Evening Star Newspaper, July 24, 1937, Page 27

REAL ESTATE. THE EVENING S TAR, WASHINGTON, D. C, SATURDAY, JULY 24, 1937. regional bank directorates’ firm hand REAL ESTATE. C—S e e T e R L M ———— it . © . N B PB]. MURIGAGE PurChase ROW Dwelling HUME I.UAN BANK :a::]’;n:!&t;l;fut:: ;:;;«;n:;wfi% ,;; ations’ own policles and from the DAY LILY IMPROVED den has taken the lead in this develop= WATE PREVALENT Survey Finds 41/, Per Cent Lowest, With Range Up to 8. What is the present actual interest rate at which first mortgage loans on new moderately priced homes are now most commonly being made? | This question. on one of the key| factors affecting new home buying and home building, was asked by the National Association of Real Estate Boards in its twenty-ninth semi- annual survey of the real estate mar- ket, last section of which was released today. Of 245 cities from which confiden- tial reports on this question were made to the association by its mem- ber real estate boards, the largest number still check 6 per cent as their commonest rate for new mort- | gages of this type. This rate, com- | monest in 59 per cent of the cities, | has held this position steadily through the recovery vears, as shown by like inquiries conducted by the association gemi-annually since February, 1935 But 135 per cent of all the cities, in naming the rate at which their new home loans are being made, gave no figure so low as 6 per cent as common. In other words their entire range was above 6 per cent. Of the 245 cities, 9 per cent stated that their new home loans are most commonly | being made at 7 per cent or some higher rate. But only 1 per cent of the cities gave their range as up to 8 per cent 4!, Per Cent Lowest. | On the other hand, first home mort- | made today commonly rest rate under 6 per 43 per cent of all the cities replying. | The range of rales NOW common runs ports a range lower than 4'. per cent although previous eys have shown a 4 per cent te existing in a few cit No city now names a rate hicher than 8 per cent as common The study shows decline in interest rates as against a lik survey of a year ago. but a high rate spread some- what more general than was shown &£iX months ago. A year ago costs of over 6 per cent were shown in 20 per cent of the cities and a range under | 6 per cent in only 33 per cent of the | cities. But six months ago only 8'z per cent of the cities were in the group whose entire range of rest rates Decided geographical variations are d in the reports Most notable var however. is cities. | 2 per cent as common are in all cases citics of under 100.000 popu- lation In all, 72 per cent of the cities have As their commonest interest rate a figure somewhere in the bracket 6 per cent to 8 per cent inclusive. Southern Rates Generally Higher. No city of the Central Atlantic region or of the New Engzland section shows any rate higher than 6 per cent as common. Most frequent reports of the higher rates come from the South Central section and the South- east section Residential rents, recognized as hav- fng made an advance in practically every city of the country, are im- portant in the general pattern of re- covery as measuring restored demand for existing structures. without which there could be no pull toward new construction. Significant as a barom- eter of the supply-demand ratio in housinz spac ey continue to show 8 growing divergence as between sin- gle-family houses and apartment space. Using as a yardstick the rates pre- vailing in the vear 1926, the monthly index prepared for the association from rents advertised in typical metro- politan communities from coast to coast Shows apartment space as hav- ing regained only 30 per cent of its total long-term depression loss, its low having continued through the entire year 1934. On the other hand. single- family dwellings have regained 92 per cent of their long-term loss. Their low was reached at the end of 1933. and their rate of recovery has been consistently the more rapid. Apart- ment rates are now at about 65 per cent of the level prevailing in 1926, though single-family dwellings are back &t about 97 per cent of their 1926 levels in tire cities covered by the index. 