Evening star., 1932-02-20
SEEKING MILLION
NEW HOME OWNERS
Building and Loan League
Sees Move as Tribute
to Washington.

A million more home owners in the
United States by the end Of 1882 Is
an objective proposed by the United
states Building & Loan League as a
fitting tribute to George Washington
in the year of the Bicentennial cele-
bration-and an accomplishment eco
nomically desirable.
The economic field for such an ex-
pansion of home ownership Is pointed
out by William E. Best. Pittsburgh,
president of the league, in message
sent today to the 2,109 affiliated build
ing and loan associations.
There are 12,943,598 families still
renting their houses in the country
where George Washington and his fol-
lowers fought to make sure that every
man should have chance to own a
piece of ground and home Of his
own" says Mr.. Best, citing the 1880
census figures on home ownership, just
released.
Home ownership, always a mark OF
political freedom and of equal oppor-
tunity, was the goal of out of every
10 families which settled on our Allan
tic coast. The victories of their War
of Independence were triumphS for
home ownership, which only 43 per
cent of our present day people are tax
Ing advantage of.
Prices at Bargain Levels.
with prices of homes at bargain
levels and 83 per cent of the popula-
tion still gainfully employed, a mini
families should be created this year.
This number is not more than 5 per
cent of the 83 per cent said to have
jobs. and scarcely per cent of the
total families not living in their own
homes. 1t Is conservative start which
should be multiplied ever year as one
of the goals of building and loan asso-
Citations, civic organizations and edu-
cational movements. The real army
safeguarding the ideals of Washing
TINS country is made up of the TO-
100000 home owning families now in
the country They have the same kind
of a stake in the future as did the
revolutionary ancestors. 1t is our duty,
all other considerations aside, to in
crease that army.
1T is noteworthy that in this BIZ
centennial year of the first President,
the Federal Government is taking steps,
by means of the Home Loan Bank bill,
sponsored by the administration and
now before Congress, to promote home
ownership on scale never possible be-
fore. BY adding stability to the home
financing system this proposed agency
would enable building and loan asso-
Citations and other institutions making
longtime home loans. to meet legiti-
mate demands for new home loans and
refinancing at all times of the year and
In any phase of the business cycle.
"At present there is buyers market
In homes which will help many to real
iza their lifetime desires for their own
roof. Today S3,700 in the home market
will pay for the kind of home which
would have cost at least $4,000 five
years ago to build. This figure is based
on the construction material prices as
of December 81, 1881, when the prices
we're 1877 per cent of their 1926 whole
sale averages for the same month. The
lumber dollar is worth 35.7 cents more
than IN 1926-the brick dollar has
gained 30.5 cents In house-building
value, and the cement dollar will buy
25.4 cents more than 1t did five years
ago. These low prices represent fur
ther fall OF a fifth Of l per cent for
the last two months Of 1881, or an
average 500 on a $4,000 house In q
year."
Sees Patriotic Results.
Mr.. Best said buying home is con-
sistently patriotic, whether looked at
from the eighteenth century or the 1882
angle Pulling money out of hiding and
investing it IS one of the most impor-
tant services a man can render this
country at present, said the league
head, who attended the Hoover anti
boarding conference last week.
mo safer place for savings has ever
been found than investing in a home, "