The Central New Jersey Home News from New Brunswick, New Jersey • 19

Real Estate News Garden Information pntess NEW BRUNSWICK, N. SUNDAY. JANUARY 27. 1952. H.O.JL.C.S Record Cited iW Today's Mortgage Lenders Costs of Construction Home Construction Outlook Is Gloomy House Sold by Sayreville Councilman Agency Made i i.

rr-r-iTirt pinwir.TiiliiiMi-yin.ini hi i mwimiMiii i.m.......m.nw Mi- Cent in '51 Up 4 Per it' 1 I' i I Til Appraisal Company Has Analyzed Costs in 30 Key Gties Construction costs rose 4 per cent during 1951 to an all-time high, reports the American Ap-. praisal Company. The company's estimate, which is the national average and not necessarily true In any particular i. area, is Dasea on a detailed analysis of materials and labor re Firm Conveys Three Houses In Local Area Rutgers Village Homes On Halstead Road Transferred Rutgers Village, a corporation, has transferred title to three more I dwellings, each of four and one-half rooms with expansion attic and each located on a lot of approximately 6,500 square feet, (built by the seller in Rutgers Village, its development here. All sales were of dwellings on i Halstead road.

The buyers were I the following: Mr. and Mrs. Rob-jert C. Ferguson, Mr. and Mrs.

'Raymond H. Bogh and Mr. and Ralph C. Garlick. All purchasers have taken possession.

The broker in all sales was C. B. Snyder Realty Company of Elizabeth, exclusive salesagent. titles were closed and mortgage financing provided by Bank- ers Title Abstract Company of Paterson. The seller, whose persident is Emanuel M.

Spiegel, has completed 166 similar dwellings in Rutgers Village. All are sold or under contract of sale. It is building a second section of 187. Windsor Park Homes Bought By 2 Couples I 1 I Vv This eight-room house at 54 Dolan street, Sayreville, has been purchased by Mr. and Frank Zajack from Councilman and Mrs.

Alex Loniewski of Sayreville. East Brunswick ProieCt'the building on MacArthur ave- Midway City Lots Have Been Sold To Five Couples NORTH BRUNSWICK, Jan. 26 Five owners of properties on First and Allen avenues in the Midway City tract have purchased from Mr. and Mrs. John A.

Allgair the lots immediately in the rear of their properties and fronting on Allgair avenue, an unopened street. The lots, averaging 50 by 100 feet, were purchased by Mr. and Mrs. Blake P. Click-ner, Mr.

and Mrs. Joseph An-dronowski, Mr. and Mrs. Peter B. Grinley, Mr.

and Mrs. Gilbert H. Moss and Mr. and Mrs. Daniel Heron.

No plans for improving the lots have been disclosed. William A. Steinmetz was the broker in all transfers. Samuel D. Hoffman, New Brunswick attorney, represented all parties to the transfers.

Real Estate Unit to Hold Installation County Board Will Meet In Roosevelt Top Hat Wednesday Night A meeting of the Middlesex County Board of Realtors will be held on Wednesday at 6:30 p.m., at the Roosevelt Top Hat, State Highway 25, Raritan township, announces Fred W. Bates board secretary. Installation of the newly elect ed officers will be the principal business of the meeting. Rolston Waterbury. vice nresident of the fourth district, will install them.

Application for active member- snip nas been received from Georg Allgair of the Allgair Agency, Metuchen, and application for associate membership from Lawrence Robinson of the uavid u. Deutsch Agency, New Brunswick. Action on these annli. cations will be taken at the meeting. Mr.

Bates has requested the members to notify him of th number of their staffs who will attend the meeting and also to advise him of the present addresses and telephone numbers of their offices, as he has. noted several changes recently. Five-Room Home In Durham Park Is Transferred PISCATAWAY TOWNSHIP Jan. 26 Mr. and Mrs.

Russell E. Bennett have bought from Durham Park Heights Inc. a five- room dwelling built by the seller on Charles terrace on a lot an. proximately 75 by 125 feet, in its development here. The buyers have taken posses sion, ine Droker the sale was the J.

DiLeo Agency of Stelton, exclusive agent. The title was closed for the seller and mortgages by Bankers Title Abstract Company, Paterson. The seller has completed 112 similar aweuings in this devel opment and all are sold or under contract of sale. It has started a second section Of 30. to be com pleted in April.

A model home is open daily on Plainfield avenue, North Stelton. Sayreville Factory Purchased by Atlas Marine Fabricators SATREVILLE, Jan. 26 Atlas Marine Fabricators Inc. has bought from Joanna Gross a welding plant contained in two small buildings on Scott avenue, located on a tract of approximately one and one-half acres. The buyer has taken possession and will operate the plant.

