Evening star., 1948-10-12
New Head of D. 6. Realtors
Sees Active Market Ahead
By Raymond M. TayIor

By Raymond M. TayIor
President, Washington Reol Esiats soerd.
With the attention of every one
focused on housing, I have been re-
quested to give my opinion as to the
real estate outlook in the near flu.
ture in the Washington Metropol-
itan Area.
am very optimistic regarding the
business prospects during the bal
ance OF 1948 and the next several
years, and I believe that there will
be considerable activity by owners
builders and brokers.
Because of the great increase in
population in Washington and the
surrounding area in Maryland and
Virginia during the past Is years
and particularly since 1910, there
has been an ever-increasing demand
for houses and apartments, both fol-
purchase and for rent. During the
war and the period Immediately
following it the Federal Government
greatly restricted all building. But
since the restrictions were removed
builders have produced an unprece-
dented volume Of housing.
Many Houses for Sale.
At this time there are thousands
Of rental apartments and houses for
sale under various stages of con-
struction in the Metropolitan Area
which will be completed and ready
for possession during the remainder
Of 1948 and the early months of 1919
These thousands of apartment
units and houses will reduce the
housing shortage to a great extent
and bring us closer to a normal
housing market. On the other hand,
I am convinced that Washington
will continue to grow, and the nor
NAL future demands for housing in
our steadily growing city and Met
ropolitan Area will cause builders to
proceed with most of the housing
plans now completed or on their
drawing boards.
Few people question that Wash
fngton, now the most important and
most publicized city in the most i'm
portant and powerful Nation in the
world, will continue to expand for
many generations. The demand for
both building materials and labor
will thus continue, even though gen.
eral imitation has driven the price of
both materials and labor to an all
time high.
Home Builders Hailed.
Too much credit cannot be given
the home builders of Metropolitan
washington for their great efforts
so far during 1948 to meet the back
log Of housing demand.
An of1cial of the Bureau of Labor
Statistics recently reported that de-
spite continuing increases in costs,
there is no evidence at this time of
q decline In construction in the
Washington area. This same official
also reported that over go per cent
Of the housing units authorized thus
far In 1948 In the Washington area
are to be for rental occupancy in
apartment buildings, as compared to
the IS per cent rental-unit ratio for
the entire year Of 1947.
Nationally, Government oficials
predict that this country will con-
tinue to have numbers of years of
high construction volume, and state
that all types of construction are
running higher than last year, ex-
cept industrial, military and public
housing. Congress is to be greatly
commended for resisting the de-
mandS for funds by the public
houses" who would force the social
ization Of housing on our free econ
ony.
Notwithstanding the optimistic
predictions expressed in this article,
In the light of the great volume of
housing construction now in prog
ress or planned to be started in the
immediate future, 1t Is my opinion
that caution, careful study and some
restraint should be exercised by
Washington area builders to guard
against the economic danger of
overbuilding housing units, and
thus prevent our city from enjoying
a sound growth through a healthy
and normal real estate market.
Concern Over Mortgages.
Some concern and consideration
has already been shown regarding
such possibility by the recent an
nouncement of Government hous-
ing officials that FILA mortgage
loan commitments will only be
granted in the immediate future for
the construction of very low-rental
housing units.
Also there has been a tendency
recently on the part of local banks,
building and loan associations, in
surance' companies and other lend
ing institutions to be more conser-
vative in the lending Of funds for
construction purposes, particularly
for large multi-unit apartment
projects.