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

NEw YORK. ApFa 5 D.asstt
az Column ola eAl2aesa s'}o Nass
beer concerned csvy ~s,srvys 9,
u1oTis aer eTrdH fes houle ou,cs,
NAV face hclgrs A14at.aa IAN
they cApcrgca
Ii the D.syslc. ayea. ghr sgoonv
mortgage loan plsiufr has h5srht.
encd CONSIDERABLY in ;ht .a&, ftw
weeks ard tire Nluag4aa probably
will Improve i4rthe; IA tht uaouthS
10 come. aeconame tc Ol!ecs NJ.
Wslkrf Of Waking ten. chairman
Of Mortgage Bankers Ass,s-lA-
ton OF America houslns cnaaes
conference. ecins held here
1 am. personally COM need
tina, there wlIl he ample tuuas
available Tor financing all HIrS
Of sound real estate development
IN tho Washington area Mr..
Walker said to-day
The chairman OF The CENTER
encc. which Is helms attended NJ
more than IS representative ~
Washington area financing nfmN
and 500 others from thTous hout
the East and Midwest said money
became harder 10 obtain late III
lssT But after the frst Of this
year the situation started 10 ease
up, he said
Rates Relieved stabIiised.
MIR. Walker said he believes
there will hs no furtiIrr trend
toward increased interest rates
and that such rates have 'stahi.
lied at between Z and $ pet cent.
depending on the typc he said
he expects the average prime
home loan viii be available al
"A per cent
Speakers today dealt With alum
redevelopment. investment in real
estate by life insurance companies
and colleges and Reconstruction
Finance Corp procedures
Holman d Pettlbone. president
of the Chicago Title Il Trust Co,
pointed out that In Chicago no
Stun area ever has been redrsel-
oped chiefly because the assembly
of land was almost impossible
Under new Illinois plan. no
said. public funds viii bc used IN
acquire blighted areas and prepare
the site for redcvelopment hy PR
yate builders, The New York Life
Insurance Co now Is making plans
10 undertake huge development
program in Chicago. ne said. II
suitable land is made available.
Sees Investment Market
Mark Levy, = Chicago real estat.
dealer. told the group that life IN
surance companies and colleges
would be on the market for about
s. 900 900 900 in choice" city re-
tail and industrial real estate in
the future II present investment
trends continue
Robert {, Nordblom Of Boston
said he expected large educational
institutions to become more and
more an important factor In the
real estate market because they
can no longer exist" on the re-.
turn from Government bonds or
common stocks.
Allen e Freeze assistant con.
troller OF the RFC, said that IT
present the agency owns approx
mately 10000 mortgages. and that
in the interests Of more cconami-
cal operations. the agency Ia plan
ming To revise lis procedures for
servicing mortgage loan accounts.
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 this
year, a program OF long term
financing and minimum cash pay
ments" must be supported By the
mortgage lenders and backed by
realistic appraisals.
The important thinR 10 the
purchasers. particularly the young
er ones. Is 10 keep the required
payment 10 the absolute minimum
as q safeguard against periods Of
distress.
i think Il In safe 70 say that
90 per cent OF oacrn say 70 our
statesmen I want TO pay for my
home as quickly as / can. but I
want the required monthly pay
uent 20 be as low as possible. -"