Joseph T. Karcher of this borough was attorney for the seller and Arthur J. Sills of Wilentz, Goldman, Spitzer Sills, Perth Amboy, for the buyer. House Loans Of $3 Billion Corporation Was Forced To Foreclose One of Every Five By THOMAS McMORROW Present day mortgage lenders may profit by the vast experience of the Home Owners Loan Cor poration, set up by the government in 1933 to meet the crisis caused by the bank closings and uiimy uquiaaiea ai a net profit in 1951. A full account of the corporation's work( written by Dr.

C. Lowell HarrLs, associate professor of economics at Columbia University, has been issued bv tha National Bureau of Economic Re- eearch, 1819 Broadway, New YorlcN.Y. More than 2,000,00 owners of non-iarm dwellings applied for H.O.L.C. loans in the period 1933-1935. Of this number, 54 per cent were accepted, H.O.L.C.

loaning a total of $3,100,000,000. It also made about 450,000 recondition ing loans and 184,4775 to purchasers of proper'i'j taken by H.O.L.C. through mortgage foreclosure. The average loan In the first instance was slightly more than $3,000, the highest being in the District of Columbia and the lowest in Idaho. Halted Foreclosures H.O.L.C.

loans halted the wav of mortgage foreclosures then sweeping the United States. The loans themselves were effective. but even more so, as Dr. Harriss points out, was the restoration of public confidence in mortgage securities. The result was similar to federal insurance of bank de posits, which halted immediately the rush of depositors to the banks.

However, one out of every 10 non farm owner occupied dwellings in the country finally was mortgaged to H.O.L.C. Nearly 40 per cent of all loans were for $2,000 or less and 75 per cent were under $4,000. Only 1.4 per cent were for $10,000 or more. The law permitted loans 80 per cent of H.O.L.C. appraisals.

dui ine average percentage of ap praisal loaned was 68.8. The great majority of homeowners whose mortgages were refinanced by H.OX.C. Were comparatively small Income, two- reporting incomes of less than $150 per month when they made application. To get that fact in proper focus, one must bear in mind that $150 in 1934 was equal in exchange value to approxi mately $300 today. About 65 per cent of the loans were made to borrowers between th ages of 35 and 55.

H.O.L.C. had to foreclose about one out of every five original or a total by March 31, 1951, of 194,134. About 40 per cent of the loans made in New Jersey and New York were fore closed, comparing with 13 per cent of loans made in Ohio. Many Refused to Pay "Obstinate refusal to pay" was H.O.L.C. 's explanation of 21.5 per cent of the foreclosures, with in ability to pay accounting for 17.8.

Other causes were death of the borrower, legal complications and abandonment of the property. H. O.L.C. wasn't a tough lender; of the foreclosures, most were on borrowers who had been delinquent for 18 months or longer. "The figures suggest," Dr.

Harriss comments, "that the moral risk is highly important in lending." Deficiency Judgments were taken in the foreclosures, but few of them were pressed for payment. Deficiency Judgments totalled $34,000,000 and total collections, through 1949, were about $2,500,000. Dr. Harriss came to cartaki con- elusions, interesting to all lenders on mortgage. Income as compared with the amount borrowed is to be considered.

On every income level, the percentage of foreclosures rose with the size of the loan. Intent on Keeping Homes Loans made to borrowers with la'ge families showed a better than average experience. The borrowers were more intent on not losing their homes. The middie-age group 33 to years were the most renaDie borrowers. Loans to borrowers under 30 and to those over 55 had a much worse than average record.

Loans on homes ievoted in part to business had a higher foreclosure rate, at least partly due to the decline in business activity during the '30's. Properties with the most modern heating and bathing facilities had a higher foreclosure rate, but Dr. Harriss says that H.O L.C. was inclined Continued on Page Twenty Diocese of Trenton Buys Site for a New Church SOUTH BRUNSWICK, Jan. 26 The Diocese of Trenton has bought from Olga Adler a tract of 10 acres on the Franklin Park-Deans road.

It is planned to errect a church to serve Franklin Park and Adams, said a spokesman for ths purchaser. Work will begin when tne necsssary materials are available. Adler Mezey of New Brunswick were attorneys for the seller and Backes Backes of Trenton Country Lane Houses Sold By Builders Corporation Sells Three New Dwellings in East Br.nswick EAST BRUNSWICK, Jan. 26 Country Lane Homes Inc. has, transferred title to three more of, the dwellings, each of four and one-half rooms and each located on a lot of 6,600 square feet mini-! mum, built by the seller in its development here.

