Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-05

included In the present program are
buildings for the Supreme Court Of
the United States, department of Jus.
tice. Department ol Labor. General
Accounting Office. Interstate Com
MERGE Commission and independent
Offices. 1t was originally intended
that all OF these structures should be
paid for out of the So0,0o0.o0O already
authorized by Cong Gas. but 1t Is now
expected that the total authorization
will he substantially increased before
the buildings are completed. The
work on the buildings will probably
be continued for the next 10 years.
according to the present outlook.
Employment and general business
conditions here will be materially i'm
proved as these great building prof.
Gets go forward, in the opinion of To-
cal business mon. Work has already
been started for the administrative
building of the Department of Agricul
ture and for the buildings for the
Commerce Department and Internal
Revenue Bureau. The two story adj
dition on top of the Liberty Loan
Building is nearly finished.
Conservatism Is Keynote.
Conservatism is the keynote of pri-
waite building operations here today.
Purely speculative operations have
virtually ceased. Builders are slowing
down their enterprises to permit the
natural growth in population to catch
up with the physical development OF
the community. which went ahead
with such unusual rapidity during
1928 and 1926. The volume of build
ing during the first l months Of 1927
was considerable, reaching a total
value of $34,32l $50. but this was
great deal below the SCI 100000 of the
corresponding period of 1926.
Real estate men report that this
slowing down in building, especially
the elimination of purely speculative
operations, is having the effect of
strengthening confidence in the value
and stability of local real estate invest
ments. AT the same time, ample pro-
vision is being made for the present
and future needs of the city.
Officers of the Washington Real Es-
tate Board take an optimistic view of
the situation. James Il. Schick, eXecu-
tive secretary of the board, points to
the fact that Washington grows stead.
lily at the rate of from IL 900 to 1000
persons a year as shown by popuia-
ton figures covering many years.
Figuring four persons to the fam
ily," says Mr.. Schick. these figures
would indicate n growth in our popula-
ton of from 5000 to $500 families
every year, which would require that
there be added to the supply that
many new dwelling units each year,
either in houses or apartments. 1t is
more startling to state that this means
that 10 or more new units must be
completed for each working day in the
year to take care of the normal in
crease in population. These figures do
not take into consideration the units
which are lost to use each year
through depreciation and obsolescence.
When these facts are taken into con.
sideration they make the required
number still higher.
Estimate Is Conservative.
"Some days ago l checked up these
figures with prominent business
man who is exceedingly well informed
on these matters. He placed the num-
Der OF new units required annually at
$500 instead of 5000, so II would ap-
pear that my figures are on the con-
servative side.
Statistics compiled in the office of
the board since last Spring show that
for the last seven months more than
9.490 deeds have been recorded, an
average of l 1856 a month. Taking out
of the calculations deeds filed under
foreclosure proceedings and for the
purpose Of correcting defects in title,
ii will safely leave 1850 a month
which indicate sales or exchanges
These facts, therefore. show that there
are so real estate transactions con-
m "a In.
Making another analysis OF these
same figures. ii is shown that on the
present market, lich is regarded as
depressed. we have Is, 900 deals a year,
which, divided into a population OF
$4,000, or 137,500 families, gives US
deal for each nine families, or for each
SO persons. IL strikes me that this
shows pretty live community, SO far
as real estate is concerned"
During the last seven months
total OF about $79.000.0 900 has been
loaned on Washington real estate Sc.
cured by first mortgages. OF this
amount large life insurance companies
have loaned about 81 per cent. This
~ looked upon as evidence OF faith on
the part OF these large ut.of.town in.
vestors In the stability Of values in
Washington property. Life insurance
first mortgage loans for the last seven
months aggregate SIT 5000
Foreclosures Held Few.
Advertised foreclosures during the
last seven months under first m0rt.
cages total 1876. which Ii about 2 per
cent or the first mortgages recorded
Many foreclosures are advertised
when never go to sale, settlement of
the claims being made before the time
or tho sales. Many foreclosures are
doubtless advertised also for the pur.
pose OF correcting defects In titles and
Tor otherTeasons, and 1t is believed bv
real estate men that IA per cent is a
conservative figure as to the number /
OF foreclosures under first mortgages.