Evening star., 1933-06-24
OPTIMISM MARKS
REALTY OUTLOOK
New Laws Factor in Rising
Markets-D. C. Delegates
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BY VINCENT TUTCHING.

With several new forms of legiSla-
ton, many directly bs airing on real es-
tate, now going into effect, and with
the all-important twenty-sixth annual
convention of the National Associa-
ton of Real Estate Boards now his
tory, realty men Of the Capital and
the Nation are looking forward opti-
mistically to the future of real estate.
Reports and addresses made at the
Chicago conclave, from which Wash
ington's delegation returned early this
week. reflected definitely improved
outlook in this field The forces which
are now adding to the stability Of real
estates position were reviewed by the
realtors, and due consideration was
given the probable effect of both Fed
eral and State legislation, recently en-
acted, on real estate.
The Capitals delegation to the con-
vention. by virtue of its close contact
with legislative affairs on Capitol Hill,
was able to furnish the convention
with o-the-minute information on
what Congress has been doing with re-
spect to real estate.
New Laws Discussed.
This review Of legislation touched on
the home mortgage reflnancing act,
soon to become effective, providing for
direct relief for distressed home owners
by Government relnancing. The Fed
eral securities act, too, which Is now
law, was pointed to as having di-
rect bearing on real estate, although
rules and regulations governing Its ap-
pHcation have not yet been promul-
gated by the Federal Trade Commits
sion.
All through the list of legislation
enacted during the special session are
found measures which, if they do not
directly affect real estate, exert no
ticeable influence on the business.
AS outlined by members of the Wash
ington Real Estate Board, these in
clude the reforestation bill. the farm
relief legislation, unemployment relief
measure beer legalization bill. Ten
nessee River Valley and Muscle Shoals
measure, public works bill, Government
reorganization and industrial recovery
legislation, as well as various other
measures.
Six-POint Tax Program.
Action taken by the realtors at their
convention included reiteration OF the
associations six-point tax program
adopted at the January sessions held
here: Endorsement of the Federal Gov
e.nment's steps toward a nationwide
il egrated mortgage credit system: and
continuation of the associations ef-
forts looking toward the establishment
c- nationwide Federal mortgage dis
count system which will provide Tor
tie discounting under proper safe
guards and conditions OF all types OF
sc,rld urban real estate mortgages.
An important step was taken by the
r7..cnel association in resolving 70
l,-co member boards and individual
rceIto-s everywhere to assist in every
rcs7ible way the development OF sound
inet:tu.icns aiding in the financing OF
real estate. especially in the develop
,nent of sound building and loan asso-
ciati, rs and of mutual savings banks,
institutions designed primarily for the
extension of long-term credit.
The principle of advance planning
Of public works was Endorsed by the
realtors as an aid in stabilizing busi-
ness industry and employment and also
in improving methods CT public ad-
ministration. President William c.
Miller of this city was authorized by
committee to cooperate with the Fed
eral Employment Sterilization Board
in this respect.
Ownership Move Backed.
The association voted to support the
proposal now being developed to bring
together for their mutual benefit all
the fields interested in bettering hcus-
ing and community planning as well
as encouraging extensive home owner
ship
Mr.. Miller, who is member of the
local realtor firm of w. c. g. A. N.
by Hugh Potter of Houston, Tex. who
was elected president of the national
group for 1884. Other officers chosen
include Mark Levy of Chicago, treas
urer, and the following vice presidents:
Stephen w. Sleeper, Boston, Mass;
j. w. Wheeler, Seattle, Wash; A. G.
Sehrt, Milwaukee, Wis. Charles ].
Pietsch, Honolulu, T. H., and Leon e.
Todd, Camden, N j.
Two local men received appointments
at the national convention. They are
Waverly Taylor, named chairman Of
the Home Builders and Subdividers
named a member of the governing
council Of the American Institute of
Real Estate Appraisers, branch of
the association.
Values Found Rising.
Mr.. Miller, commenting on the gen.
eral trend Of real estate, told conven-
ton delegates that "unquestionably we
are already feeling a profound change
in the real estate market"
Equity values have increased" he
said. Mortgage holders are taking a
wholly new attitude toward their Sc
curities Inquiries from prospective
buyers are everywhere increasing
Asking prices tend to stiffen. The
United States Department of Com
merce tells us that We have, right now,
an unrealized shortage Of half mil
lion ngle-family dwellings. We, as
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