u s t 23.
246,201
257,986
267,110
279, 600
291,571
305,503
318,905
331, 763
344,561
357, 510
Number
157,
165,
172,
180,
190,
200,
209,
220,
233,
245,
A m o u n t of
guaranty
a n d insurance
$341,997
364,514
383,027
403,971
429,938
454,709
480, 241
510,554
543,883
575,664
Title I I 2
Title VI
(603)
Period
Principal
a m o u n t of
loan
New
$756,782
804,907
843,303
887, 713
941,379
994, 778
1,046,197
1,107,674
1,169,751
1,246,274
1945: J u l y
August
September.
October...
November.
December.
$347
666
968
1,228
1,777
1,965
1946: J a n u a r y . . .
February..
March
April
May
June
July
3,095
3,728
3,760
3,570
4,406
5, 573
6.374
i R e c o r d s of V e t e r a n s A d m i n i s t r a t i o n .
2
T o t a l s d o n o t include 59,066 loans acted u p o n a n d a p p r o v e d for loan
closing. T h e i r dollar volume, e s t i m a t e d at $300,000,000, b r o u g h t t h e aggregate
principal of G I h o m e loans to a b o u t $1,546,000,000 on A u g u s t 23.
Existing
$18, 207
17, 286
15,165
18, 606
18,887
18, 051
24, 275
20,006
24, 346
24,160
26, 389
31, 551
26,956
T o t a l insured at e n d
of period
$19,056
14. 992
12, 634
15, 253
10, 779
11, 383
11, 293
7,508
6, 273
7,853
9,700
4,690
4,471
$6, 339, 263
6, 372, 207
6,400,974
6, 436,061
6, 467, 504
6,
6,
6,
6,
6,
6,
6,
537, 566
568,808
603,187
638, 770
679, 265
721,079
758, 880
1
F i g u r e s r e p r e s e n t gross i n s u r a n c e w r i t t e n d u r i n g t h e period a n d do n o t
t a k e a c c o u n t of principal r e p a y m e n t s o n p r e v i o u s l y i n s u r e d loans.
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
L e n d i n g operations,
J u l y 1946
P r i n c i p a l assets, J u l j 31, 1946
C a p i t a l a n d p r i n c i p a l liabilities,
J u l y 31, 1940
Federal H o m e Loan B a n k
Advances
Repayments
Advances
outstanding
Cashi
Governm e n t securities
Capital 2
Debentures
Member
deposits
Total
assets,
J u l y 31,
1946 1
$1,822
1,675
1,733
3,578
1,492
913
1,983
1,108
1,117
1,532
1, 294
$636
917
1,167
2,682
945
1, 264
3,454
1,985
955
326
5,185
$14,788
13, 340
21,185
20. 602
20,069
12,712
39,233
15, 843
10, 657
8,308
25, 290
$1, 505
852
3,316
2,061
1,632
2,627
3, 657
685
1,000
1,339
7,718
$7,483
30,771
9,448
4,121
25, 647
14,442
9,393
10,450
9,121
8,044
24,087
$20,892
29, 330
18, 374
20. 230
29,063
15,801
25, 475
15,108
13,173
11,356
27,516
$2,000
14,000
6,500
5,000
8,000
22, 500
11,000
7,500
4,000
21, 500
$961
15,826
1,644
131
13, 539
6,072
4,400
938
178
1,405
8,184
$23, 859
45,179
34,066
26,877
47,636
29,903
52,424
27,076
20. 867
17, 769
57,246
J u l y 1946 (combined total)
18, 247
19,516
202,027
26,392
153,007
226,318
102,000
53,278
382,902
J u n e 1946
44, 519
13, 892
203, 296
31, 379
122,511
225,165
67,000
54, 795
358,065
7,444
17,501
121, 608
18, 505
154,936
214,339
32,000
43, 642
296. 601
Boston
New York.
Pittsburgh
Winston-Salem
Cincinnati
Indianapolis
Chicago
Des Moines
Little Rock
Topeka
_
S a n Francisco
__
,
_
_
_
J u l y 1945
1
382
_
_ _
I n c l u d e s i n t e r b a n k deposits.
* C a p i t a l stock, s u r p l u s , a n d u n d i v i d e d profits.