Mr. and Mrs. Richard F. Seid-ler bought a dwelling on Victory place. Mr.

Seidler is an executive of Economy Auto Works. Mr. and Mrs. Arnett Smith bought a home on Harwin drive. Mr.

Smith is as sistant chief guard at Triangle Conduit Company. A home at Ryders'lane and Erwfn terrace was bought by Mr. and Mrs. Rob ert J. Bennett.

Mr. Bennett is a partner in Bennett Brothers, re frigerator service. Jersey Mortgage Company was the broker in all sales and also provided mortgage financing. The titles were closed by Thomas C. Mitchell, New Brunswick attorney, representing the seller and mortgagee.

The seller has completed or under construction a total of 166 similer homes in this development, of which 70 are sold or under contract of sale. COAL PRODUCTION UP Tha hHiimtrtnna fna1 InHnatrv n.jj kw miiHnn w. of coal in 1951, says the Plumb- ing and Heating Industries Bu- reiu. This amount was more than 20 million tons above the 1950 figure, tons more than the 437 million-ton output of 1949. Farm of 18 Acres In East Brunswick Has Been Conveyed EAST BRUNSWICK, Jan.

26 Mr. and Mrs. Edward Wein-brenner have bought from Mr. and Mrs. Leonard Spitz an 18-acre general farm on Harden-berg lane, improved with a seven-room dwelling, barn, garage and other outbuildings.

Mr. Weinbrenner is an ink-maker with International Printing Ink Company, Elizabeth. The buyers are taking possession next week. The sellers are moving to Virginia. Michael Lankewich was the broker in the sale.

John V-R. Strong of the New Brunswick office of Strong St Strong was attorney for all parties to the transfer. tST. 1952 40 Cut in Material FIRST QUARTER 1952 Building at annual Rata 1951 12 mm INEA NnhaHl Above newsehart shows gloomy outlook for new home construction during 1953 after Defense Production Administration ordered a 40 per cent cutback in strategic building material. This represents a 400,000 reduction from the 1,100,000 dwellings that were built during 1951.

Middle sketch indicates approximate annual rate, of home construction for first quarter of 1953, prior to the cutback. Three Houses In Park View Estates Sold Valleyview Company Has Sold All Bui Four Of 45 Houses FRANKLIN TOWNSHIP. Jan. 26 Valleyview Development Campany has transferred title to three more of 'the ranch-type dwellings, each of five rooms and each located on a lot 75 by 100 Keet built tbe seller in its Iocal development, Park View Estates. Two of the sales were of dwellings on Rodney avenue.

The purchasers were Mr. and Mrs. Michael Zlotowski and Captain and Mrs. William Flynn Jr. Mr.

Zlotowski is employed by Interna-tional-Plainfield Motor Company, Plainfield. Mr. Flynn is an Army captain. A dwelling on Runyon avenue was purchased by Mr. and Mrs.

J. Harry Miller. Mr. Miller is office manager for James H. De La-plaine, electrical contractor, Highland Park.

All purchasers have taken possession. The broker in all sales was the Shultise Agency of High land Park, exclusive sales agent. Titles were closed by Bankers Mortgage Company, which pro vided mortgage financing. The selle rhas 42 similar dwellings in Park View Estates, completed or under construction. All but four are now sold or under contract or sale.

20 Oxford street, shown above, The dwellings, each containing two apartments, are located on a 101 approximately 190 by 100 feet, The purchase was made for in vestment only and indicates no immediate change in use or occu- fllPt I I quired for industrial building in 30 key cities in the United States. The index applies to construction only and does not include fixtures and decorations. The index takes costs in 1913 as the basis, rating them at 100. On that scale, tdays's costs are 539. Costs rose in the 1920's more than doubling thfiose of pre-World War I The sankin theearly 1930's picking up rapidly after World War IL The comparative figures as shown by the company's construction cost are as follows: 1913-100; 1926-217; 1933-150; 1939-200; 1946-352; September 1951-536, and December 1951-539.

12 Dwellings Are Conveyed By Developer Houses in Stephenville, Raritan Township, Total 245 RARITAN TOWNSHIP, Jan. 26 -Terra-Nova Construction Company, a corporation whose president is Frank Tufaro, has transferred title to 12 mpre of the dwellings, each of five rooms and each located on a lot of approximately 20,000 square feet, built by the seller in Stephenville, its development here. Six of the sales were of dwellings on Homestead road. The buyers were Mr. and Mrs.

Robert H. McCloughan, William Schir-mer, Mr. and Mrs. Arthur G. Po-cilin, Mr.

and Mrs. Alex D. Sipos, Mr. and Mrs. Dickinson R.

