Evening star., 1937-07-03
Activity
Continued From First PaRe.)

Continued From First Pase)
It was compiled from confidential re-
ports by the association S local mem Der
real estate boards. Other changes
found we're:
l. Practically no remaining over
supply Of single-family dwellings. Un-
dersupply of such dwellings in 73 per
cent of the cities, and a prospective
shortage reported in an additional 10
per cent Of the cities. Shortage of
apartment space in So per cent of the
cities and a prospective shortage indi-
Gated by an additional is per cent.
Rising Costs a Handicap.
& New home construction bringing
definite acceleration in the sale of
home sites. But comment from city
after city that recent rise in building
costs. including materials and labor,
Is so great as to discourage new
building.
3. Rents for business space in CEN
tral districts at higher level than A
year ago IN 7s per cent of the cities
reporting. and not single city re-
porting lower rates. Space in outly-
ing business districts renting at a
level higher than a year ago in S. per
cent of the cities.
4. ONCE space, which has been
slower to recover. now beginning to
advance. Downtown ONCE space
rates are advancing In 43 per cent of
the cities, with only one city showing
rates going down, A year ago only %
per cent showed an UP trend.
Apartment Rents Higher.
5. Apartment rents higher than a
year ago in 81 per cent Of cities re-
porting, and rents for single-family
dwellings higher in 80 per cent of the
cities
6. Money seeking mortgage loans in
70 per cent of the cities reporting,
while loans are seeking capital in only
III per cent Of the cities. But
IA s per cent interest rate still de-
eidedly the most common rate for first
mortgages on new single family dwell
ings. 1t is checked as the most COM
mon rate for this type of loan by 50
per cent of the cities replying. A 7
per cent rate or higher is cited as the
commonest rate in 10 per cent of the
cities. Only per cent Of the cities
check a 4 y per cent rate as common,
and none any lower rate.
Further details of the survey ind
mgs:
While 2l2 cities out of the 256
showed advancing prices. only 189 at
tempted to measure the degree of the
upturn. A S per cent increase is re-
ported by IS per cent of these 189
cities, 10 per cent increase or more
by IS per cent of the cities, making
63 per cent of all cities surveyed, a
price rise of at least Is per cent in
80 per cent Of the cities rise of Is
per cent or over in 5 per cent of the
cities. Only one city reporting indi-
Gated a downturn.
Shortage OF business space is re-
ported by ls per cent of cities, and
an additional 7 per cent show prospec-
tive shortage. But IA per cent still
report oversupply. What is more sig
n1flcant, 80 per cent of all cities of
over 100000 population report an over
supply and none report an under
supply. No city of over 100000 popu-
lation reports any prospective shortage
in business buildings.
Space Demands Increase.
On the other hand the larger cities
are the group showing most uniformly
an up movement in use of office space.
Cities Of over 500,000 population show
central district office rents up in so
per cent of the cases: 81 per cent of
the cities Of 200. .O00-500, 900 population
report an advance
Such . city as Cincinnati. for ex-
ample, gives this additional report :
Very little available vacant space for
small industries"
Only one city shows any down
movement in residential rents. nc
city any down movement for single
family dwellings. Cities of over 500,-
900 population in 100 per cent OF
cases report residential rents higher
than last year in every type of &C
commodation surveyed. In both the
Great Lakes and North Central re-
eions every city reporting showed the
trend as up. In the Northwest and
Southeast about one-fourth Of the
cities still report rents stationary both
for apartments and for single-family
dwellings.
Growing scarcity of detached houses
for rent is acting to advance the buy
ing of used homes and the building
Of new homes. the reports point out.
Home Site Market Active.
4 very significant indication shown
IN the survey Is the substantial mum.
Der OF home sites now being pur.
chased. A more active market fol
home sites than year ago is re.
ported by u per cent of all cities anc
by 100 per cent Of all the cities o.
over 100000 population.
Geographic variations, per cent o.
eataes reporting higher market ac'