Federal Home Loan Bank Review
Table 1 3 — I N S U R E D A S S O C I A T I O N S — P r o g r e s s of institutions insured by the FSLIC
[Dollar a m o u n t s are s h o w n in thousands]
Number
of associations
Period a n d class
of association
ALL
Total
assets
GovernP r i v a t e rem e n t bond purchasable
holdings
capital
N e t first
mortgages
held
Cash
$3, 572. 964
$303,195
$1,607,844
3, 763,128
307,712
1,839,008
4,051, 583
279,543
1, 792,418
4, 519, 248
347, 362
1, 641, 628
2,255, 283
178,411
1,067,837
2,382,101
194, 678
1,213,609
2, 571,919
169,884
1,175,285
2,886, 641
221,431
1,067, 943
1, 317, 681
124, 784
540,007
1,381,027
113,034
625,399
1,479, 664
109,659
617,133
1, 632, 607
125, 931
573, 685
Government
share
capital
Operations
Federal
Home
Loan
N e w priNew
Private
B a n k ad- m o r t g a g e vate inrepurvestvances
chases
loans
ments
Repurchase
ratio
INSURED
November
December
2,473
2,475
2,476
2,476
2,474
2,475
$5,594,461
5, 666, 351
5, 725. f 62
5, 797, 238
5,878,098
6,148,230
1946: J a n u a r y
February
March
April _ _
_ .
M a y __ . _
June
July
2,477
2,481
2,485
2,486
2,488
2,490
2,493
6,204,954
6, 274,832
6, 359,998
6, 462,376
6, 592, 552
6,743,121
6,810, 626
1945: J u l y
August-.
September
October
November
December
1,467
1,469
1,467
1,466
1,466
1,467
3, 552,154
3, 595,087
3, 632,197
3,676,401
3,732,4£0
3,923, 501
1946: J a n u a r y
February
March
April
May
June
July
1,467
1,468
1,469
1,469
1,471
1,472
1,473
3,955, 391
3, 999,837
4,050, 719
4,118,076
4, 204,057
4, 311, 747
4,344,421
1,006
1,006
1,009
1,010
1,008
1,008
2,042, 307
2,071,264
2,093, 765
2,120,837
2,145, 608
2,224, 729
1,010
1,013
1,016
1,017
1,017
1,018
1,020
2,249,563
2,274,995
2,309,279
2, 344,300
2,388, 495
2,431, 374
2,466, 205
1945: J u l y
.
Aucust _
September.
$4,840,292
4,913,879
4,C81,869
5,055,073
5,109,101
5,219,910
$23,499
23,378
23, 367
23, 367
23,366
23,366
$114,469
105, 344
92, 618
79,497
88, 304
185,210
$121,572
131,239
122,098
150,000
151, 335
144,664
$196,944
156,189
146,2f0
163,628
147,022
180,352
$144,932
83,357
77,855
91, 668
92,650
71, 777
73.6
53.4
53.2
56.0
63.0
39.8
5,299, 668
5,361,314
5,432,080
5, 507, £23
5, 589, 795
5, 724, 893
5, 798,380
20,165
19, 374
19,373
19, 373
19, 358
19, 358
16,832
163,559
154,835
144,111
145, 744
159, 546
189,908
187, 401
169,107
174, 954
238,268
268, 705
285,613
257,175
254,858
283,487
182,679
198,176
198,896
196,973
219,825
296, 710
205, 537
122,099
129,573
123,265
116, 370
86,017
224, 686
72.5
66.8
65.4
62.0
59.1
39.1
75.7
3,089,026
3,137,136
3,182,465
3,231,187
3,271, 317
3, 348, 567
18,138
18,069
18,058
18,058
18,058
18,058
90,017
81,805
71, 252
58,694
62,153
137,839
76,355
82,197
77, 321
95,815
96, 709
SO, 920
129,958
102,190
96,180
108,252
97, 373
120,195
100, 301
55,016
51,428
59,925
59,023
44, 352
77.2
53.8
53.5
55.4
60.6
36.9
3,395,108
3,435,482
3,481, 382
3,532,406
3, 586, 501
3, 677,643
3,716,445
15,250
14, 540
14, 539
14, 539
14, 539
14,539
12,380
124,242
118, 501
109, 213
106, 599
115,009
137, 605
134, 376
109,146
111,927
155,960
174,467
186, 282
167, 552
165, 031
190, 748
122,452
132,145
132,092
130, 551
144,470
194,872
144,388
82,173