10 Per Cent Advance Common. | . As to advance over the last 12 months in ingividual cities, an esti- | i mate 1s made for 224 cities by their local real estate boards in the asso- ciation’s semi-annual market survey Degree of increase they most com monly report is a 10 per cent advance over last year, both for apartments and for detached houses. For heated @partments, 44 per cent of the cities | show the rise as 10 per cent over last year. but one-quarter of all the cities (24 per cent) show only a 5 per cent | rise over last year's level: 17 per cent | of the cities show a rise of 15 per cent. For single-family dwellings (unheat- ed), 43 per cent of the cities show the advance as 10 per cent over last year; 8 per cent of the cities show the ad- vance as only 5 per cent over last year, | but 20 per cent of the cities show rates | up 15 per cent, the largest comparative | gains being. very notably. in cities Wwhich one year ago were more than normally retarded in respect to their general business recovery. | Detailed studies recently set up by | the United States Department of La- —_— e A New 6etached Home The Forest Sertion Chevy C?!l::se, Md. White Painted Brick Center-Hall Pian Four Bedrooms Two Baths Corner Lot ‘WEST OF CONN. AVE. Near Elementary, Junior High and High Schools $15,950 6514 Maple Ave. Drive out Conn. Ave. to Bradley Lane turn left’ three squares to Maple Ave. and then right to the home. Houses Since 1906 Mr.and Mrs. Talbert M. Damewood have purchased this row dwelling. located at 5130 New Hampshire avenue, from J. B. Tiffey, builder, through the office of the Stroup Realty Co. —Star Staff Photo. for, it should be noted, show for the first quarter of the current year rent costs uncluding both houses and | apartments) as having an average in- crease of only 0.7 per cent for 32 cities, and only 3 cities of the 32 having an up movement of more than 2 per cent. | No Flame in Basement. | Don't take candles, lamps or open flames into the basement. The men- ace of sewer gas explosions is always present if you havent a mechanical primer on your basement drain trap. Six children were burned and two killed in Missouri recently while look- g for a kitten with matches in the basement i 'BUILD NEAR WARRENTON | Special Dispatch to The Star. WARRENTON, Va,, July 24 —Court- ney S. Welton, Richmond. Va., is the architect and Charles Grant and Mrs. Ray Larcombe are building a mile and a half from Warrenton on Bethel road Elizabeth D. Boorman sold to W. C Orndorfl a lot in Catlett for $250. T. E. Bartenstein, clerk, transferred to W. G. Coleman 12.7 Morrisville for $80 A. B. Sutphin sold to F. Hill Rector 50 acres of land 2 miles from Land- mark for $350. Reynolds Air Conditioning Selected by M. L. Stone— Another Leading Builder The charming Colonial centes-hall home illustrated in this ad- vertisement is located at 4330 Reno Road N.W. group built by Mr. M. L. Wachington, all completely One of the new one in this delightful park section of air-conditioned and oil-fired by Reynolds, for year-round comfort, Conveniently located near schools, . churches and shopping centers, this development offers the Washington home owner the finest in modern construction, Mr. Stone uses a Revnolds system only after investigation, in co- ordinating a home of the finest materials. It is with pride that we include Mr. M. L. Stone in our growing list of leading Wash. ington builders who insist on Reynolds Air Conditioning. THe UNITED CLAY Propbucts Co. INVESTMENT BLDG. 15th & K STS. N.W. DISTRICT 0787 Distributors for Reynolds Corporation Warren- | ton, contractor for a house which Mr. | acres near | | JUST COMPLETED IN WYNNEWOOD PARK Corner Woodside Parkway and Fairview Road This new brick home is placed on a lofge, nicely land- scaped corner lot. baths. It contains four bedrooms and two There are added features of a recreation room with fireplace, floored attic, oil burner with summer hook-up for hot water, screens, weatherstrips and cop- per gutters and downspouts. The walls are furred and ample rock wool insulation has been employed to make the home comfortable at all times. Open Daily and Sunday Until 8:30 P.M. TO INSPECT Go_out Siuteenth Street Spring, or Georgta Avenue to trafic then out Colesville Pike a short distance to Woodside Parkway, light in Silver then left on Woodside Parkway one block to Fairview Road and the home. 721 10th St. COMPANY REALTORS—Established