Kearney and Mr. and Mrs. Theodore E. Steibling. Five dwellings on Maida road were sold.

The buyers: Mr. and Mrs. George H. Dietz, Mr. and Mrs.

Thomas S. Larsen, Mr. and Mrs. Horace U. Pearce, Mr.

and Mrs. Albert J. Ward Jr. and Mr. and Mrs.

Edward L. Betz. Mr. and Mrs. Henry J.

Vis bought a dwelling on Stephenville parkway. All purchasers have taken possession. Leichner Timpson of Metuchen, exclusive sales agents for the development, were the brokers in all sales. Pettit Baker, Westf ield attorneys, closed all titles for the seller and for Jersey Mortgage Company which provided mortgage financing. The seller has completed or under construction a total of 245 dwellings of this type and Jot size in Stephenville.

All are sold or under contract of sale. Chain 6' Hills Houses Sold By Company Eight More Residences In Colonia Bought From Developer WOODBRIDGE, Jan. 26-Rari-tan Dwellings has transferred title to eight more dwellings, each of five rooms and each located on a lot of approximately square feet, built by the seller in Chain O'Hills Park, its Colonia development. Seven of the sales were of homes on Park avenue, Mr. and Mrs.

Robert D. Eckersley, Stanley Kurek, Mr. and Mrs. George Macusky, Mr. and Mrs.

William E. Moorhead, Mr. and Mrs. Richard E. Murphy and Mr.

and Mrs.Gen-rtard J. Napolitano. A dwelling on Elizabeth avenue was purchased by Mr. and Mrs. Francis L.

Casey. All purchasers have taken possession. Franklin Mortgage Title Insurance Company of New ark closed all titles and provided mortgage financing. The seller has completed or un der construction a total of 316sim- ilar dwellings in Chain Hills Park. All are sold or under contract of sale.

Remsen Avenue House Sold to Martin Rizzi NORTH BRUNSWICK, Jan. 26 Mr. and Mrs. Martin A. Rizzi have bought from Mr.

and Mrs. John Vincze the dwelling of seven rooms and two baths at 268 Bern-Ben avenue, corner of Stevens street, located on a lot 100 byj 105 feet. The buyers will take possession when redecoration is completed. The sellers are moving to Florida. Mr, Rizii is proprietor of Marty's Grocery, Lee avenue.

New Brunswick. New Brunswick attorneys Morris Spritzer and Miss Edith M. Tennyson represented sellers and buyers, respectively. I I fftgm Anmc VXl CCI1 Sm.sJL TT 1J 11UU1C8 UUlIllIll By 3 Couples Louis Raupp Inc. Sells New Dwellings in East Brunswick EAST BRUNSWICK, Jan.

26 Louis Raupp Inc. has transferred title to three more of the dwellings, each of four rooms and each located on a lot 50 by 100 feet, built by the seller in Green Acres, its development here. AU transfers wer of homes on TThe, ff Mr. and Mrs. Louis J.

Perdoni, anf Mrs. WiUm B. Peters purchasehs have taken possession, Bohlen-Synden Agency of Me- tucken was the broker in all sales. Titles were closed for the seller and mortgage by Kaufman Kaufman, Elizabeth attorneys. The seller has completed or un-i der construction a total of 70 similar dwellings in Green Acres, of which 58 are sold or under contract of sale.

Bohlen-Synden is the exclusive agent. John Zuurmond Buys Metuchen Residence METUCHEN, Jan. 26 Mr. and Mrs. John Zuurmond have bought from Mr.

and Mrs. Joseph T. Houseman the five-room dwelling at 49 Kempson place, located on a lot 50 by 400 feet, The buyers will take possession on or about March 1. Mr. Zuur mond is a retired business man.

Mrs. Catherine Flynn was the broker in the sale. Bernard W. IVncrAl TArth ArrvHnv aHnrnav w0, H.iui..;, represented all parties to the transfer. SAYREVILLE, Jan.

26 Mr. and Mrs. Frank Zajack have bought from Councilman and Mrs. Alex. Loniewski the dwelling of eight rooms and two baths at 54 Dolan street, located on a lot 80 by 125 feet on which is also a two-car detached garage.

The buyers will take possession on or about February 1. The sellers are moving to an anartment in Loniewski, who is a building contractor and a councilman of this borough. Mr. Zajack is proprietor of Za jack's Sunoco Service Station and Garage on MacArthur avenue. Edward A.

Modzelewski was attorney for all parties to the transfer. Builder Sells Nine Houses In Township Washington Park Homes Are Purchased From Lincoln Properties RARITAN TOWNSHIP. Jan. 26 Lincoln Properties Inc. has transferred title to nine more dwellings, each of five rooms and each located on a lot approximately 60 by 110 feet, built by tne sener in Washington Park, its development here.