86,471
81,241
78,013
55,038
156, 734
75.7
67.1
65.4
61.5
59.8
38.1
80.4
1, 751,266
1, 776,743
1, 799,404
1,823,886
1,837,784
1,871,343
5,361
5,309
5,309
5,309
5,308
5,308
24,452
23, 539
21,366
20,803
26,151
47,371
45,217
49,042
44, 777
54,185
54, 626
53,744
66,986
53,999
50,110
55, 376
49, 649
60,157
44,631
28,341
26,427
31, 743
33,627
27,425
66.6
52.5
52.7
57.3
67.7
45.6
1, S04, 560
1,925,832
1,950, 698
1,975,517
2, 003, 294
2, 047, 250
2, 081,935
4,915
4,834
4,834
4,834
4,819
4,819
4,452
39, 317
36,334
34,898
39,145
44, 537
52, 303
53,025
59,961
63,027
82, 308
94, 238
99, 331
89, 623
89,827
92,739
60,227
66,031
66,804
66,422
75, 355
101,838
61.149
39,926
43,102
42,024
38,357
30,979
67,952
65.9
66.3
65.3
62.9
57.7
41.1
66.7
FEDERAL
_
STATE
1945: J u l y
August... _
September
October
November
December
February
March....
April.
May...
June
July
_
Table 1 4 . — S A V I N G S — S a v i n g s and loan share investments and repurchases, July 1946
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
All associations
Period
1945: J a n u a r y - J u l y
July
August
September
October
November
December
1946: J a n u a r y - J u l y .
JanuaryFebruary
March
April
May
June
July
I n s u r e d associations
Repurchases
Net
inflow
$1,335,786
$758, 510
$577, 276
179,183
104, 265
100, 506
119,821
118,881
94,970
64,178
91,976
94,317
82,956
65,165
128. 915
73.6
53.1
51.6
59.1
64.6
42.4
679,469
64.6 1, 576, 746 1, 007, 547
90,342
69,813
84, 736
92,622
99, 038
157, 550
85, 368
73.0
68.3
65.2
62.7
59.9
41.6
76.1
243, 361
196, 241
194,823
202,777
184,046
223, 885
1,920, 213 1, 240, 744
334,961
220,469
243,363
248,077
246, 713
269, 694
356,936
244,619
150, 656
158, 627
155,455
147, 675
112,144
271, 568
Repurchase
ratio
New
investments
New
investments
56.8 $1,083,488
196,944
156,189
146, 290
163, 628
147, 022
180,352
283,487
182,679
198,176
198,896
196, 973
219,825
296,710
Repurchases
Net
inflow
U n i n s u r e d associations
Repurchase
ratio
New
investments
Repurchases
Net
inflow
$170,098
Repur*
chase
ratio
;8,412
$495, 076
54.3
$252, 298
$82, 200
67.4
144, 932
83, 357
77,855
91,668
92,650
71, 777
52, 012
72,832
68,435
71,960
54,372
108, 575
73.6
53.4
53.2
56.0
63.0
39.8
46,417
40, 052
48, 533
39,149
37,024
43, 533
34, 251
20,908
22, 651
28,153
26, 231
23,193
12,166
19,144
25,882
10,996
10, 793
20, 340
73.8
52.2
46.7
71.9
70.8
53.3
569,199
63.9
343,467
233,197
110, 270
67."
77,950
60,580
68,603
75,631
80,603
133,808
72,024
72.5
66.8
65.4
62.0
59.1
39.1
75.7
51, 474
37, 790
45,187
49,181
49, 740
49,869
60, 226
39,082
28, 557
29, 054
32,190
31, 305
26,127
46, 882
12,392
9,233
16,133
16,991
18,435
23,742
13,344
75.9
75.6
64.3
65.5
62.9
52.4
77.8
205, 537
122,099
129, 573
123,265
116, 370
86, 017
224,686
Table 16.—HOLC—Mortgase loans outstanding and properties on hand
Table
1 7 — G O V E R N M E N T SHARESinvestments in member associations 1
[Dollar amounts are shown in thousands]
Due on
original
loans
Month
Due on
property
sold
[Dollar amounts are shown in thousands]
Properties owned
Book
value
H o m e O w n e r s ' L o a n Corporation
Treasury
T y p e of operation
Number i
F e d e r a l s 2 Federals
1941: July..
