Evening star., 1933-04-02
HOME LOAN BOARD
WILL SPEED RELIEF
1902 Foreclosures il
1882, 274.9 Per Cent In
crease Over 1926 Record.

simultaneously with the announce
ment that in 1882 three had been l39,-
OH real es,ate foreclosures. representing
an increase of 274.9 per cent over 1926,
IN 414 reporting communities, the
Federal Home Loan Bank Board an
nounced yesterday it would speed up
its loan machinery to alleviate further
distress.
Acting on a ruling made by the old
board under supervision Of Franklin
w. Fort of New Jersey, two of the three
members hast week approved loans to
home financing institutions amounting
to $5,308,005, bringing the total ap-
proved loans since the system began
operating on October Is to S32,171 ,816
| Chairman William F. Stevenson and
T. Dwight Webb, during the week. held
daily board sessions and yesterday they
announced that of the total loans ap-
proved.~12 regional banks of the sys-
tenn had advanced $21 ,069.516, which
they said represented an increase dur
ing the week of S5,456,350.
These members will be joined to-
morrow by President Roosevelt's first
| five members. He is G. B. Merriam, a
of Topeka, Kans. With Merriam pres
| ent, Stevenson and Webb said they
| would start Immediately on examining
1,400 applications for membership to
the system.
Expansion Of tn system into the
areas where money for the refinancing
of homes is now scarce and expensive
will go far in alleviating the dangers of
possible foreclosures in reducing the
cost Of mortgage money" Stevenson
said.
The foreclosure survey was ordered by
Chairman Stevenson in order to permit
the board to get a closeup picture of
conditions actually prevailing. The
canvas covered the 48 States and the
District of Columbia and, according to
the report, represents 38.2 per cent Of
the total population of the United
States.
The boards statistical division was
also able to compute foreclosures for
the first two months in 1888. The re-
port showed there had been 23,545
farm and urban homes foreclosed in
January and February Of this year,
against 1926 for the same period last
year, and 4,947 for first two months in
1926
The heaviest rate of foreclosures was
noted in the States of Michigan, nli-
nois, Wisconsin, Ohio, Pennsylvania,
Alabama, New Jersey and New York.
A total of 14,004 homes were foreclosed
in Michigan during 1882, against 1883
in 1926; in Illinois. 17,435, against L.
908; in Ohio, 9,644, against 1888;
Pennsylvania, 7165, against 1,404: Ala
bama, 5,003. against 273; New Jersey,
6,124. against 754, and New York, 49,
SIS, against 5,061.
A total of 958 foreclosures were re-
ported in the District of Columbia,
against 442 in 1926. For the first two
months of this year 205 homes have
been foreclosed, in comparison with lat
for the same period in 1882 and SO in
1926.
Only two foreclosures were noted In
Vermont during last year. against like
number in 1926. Florida was the only
State in the Union showing a decrease
in the number of forced sales in 1892
in comparison with 1926, during which
time its famous real estate boom was at
ebb tide
According to the report from six COM
munities, representing % per cent Of
the total population, Florida's forced
home sales in 1926 amounted to 3,405,
against 1919 during last year. The
trend continued downward In this State
during the first two months in 1888, the
report showing 1876 foreclosures, against
322 last year.