Seven of the sales were of dwellings on Raleigh road. The buyers were the following: Mr. and Mrs. Herbert D. Rubinstein.

Mr. and Mrs. Wallace K. Rieth, Mr. and Mrs.

Edward C. May Mr. and Mrs. Edward A. Chester, Mr.

and Mrs. Robert L. Hofacker, Mr. and Mrs. Harry Hendershot and Mr.

and Mrs. Frank M. Aiello. A dwelling on WinthroD road was bought by Mr. and Mrs.

Nelson Fox and one oh Coltpn road by Mr. and Mrs. MerritfS. Edmunds. AH purchasers have taken possession.

The broker in all sales was William Allgeier, exclusive sales agent. Simon A. Bahr, New Brunswick attorney, closed all titles for the seller. The seller has completed 355 similar dwellings in Washington Park. All are sold or under contract of sale.

It is building 64 more for completion in the spring. The majority are under contract of sale. Walter Robertson Sells New House In Home Project PISCATAWAY TOWNSHIP, Jan. 26 Mr. and Mrs.

John Kos-ovan have bought from Mr. and Mrs. Walter Robertson Sr. a four-room dwelling, with full cellar and expansion attic, built by Mr. i ituvciMuu vii uaiac.ic sun, vu a lot 50 by 150 feet.

The buyers have taken possession. Mr. Kosovan is a stocker with Buffalo Jank Corporation, Dunellen. Phy Henehan of "Plainfield, exclusive sales agent for the development, was the broker. Henry Handelman of Dunellen was attorney, for the sellers and George mortgagee, General Investment Corporation.

Mr. Robertson has built nine similar homes in this development, of which all but two are sold or under contract of sale. Half of Duplex House In City Transferred William F. Cox of the office of J. Joseph Connor was the broker in the sale, by Franklin D.

Richards, federal housing commissioner, to Mr. and Mrs. Louis G. Aldrich, of a two-story brick one-half (iur'rc-dwelling at Tine street and Nichol avenue. The dwelling contains five rooms.

The buyers have taken possession. Mr. Aldrich is a lineman in the employ of Public Service Electric Gas Company. Has Total of 152 Houses Sold EAST BRUNSWICK, Jan. 26 Windsor Homes Inc.

has transfer red title to two more dwellings. each of four and one-half rooms with full cellar and expansion at tics and each located on a lot of approximately 6,500 square feet built by the sellers in Windsor Park, its cdevelopment here. Mr. and Mrs. Bruce R.

Dooner bought the dwelling at 6 Staurt drive. The dwelling at 22 Windsor drive was purchased by Mr. and Mrs. Robert A. Curtis.

Both couples have taken posses sion. The titles were closed for the seller and the mortgagee by Bankers Title Abstract Com pany of Paterson. The seller has completed 150 similar dwelling in Windsor Park and all are sold or under contract of sale. It has a second section of 100 under construction. Robert Kendall is president of Windsor Homes Inc.

Building in Park Has Been Bought By John Silvasi Mr. and Mrs. John Silvasi have bought from Mr. and Mrs. Charles Krovath the building at 217 Rari tan avenue, Highland Park, containing the New Homstead Bar and Grill, with two apartments above, located on a lot 50 by 100 feet.

The purchase was made for in vestment only. The retail liquor business has been transferred by the sellers to Frank Perger, who will operate the tavern. Mr. Krovath is retiring. Charles M.

Morris Jr. was attorney for the sellers and Gustave Kein of Union represented the buyers. Conveyed if: ft JrYV a have been bought by Mr. 'and pat ion. Mr.

Burger is proprietor of Burger's Meat Market, French street, Geza Statnberger Jr. was attorney for the sellers and Philip M. Brenner for the buyers. i Ten Duplex Houses Are ii New House Completed JL II I II 0 t-hm mKaSmMrt 1 if ttm The 10 duplex houses at 2 Joseph Burger. Thomas Varga was the broker in the sale of the 10 duplex dwellings at 2-20 jOxford street.

by Mr. and Mrs. Charlei Stanknvit jto Mr. and Mrs. Joseph Burger.

Mr. and Mrs. Donald Ehreihardt are occupying this new house, built for them at 36 Price street, Parltn, Sayreville, by Benjamin Albert Mrs. Engelhardt's father. The dwelling contains six rooms, with attached garage, and is located on a lot 80 by 100 feet.

Mr. Engelhardt is an employs of Hercules Powder Company, Parlin. for ths buyer..