Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-04-05
Home Financing
Problems Seen
Easing in Area
Funds Are Available
For Buyers, Wolker
Tells Conference

NEW YORK. Artti : psssv4cs
Of Columbia builders ~Ao have
eeen concerned over sources ~
mortgage et~dn toF hesse euSers
may face a Aelte' situation ,hAA
they expected
In the Dlatglct area. tire gloomy
mortgage loan picture has bright.
ened considerably In the last few
weeks. and the sltaatloa pEosahly
wiu improve further IL tho months
to come. according 10 Oliver NJ.
Walker Of Washington. Chairman
Of a Mortgage Bankers AssoeIA-
ton Of America housing finance
conference, being held here,
i am, personally. convinced
that there will hc ample funds
available for financing all types
Of sound rial estate development
in the WASHINGTON ARIA Nj.
Walker said today
The chairman az the confer
ence, which is beink attended by
more than IS representative Of
Washington ARA financing Arms
and 500 others from through uI
the East and Midwest. said money
became harder 10 obtain late IN
la&I But after the tirxt oi this
year the situation started 10 ease
up, he said.
Rates Believed Stabilized.
Mr.. Walker Said he believes
there Will be no further trend
toward increased interest rates
and that such rates have "StAhli-
ized" at between Z and 5 pei cent.
depending on the type lie Mid
he expects the average prime
home loan will be available at
I4ls per cent
Edward n. Carr OF WASHINGTON.
former president Of the National
Association Of Real Estate Boards.
said yesterday that, II builders
are TO reach the mass market thlA
year. q program Of long term
financing and minimum cash pay
ments" must be supported by the
mortgage lenders and backed by
realistic appraisAlS.
The important thing 10 the
purchasers. particularly the young
er ones. Is TO keep the required
payment TO the absolute minimum
as a safeguard against periods OF
distress.
4 think IL Is safe TO say that
90 per cent Of them say 10 our
salesnlen: I want TO pay for my
thome as quickly as can. but I
want the required monthly pay
ment TO be rs low as possible. "
! Mr., Carr said there ia large
market" for houses selling under
SO. 600. but that the desperation
market" Is over. Builders. he said.
will have 70 give much more
thought 10 putting appeal In
houses.
| Referring TO the market for
apartment buildings. the Wash
ineton builder said
Garden apartments have in
many places reached the satura-
ton point, Either they wtll have
TO be designed and built 10 rcnt
for less. or they will have TO offer
better location and extra value
somewhere.
Il think there Ia still a good de-
mand for multi-story ffreproof
and elevator buildings. well iocat-
ed downtown However. the rents
cannot be double and triple pre-
war rents. II they can be built
10 rent at not too great an adj
vance they should do well"
Other Speakers Listed.
Other speakers yesterday In
ciuded Lawrence Clayton. member
OF the Federal Reserve Board:
Philip N. Brownstein. assistant
chief Of the Veterans AdminlstTa-
tons Loans Service and Claims
Division. and Roland r. Randall.
president Of the Society OF Indus
trial Realtora
| Mr.. Clayton said there may b
some "appreciable fluctuations" in
the short-tsrm interest rates In
the future. but that there Is little
/ likelihood Of substantial changes
i on the long term rates.