Since 1918 Phone Nat'l 0765 ACT 5 YEARS 0L Regional Institutions Have Done Good Job, Is View. Thursday was the fifth anniversary of the signing of the Federal Home Loan Bank act, and the savings, build- ing and loan associations found the law fulfilling its expectations. A statement from Frank O. Schnei- der, Kankakee, Ill, a director of the United States Building and Loan League sums up the thought of the business that the regional banks have done a good job and have been a con- structive and stabilizing factor in the thrift and home financing business. Schneider is chairman of the special committee of the league which devotes itself each year to suggestions for the perfection of the Home Loan Banks’' operation. The Next Five Years. The five-year job of co-ordinating the scattered units of the business has been well done by the banks, it was pointed out, since more than 3,800 institutions are now bank members. The larger function of the banks, to supply reasonable liquidity to the | thrift and home financing institutions and to supplement existing sources of years’ proving ground, the committee chairman said. ‘The mark which these reserve banks have left on the savings and loan field is notable, according to Schnei- der. As of June 30, over $31.000.000 of the assets of the savings, building and loan associations were invested in the stock of the 12 regional banks. This makes them owners of 20 per cent mortgage funds, will be the next five | the Government, no other type of financial institution participating to more than a nominal extent. The figure is equivalent to more than 2 of 1 per cent of the total resources of all institutions of the savings and loan type. The league committeeman empha- sized that the banks have paid a reasonable return on this investment by the savings and loan associations and have paid the same return on the Government's portion of the capital. Advances About 126 million. Advances from the regional banks in use by the associations as of the same date were approximately $162 000,000, equivalent to about five weeks' lending activity at the rate these local institutions are now making loans to home owners. Altogether in the four and a half years the associations have had the use of their reserve system they have borrowed $340,932.157.97. Much of this money in the earliest days of the Federal Home Loan Banks | refinanced the savings and loan in- stitutions’ borrowings from other sources less fittted to do the job. During practically the last three years, however, such funds have been flowing into the associations and out into their communities in individual home loans rapidly and systematically. - The repayment of nearly half of all moneys had from the banks indicates the disposition of the associations to | distinguish between emergency uses of the credit and long time uses, it is pointed out. This is looked upon by the league committee as one of the best safeguards for the banks' future. The statement also calls attention to | the absence of pyramided credit, such | as some gloomy prophets held would be the case. Advances in use by | associations today constitute less than | five per cent of the total assets of the | 3,800 in the spstem. Conservative Use. “These figures indicate servative use of the banks' which has arisen from the con- facilities the associ- . Six Rooms, 2 Baths, Recreation Room and Garage Semi-D 6020 7th Between Bus etached St. N.W. and Cor Line Our Houses Are Open Daily 9 to 9 WE WILL YOUR HOUS CONSIDER E IN TRADE HARRY WARDMAN, Inc. 1512 K St. N.W. Life's Worth Living Live Whe DI. 3830 in a Wardman Home re Nature Smiles the Year Round And here are 4 exceptional values—one in beautiful Shepherd Park and 3 in t of them can be bought ot he Sligo Park section. All very special prices, and we will arrange the terms to meet your convenience. Shepherd Park specinlly equipped. h‘vu-u' and 2 baths; altre modsrn fixtures; detoched serage. Beoutifully land- scoped lof. Speeial Price Motor out 1812 Stveet to Hem- Jock, turning left You can’t duplicate an anywhere | Highland View In the beautiful Sligo Park | Section. 