$1, 502, 710
$351, 868
;, 165
1942: July..
1,293,416
363, 578
250,126
1943: July..
1, 059,151
359, 394
179,103
23, 728
1944: July..
828, 977
370,059
28, 771
4,232
1945: July
August
September.
October
November.
December __
632, 598
618,121
605, 742
590, 747
577, 748
565, 923
312, 329
306, 9821
302, 233
296, 4051
291, 2081
286,!
3,522
2, 966 J
2,524
2,001
1,594
1,367
613
512
435
357
296
249
1946: January.._
February..
March
April
May
June
July
550, 745
538, 3301
524, 751
510, 5981
496,662
484, 4161
470, 553
279, 977
274, 666
268,894
262, 752
256,498
250, 888
244, 905
1,133
1,004
935
769
736
685
212
186
175
147
136
127
122
October 1935-June 1946:
Applications:
Number
Amount
__
_. . . .
Investments:
Number.. . . .
Amount
Repurchases.. . . .
....
N e t o u t s t a n d i n g i n v e s t m e n t s . _.
Second q u a r t e r 1946:
Applications:
Number
_ .
. . .
Amount
_ .
Investments:
Number..
_...._.__
Amount
. . . ._
Repurchases
. . .
State
members
Total
1,862
$50, 401
4,710
$213, 701
995
$66,495
5, 705
$280,196
1,831
$49,300
$47,889
$1,411
4,243
$178,401
$160, 373
$18, 028
738
$45, 456
$39,831
$5, 626
4.981
$223,857
$200, 204
$23, 653
$15
$15
.
1
Refers to number of separate investments, not to number of associations
in which investments are made.
2
Investments in Federals by the Treasury were made between December
1933 and November 1935.
i Includes re-acquisitions of properties previously sold.
Table 18.—FHLBS—Membership in the Federal Home Loan Bank System
[Dollar amounts are shown in thousands]
1945
1941
June
June
1946
Assets
No.
All m e m b e r s
... . . . . .
.
.
_
._ . . . . . . .
M u t u a l savings b a n k s
.
Insurance companies
..
.
. . . .
_
. .
._
Assets
No.
No.
Assets
$9,443, 242
3,699
$8, 847,878
3,696
$7,969,978
3,714
3,660
8, 358, 532
3,660
7, 870, 518
3,656
7,013,906
3,671
5, 962,319
1,472
1,014
1,174
4, 311, 747
2, 424,109
1, 622, 676
1, 469
1,012
1,179
4,050, 719
2,302, 336
1, 517,463
1,465
1,002
1,189
3, 528,027
2,015.142
1,470, 737
1, 465
992
1, 214
2,881, 276
1,696,352
1, 384, 691
. _
_. . _
. _ . . - . _ _ _ _ .
. . .
_.
.
Assets
No.
3,699
S a v i n g s a n d loan associations
Federal
. .
Insured state _
Uninsured state
March
June
T y p e of i n s t i t u t i o n
$6,840, 241
. . .
25
630, 039
25
591, 546
25
566, 553
22
463, 580
. .
14
454, 671
14
385,814
15
389, 519
21
414. 342
Table 19.—FHA—Insured home mortgages (Titles II and V I ) held, by class of institution
1
[Thousands of dollars]
1941: J u n e
December
.
_
. _ . . . . .
. . . ...
1942: J u n e
... ..
December.. 1943: J u n e
..
December
.
1944: J u n e
December
1945: J u n e
.
December
1946:
June
. .
_ ..
.
•
.
..
.
