Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-16
Realtors Back
Boost in Rates
On Home Loans
BY ROBERT J. LEWIS
Star stan Correspondent

- 4S(CAASs ANONs W i llE INdS
TONS realtors were confident
here today after winding up their
annual convention, that the adj
ministration will recommend
higher interest rates on CT and
FILA home loans soon after
Congress convenes.
Leaders Of the National AsSo-
citation Of Real Estate Boards,
which has a heavy representa-
ton Of mortgage bankers in its
membership, experienced no
difficulty in having the conven-
ton call on Congress to raise
rates. Nor did delegates hear
any word Of disbursement for
such a drive from Housing Ad-
ministrator Albert M. Cole.
Speaking here yesterday, Mr..
Cole said a II per cent decline
IN home building this year is
justification for the admins
tration to "act affirmatively to
see that housing production is
protected"
The Housing Administrator
did not specify what "afflrma-
tive" steps he had in mind. But
delegates themselves had little
doubt that among them will be
a recommendation for some form
OF upward revision Of the VA
rate, plus administrative action
to raise the FILA rate.
Thine to Go to Bat"
1--WE cannot afford to let the
vital housing portion Of our
economic life dwindle to a point
that jeopardixes our productive
capacity and allows our unmet
housing demands to accumu-
late" Mr.. Cole told delegates.
I'm short, it Is time to go to
bat for housing. 1t is time to
go to bat for sufficient flow of
our savings into the home mort
gage market to sustain level of
more than a million units of
housing production.
1T is time to go to bat for the
people who need and want better
homes, and can pay for them if
they can get the financing. It
is time to go to bat for the well
organized, highly productive
housing industry--of which you
are a part--that we have de-
veloped in this country. And
this intend to do"
In an interview, Mr.. Cole de-
clined to say specifically whether
an upward revision Of interest
rates was contemplated. He also
refused to rule out the possibility
that the direct Federal lending
program might be expanded.
He said. however: II don't per.
sonally like direct Federal lend
ing. I don't think it's good for
the country"
The housing administrator
said he believed there's still a
demand in this country for pro-
duction Of 1.3 million new homes.
but that's got to be related to
the availability of money"
At another session, Ormonde
A. Kieb Of Washington, Assist
ant Postmaster General I'M
charge Of facilities, told dele
gates that post Office needs have
vastly expanded as a result Of the
country's growth.
Building Program Cited
~ In the last three and a half
years. almost 1,4O0 new build
1ngs have been constructed at
q cost Of $62 million, he said.
Additional new buildings are
being approved at the rate of
two every working day.
In the next five years he
said. $500 new buildings will
be needed. besides other ia
cilities.
Earlier. Charles L. Norris. 81. :.
president of the Washington
Real Estate Board, used a WASH
ington rehabilitation project to
illustrate the feasibility of re-
storing rundown dwellings.
1.-THE first thing we must re-
member in merchandising these
rehabilitated homes" he told
delegates. sis that we have toI
sell the same convenience of To-
cation which induced our FORE
fathers to erect them generations
ago."
AS the convention closed, three
delegates from the Washington
area were chosen national d.
rectors Of the National Associa-
ton of Real Estate Boards. They
we're Edward j. Kyle, for the
District; Ralph p. Riplee of
Montgomery County, for Mary
land. and DR.. Joseph w. Seay.
Falls Church, for Virginia. Ken
meth S. Reyes Of Miami was
elected president and C. ArmelI
Nutter, Camden. N. j., treas
urer.