1558 Flower Ave. 6 rooms and luxurious bath. Big ottic thot is oll finished; convenient oil heat. Detached | garage. On lai landscaped | lot. Only $8,750 From underpass on Georgia f Ave. turn right on Sligo Ave. then left on Flower Ave. Open all day and eve. Sat. and 316 Tower Bldg. Evenings or Sunday, MOS Realtor North Hills A Sligo Park Community that is delightful the year around. 9307 Colesville Rd. 3 big bedrooms and 2 baths; with bedroom and both on t floor. Equipped with modern gas appliances; built- in garage. Designed for per- fect living. Only $11,500 From Silver Spring continue on Colesville Rd. directly to North Hills. Signs will guide you, y one of these homes at ike its price Branwill Park In Sligo Pork-wwhere' evary home is o gem In devign. Sun.; other days 5:30 to 9 P.M. REALTY COMPANY Met. 1776 Phone SHepherd 4517 on the situation” said Schneider. “Most of the Federal Home Loan Bank directors have been on the regional boards since the opening of the in- stitutions and there is thus a con- tinuity of interest in the development of true banking establishments.” Wait for Walls to Dry. ‘When an owner moves into a newly completed home he wili find it ad- vantageous to wait until the plaster drys before decorating the walls. Paint is likely to discolor when it is applied to green plaster, and wallpaper fre- quently peels off. CASTSIONE ™ | MEETS CAST STONE INSTITUTE SPECIFICATIONS EDMONDS ART STONE CO.INC. PHONE:ATLANTIC-2000 Plant Breeders Engaged in Quest for New Forms. The day lily is undergoing rapid im- provement from the garden stand- | point, and enthusiastic plant breeders, both scientific and amateur, are busily engaged in the quest for new forms according to Walter R. Ballard, spe- | cialist in ornamental gardening for | the University of Maryland Extension ment, he says, and much progress has already been made, Mr. Ballard states that the lemon lily of old-fashioned gardens belongs to the group of herbaceous known as day lilies form is the tawny da which has escaped from cultiy and is often found along streams and roadsides. It has been a mystery , ha says, how this type has become so 1ted, since it appears to lanta Another common to studen: Service. The New York Botanic Gar- erile and produces no RESENTING one of of distinctive des has been our privilege t select section adjoining * grounds, beau lly lan & Sons. Johannes, with numerot fitments. Comprises e baths—and many unusu: describe adequately wel 6800 Bradley Boulevar J. Wesley Bu 916 15th Street. R ST Of French-Norman d In price and below any comparable home of toda! Just Past the Entrance to SMALL ESTATE the most lovely homes nment it eve o offer. Situated in Kenwood.” amid spa dscaped by J. H. Small m by Dana B is special materials and leven rooms a our al features impossible 10 e . d “Kennedy” ichanan. Inc. \Etro. 1143 &7 ealtor. An Exceptional New 3-Bedroom 2-Bath Home in Beautiful SOMERSET. MD. This home, which is located in a charming section near Kenwood is construct of brick and stone and is situated on a lot 100 feet wide by 190 feet deep. o living room (23 feet), dining room, modern kitchen, and breakfast nook compris fin the first floor. 3 S There is a built-in garage with complet which is ideal for child’s or sewing room; weather-strippin walls: copper gutters and downspouts. Its moderate pric surprises which is in store for you on inspection. ed room above ation: the pleasan furrec e is one o “Carefree Comfort with Modern Gas Appliances™ TO REACH: Out Wisconsin set. lve. to Somer- Left at Somerset, two blocks to home. OWNER Do J. “UG“ES BUILDER 503 14th S§t. N.W. SILVE & STAR MODEL NAt. 0317 HOME Uthnguitied It Faithfully executed in the tradition of Early America . . . Acclaimed by thou- sands os ¢ model of modern housing ochievement, this Silver Star Home ot 5510 Wriley Road, in Westhaven, is architecturafly authentic, structuraily sturdy, planned to perfection and situated amid an environment of quality . Six rooms ond bath, with downstairs lavatory and basement game room, it awaifs your inspection . Furnished bv Woodward & Lothrop TO REAC Designed by Schrei H: Drive out Massachusetts . . Carefree Comfort with Modern Gas Appliances. ier & Patterson. AL L A, Avenue half mile past Westmoreland Circle to entrance to }J'Iz.\"l’- HAVEN, thence right two blocks to Wriley Road and left to the Silver Star Model Home. ESTHAVEN Built By the Developers of Westmoreland Hills " WESTHAVEN DEVELOPMENT CORPOR 925 Fifteenth Street N.W.