Commercial
banks
M u t u a l savings b a n k s
Savings a n d
loan associations
$2, 754, 725
3,115,616
$1,300,734
1,447,101
$174, 706
205, 748
$237,056
255, 296
$668, 069
791,617
3, 551, 421
3, 795, 519
1,614,392
1,694,963
242,619
263,825
277, 704
288,611
4,153, 657
4, 308,362
1,819,942
1,894,913
301, 058
328,041
4, 514,290
4,555,672
1,929, 054
1, 919, 999
4,677,345
4, 563, 797
4,503, 254
Total
C u m u l a t i v e t h r o u g h e n d of m o n t h
.
Insurance
companies
Federal
agencies 2
Others s
$220,400
233,628
$153, 760
182, 226
966,441
1, 095, 276
245,206
251,871
205, 059
200,973
319,147
345, 938
1,231,638
1, 374, 570
259,495
116,330
222, 377
248, 570
371,071
392,643
371, 947
379,482
1, 465, 561
1, 495, 245
133,042
134, 551
243, 615
233, 752
1, 982, 879
1, 954, 736
416, 254
418, 505
407, 994
404,391
1, 550, 409
1, 557,603
99, 362
40, 584
220,447
187,978
1,955,922
388, 742
397,054
1, 534,770
19,627
207,139
'
1 Original face amount of mortgages held; does nat include terminated mortgages and cases in transit to or being audited at the Federal Housing AdministraQ.
tion.
2 The R F C Mortgage Company, the Federal National Mortgage Association and the United States Housing Corporation.
3
Includes mortgage companies, finance companies, industrial banks, endowed institutions, private and state benefit funds, etc.
384
Federal Home Loan Bank Review
INDEX OF VOLUME 12
FEDERAL HOME LOAN BANK REVIEW
•
FOR the convenience of readers in finding
references, the pagination of each issue of
Volume 12 is listed below. The titles of all
articles appear in italics.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Volume 12
1—October
2—November
3—December
4—January..
5—February
6—March
7—April
8—May
9—June
10—July
11—August
12—September
Pages
1-28
29-60
61-88
89-120
121-156
157-188
189-220
221-248
249-280
281-316
317-352
____ 353-387
A
Active Market Brings Recording Peak-..
All associations:
mortgage holdings of, (1941-44)
mortgage lending by, (1945)
mortgage lending by, in selected states
savings invested in
trends in real estate owned by (1944)
All operating associations:
combined statement of condition
mortgage recording trends of
progress during 1944
progress during 1945
.
Asset accounts. (See Balance sheets.)
Pages
95
12
133
169
34
102
8
95,130,325
5
132
B
Balance sheets:
all operating savings and loan associations
5
FHLBanks._
146,342
FSLIC, annual summary (1945)
149
insured savings and loan associations (1941-45)
66
member associations
289
Bookshelf (listings published each month):
reviews
46,364
Building codes
87
Building costs (analysis and index tables published in each issue):
estimates of average postwar
9
index of, revised (1935-45)
165
Building materials:
premium payment plans
162, 253,328
priorities on
69,141
regulations under VEHP
202,284,356 "
wartime research and developments in
40,41, 99
Building societies, British:
mortgage interest rate of 4 percent adopted
87
trends in selected balance sheet items (1944-45)
213
Bulletins. (See FS&L System, Rules and Regulations and Insurance
of Accounts.)
Business conditions (analysis of, published in each issue):
forecast for 1946
. , 137
post-World War I . .
63
summary of 1945
123
September 1946
C
Census:
housing standards and rental values, prewar
marriage data
Characteristics of New Housing Before the War
Closing the Books on Wartime Operations of Insured Associations
Commercial banks:
licensing rules changed
mortgage loans made and held by
mortgage recording trends in
real estate owned by (1943-44)
savings invested in
Construction (see also Residential construction):
college courses in
employment in
estimates of postwar (BLS)
summary of (1945)
Construction costs (See Building costs).
Consumers' Price Index, explanation oL._
Cross-Currents in Real Estate, by William H. Husband...
Current Boom, in Marriages
Pages
43
200,264
43
66
m
12,298
95,130,325
102,298
34,298
105
280
9,87
125
53
225
264
D
Directors, FHLB, appointment, designation and election of_. 118,175,196,302
Directory of member, Federal and insured institutions (published in
each issue).
