Evening star., 1942-10-10
Home Mortgage
Loans Decline
Sharp|yHere
4,665,00 Placed
In $50 Properties
During August
By FRED H. MORHART, Jr.

BY FRED H. MORHART, Jr.
Home mortgage financing here
amounted to $4,665, 900 during Au-
gust. the Federal Home Loan Bank
Administration reported today.
There were $50 non-farm mortgages
of $4,000 or less reported for the
month here.
Washington followed the national
downward trend after June up
swing. it was noted Locally, the
August figure compares with s5 423,-
600 in July and with $7,076,000 for
August year ago.
The national drop was 5 per cent
when compared with July and 81
per cent under August, 1941. The
report stated the August total was
1896, 6,85O,000. The aggregate for the
first eight months of this year was
$2,700 900 900, decline of 13 per
cent under the same period the pre-
ceding year.
Locally and nationally, savings
and loan associations led all other
lenders in the number and amount
of mortgages recorded. Here, they
handled 427 mortgages valued at
$2,170,00O. Next were individuals
with 3l8 valued at $1,027,00O; other
types, 146, and $s73,0O0; insurance
companies, 48, and $360,000, and
he,,Lr opd tr,,ct oororoy,{oe A. opJ
$235,00O.
Foreclosures Again Decline.
Meanwhile, the rate of non-farm
foreclosures continued a steady de-
cline in August when the total of
3,o72 cases was IA per cent below
the july figure of 1858, previous low
for the last Is years, the admins
tration reported.
Normally there is but a national
decline of per cent for the COM
parative periods. Highest rate of
non-farm foreclosures still occurs in
the larger cities, it was reported. AS
compared with a year ago, the Au-
gust foreclosures decreased % per
cent, 1t was stated.
Aside from the mortgaging busi-
ness, Government officials report
that the Federal Housing Admins
tration has financially aided 1873
one-to-four-family dwellings for
war workers last month.
This was a slight increase over
the 11,046 houses started in August
However. because of priorities. this
was marked decline from the 20 ,286
started in the same month last year.
The decline from 1941 levels re-
fleets material shortage and elimina-
tion of non-war construction Pri-
vately financed construction began
under FILA inspection.
FHA Housing Increases.
During the first nine months of
this year, a total of 1885 new
houses were started under the
FILA program, as compared with
166,869 in the like period of 1s41.
During September, applications
were filed for FILA mortgage insur-
ance on 14,081 one-to-f four family
war housing units. to be financed by
mortgages totaling $685. 500. This
compared with 13,4O8 applications
totaling s6l 1861, $50 filed in August,
and with 1882 applications total
ing $98,060,539 filed in September,
l941. All but 68 of last months new
home applications, amounting to
s223. 400. were filed under Title VI.
Under Section 608 of Title VI,
which provides mortgage insurance
for large-scale rental projects for
war workers, 10 applications involv-
ing mortgages of $2,335, 900 were filed
last month. Since the start of Sec
ton 608 operations in July, Sc ap-
plications have been received, in
volving mortgages of $18,901 900 on
proposed war housing projects which
would provide 1852 dwelling units.
In addition to the insurance ap-
plications involving proposed new
construction. 5,597 applications
totaling $26,123,335 for mortgage
insurance on existing homes were
filed under Title II during Septem-
Der.
Fuel Conservation.
At the same time the administra-
ton notes there has been a wide
spread participation in the nationa
fuel conservation program by prop.
erty owners through help by Gov
ernment action designed to conserve
fuel according to Abner H. Ferguson
Federal Housing Commissioner.
Through these actions, wartime
restrictions have been lifted, use o.
the necessary materials has beer
(See HOME MORTGAGE, Pg. B-3.'