Disposition of Temporary War Housing Offers Advance Materials Supply.
42
Divers, William K., A Program of Action for Veterans' Housing
160
Dividends: table of, declared by F H L Banks
.
148,343
F
Fahey, John H., excerpt of letter by
252
Farewell Message to the Bank System, by James Twohy
91
Federal Home Loan Bank System (see also Federal Home Loan Banks):
balance sheet (combined) of all member associations
292
operating ratios of all member associations
321
summary of trends of member associations..
132,292
Federal Home Loan Banks (summary and table of lending and balance
sheet items published in each issue; combined consolidated statements of condition, dividends, interest rates, published in February
and August):
directors of
118,175,196,302
merger of Portland and Los Angeles Federal Home Loan Banks
into San Francisco Bank
199
summary of trends (1945; 6 months 1946)
146,342
Federal Housing Administration (tables on Titles H a n d VIinsurance
operations published each month; holdings by type of institution,
published in March and September):
appraisal service extended
141
"country" homes covered
320
firm commitments on loans to builders
69
insured mortgage loans made and held by selected financial institutions
14
summary of activity (1945)
129
Title I, Class 3 loans resumed
219
Title II, Section 203 extended
284
Title VI revised under Patman Act
255
urban redevelopment unit
200
Federal Reserve Board:
analysis of demand deposits
141
analysis of individual savings, spending and liquid asset holdings.. 295,
333,365
Federal savings and loan associations (analysis and tables of operations
and lending activity published in each issue).
Federal Savings and Loan Insurance Corporation (analysis and tables
on progress of insured associations published in each issue):
amendments to Rules and Regulations of. (See Insurance of
accounts.)
385
Federal Savings and Loan Insurance Corporation—Continued
Pages
study of selected real estate sales in District of Columbia by
227
summary of operations of (1945)
149
summary of trends in associations insured by (1945)
134
Federal Savings and Loan System, Rules and Regulations, amendments to:
additional lending powers for Charter K associations on GI loans- - 140
authority of Bank Administration officers in a conservatorship... 271
delegation by conservator of his authority
270
disposition of an association operating under a conservator
73
limitations on Federals in sales of loans
271,370
moving a Federal or establishing a branch office
140, 206
participation in group mortgages or deeds of trust
271
procedures at FHLBA hearings
309
public availability of opinions, orders, rules and regulations
370
Financial Requirements of the Veterans Emergency Housing Program^. 285
"Financing American Prosperity," symposium published by Twentieth Century Fund (book review)
46
Ford, David, resignation as Assistant Governor, FHLB System
175
Forecast for 1946:
summary of prospects in residential construction, home finance and
related
fields
137
Foreclosures, nonfarm (analysis and table published December, March,
May, August):
summary of trends (1945)
131
From the Commissioner
252
Full Employment Brings Record Gain in Savings of Individuals...
34
G
GI Bill. (Sse Servicemen's Readjustment Act.)
GI Home Loan Program Gathers Momentum
Grebler, Leo, Postwar Housing Problem in Perspective
Growth of Savings and Loan Industry in a Year of Full Production
Guaranteed markets under VEHP
357
63
5
163,254
H
Heisler, Kenneth G., named General Counsel, FHLBA
202
Home Owners' Loan Corporation (table on operations and investments published quarterly from March):
mortgage loans made and held by
12
real estate owned by
102,131
"Housing Needs and the Housing Market" (book review)
364
Housing (see also specific subjects):
characteristics of prewar construction
43
converted homes returned to owners
87
history of, shortage
201
ownership trends during war
261
problems in, after World War I
63
research projects
40, 41,224,284
vacancy ratio
284
wartime experience in design and construction
99
Housing Gets the Green Light From Congress
253
Husband, William H., Cross-Currents in Real Estate
225
Insured associations—Continued
operating ratios for, (1944-45)
progress during 1944
study of trends of, (1941-45)
turnover and repurchase data for, (1939-45)
Interest rates: tables of F H L B , on advances and deposits
Pages
322
5
66
203
148, 343
J
Jacoby, Robert B., named Deputy Governor, F H L B System
Jensen, Otto K., Indianapolis Finds Its Answer to Urban Blight
231
329
L
Lanham Act: amended to authorize additional funds
Lee, Harold, appointed Governor of F H L B System
Life insurance companies:
mortgage loans made and held by
mortgage recording trends of
private savings invested in (1920-45)
real estate owned by (1943-44)
Liquid Assets at an All-time High
Lumber:
production expedited
.
Regulations on use of under VEHP
200
158
12
95,130,325
34,135
102
___ 229
224,280,284,320
356
M
Marriages, Census Bureau data o n . . .
_
_
200,264
Mayor's Committee Goes to Work
257
Mortgage debt, farm, change in (1940-44)
27
Mortgage debt, nonfarm residential: held by selected financial institutions
12,131
Mortgage insurance (see FHA).
Mortgage lending (analysis and tables of lending activity published in
each issue):
effect on, of lifting building restrictions
3
life insurance company
12
mutual savings bank__
12, 298
payment of commissions for
31
requirements for, under V E H P
285
savings and loan (1945)
132
savings and loan, in selected states (1944-45)
169
trends in, by type of lender (1944)
12
Mortgage Lending in Selected Areas
169
Mortgage recordings (analysis and tables of estimated volume published
in each issue):
special studies of trends in.
95,325
summary of, by type of mortgagee (1945)
130
Mutual savings banks:
mortgage loans made and held by _
12,298
mortgage recording trends of
95,130,325
private savings invested in
34,298
real estate owned by, (1943-44)
102,298
N
I
Improvements in the Building Cost Index
165
Income:
Federal Reserve Board's analysis of, related to saving, spending
and holdings
295,333,365
per capita (1940^4)
27
wage rate trends (1944-45)
105
Indianapolis Finds Its Answer To Urban Blight, by Otto K. Jensen... 329
Inflation, real estate: trends in
225,232
Inflation in Real Estate—How Far Has It Gone?
232
Insurance companies (see Life insurance companies).
Insurance of Accounts, Rules and Regulations, amendments to:
control of records by the Corporation
206
declarations of dividends when losses are charged to Federal Insurance Reserve
103
geographical limits for lending or investing
279
limitations on sale of loans
279,371
public availability of opinions, orders, rules and regulations
370
Insured associations:
balance sheet items for, percentage distribution of (1944-45)
293
combined statement of condition (1944-45)
293
liquid assets of, (1940-45)..
.
229
386
National Economy in a Year of Transition
National Housing Agency:
study of housing after World Wars
study of inflation in home sites. __
New Residential Growth in Urban Areas
New "Stop-Construction" Order
News Notes (published in each issue; indexed by subject).
Neighborhood Conservation
123
63
232
70
197
171
O
Operating Ratios of Member Savings and Loan Associations
Outlook for Home Financing
Outlook for 1946
Outstanding Home Mortgage Debt Virtually Unchanged..
321
3
137
12
P
Population:
probable postwar trends._
wartime trends (1940-44).
Postivar Housing Problems in Perspective, by Leo Grebler
Premium payment plans
4
38
63
162,253,328
Federal Home Loan Bank Review
Pages
Prefabrication: priorities assistance for
200
Priorities:
building materials, for residential construction
.
69,141
construction, under V E H P
224,280,301
prefabrication
200
Probable Volume of Postwar Construction
9
Program of Action for Veterans' Housing, by William K. Divers
160
R
Raising the Curtain on Postwar Housing
127
Real estate owned:
by all savings and loan associations
102
byHOLC
102,131
by insured commercial and mutual savings banks
102,298
by life insurance companies-..
102
by member savings and loan associations
289
trends in, by selected financial institutions
102
Recent Shifts in Share Capital Trends
203
Record Year for Savings and Loan Associations
132
Rents: analysis of trends in (1929-44)
303
Repurchase ratios (data for all savings and loan associations published
each month):
summary of trends of, in all operating associations (1945)
134
summary of trends of, in all insured associations
203
Residential construction:
comparative analysis of, after World Wars I and II
63
estimates of postwar
9
financial requirements for 1946 and 1947
285
history of housing shortage
201
permits issued in 79 cities (1941,1946)
363
postwar, in Britain
356
priorities for, under V E H P .
200,224,280,301
priorities on materials for
69,141,356
rent ceilings on V E H P , increased
324
''Stop-Construction'' order reinstituted
197
"Stop-Construction" order rescinded
3
summary of, (1945)
128
wartime research and developments in
99,224
Review of the Construction Outlook
361
Review of 1945:
trends in regional and national vital statistics of the savings and loan
industry, and general business conditions. (Entire February issue
is a year-end survey number.)
.- 123
Revised GI Loan Regulations
193
Richards, Ralph H.:
appointed Acting Governor of FHLB System
91
Should Commissions Be Paid To Secure Mortgage Loans'? _
31
Rock Bottom in Real Estate Overhang?
102
Pages
325
Six-Month Summary of Mortgage Financing A ctivity
Statement of condition. (See Balance sheets.)
Statement of operations:
member savings and loan associations (1944-45)
summary of, F H L Banks (1945)
Statistical Supplement (published with April issue).
321
146
T
Tax incentives for rental housing
Taxation: real estate and alternative forms
"The City is the People," by Henry S. Churchill (book review)
Thrift and Mortgage Financing Operations of Banks
"Tomorrow's House," by George Nelson and Henry Wright (book
review)..
_
__
Trend of Member Association Assets During The War
Twohy, James: resignation as Governor (FHLB System) and farewell
statement
363
92
47
298
46
289
91
U
Urban planning
Urban redevelopment:
FHAunit
Indianapolis program
legislation
70,99,171,329
200
329
41,104
S
V
Vacancy ratio
_-..
284
Veterans Administration (table of lending activity published in each
issue from July ):
guaranteed lending by
41,280.357
Veterans Emergency Housing Act, 1946
253
Veterans Emergency Housing Program:
building materials channeled to
202,284,356
community action reports
302
construction priorities
224,280
financial requirements of
285
guaranteed markets under
163, 254
Lanham Act amended as aid to
200
manpower aids,..
200
minimum property standards tightened
301
outline of
160
Patman Act provisions
253
prefabrication priorities_._
200
premium payment plans
162,253,328
progress of, (tables)
285,320,356rent ceilings increased
320
"Stop-Construction" order issued
197
tax incentives for rental housing
363
Worcester, Massachusetts program
257
Veterans' legislation (state) _
104
Savings in the Last War Year
135
Savings (table of United States war and savings bonds published
October-June, August; selected private long-term savings published
quarterly from February):
E bond sales and holdings
231,280
Federal Reserve Board's analysis of individual
295,333, 365
"package savings" plan
27
peacetime bond sales program
85,141
SEC report on private, (1941-46)
328
trends in, invested in insured commercial and mutual savings banks 298
trends in private, (1945) _.
_
135
trends in private, held by selected institutions (1920-44)
34
Secondary markets for GI loans
1
371
Servicemen's Readjustment Act (table of home loans processed by
Veterans Administration published each month since July):
amendments to..
98,193
secondary market for loans under
371
VA home loans under
41,280,357
A
Share capital, private (table on trends in, and repurchases by class of
association published each month):
summary of trends in, of all operating associations
5,134
repurchase and turnover data for, of insured associations (1939-45). 203
Sharing the Local Tax Burden, by H. O. Walther
92
Should Commissions be Paid to Secure Mortgige Loans'? by Ralph H.
Richards
31
Walther, H. O., Sharing the Local Tax Burden
92
War bonds (table of sales and redemptions of series E, F and G, published in each issue through June, and in August):
E bond holdings
231,280
E bond sales (1941-45)
280
sales and redemptions (1944-45)
87
savings invested in, (1945)
135
Victory Loan report..
98
War housing:
disposition of temporary, for re-use
42
summary of
127
War Telescopes Experience in Housing Design and Construction
99
Wartime Increases in Home Ownership
261
Washington, D. C , study of real estate activity in
227
Who Holds the Backlog of Savings?
Parti
295
Part II
333
Part III
365
Why the Housing Shortage?
201
Worcester, Massachusetts, Mayor's housing committee in
257
Wyatt, Wilson:
Housing Expediter, appointment as
69
NHA Administrator, appointment as
139
W
September 1946
387
U. S. GOVERNMENT PRINTING OFFICE: 1 9 4 6
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