Alton Evening Telegraph from Alton, Illinois on June 25, 1963 · Page 5
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June 25, 1963

Alton Evening Telegraph from Alton, Illinois · Page 5

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Alton, Illinois
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Tuesday, June 25, 1963
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Page 5
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TUESDAY, JUNE 25, 1963 ALTON EVENING TELEGRAPH PAGE FIVE Construction Of Housing Levels Off By SAM DAWSON AP Business News Analyst NEW YORK (AP) — MortRagp funds arc readily available in most sections of the nation despite tightening of credit in the short- term money markets. And building of housing units this year should about equal last year's volume, while other construction is expected to rise above 1962. Foreclosures have been rising, however, despite a steady increase in personal incomes enjoyed by most home owners. These mixed trends — ample mortgage funds, tighter short- term credit, rising construction and even steeper rise in foreclosures—are part of today's changing economy that gives forecasters new headaches. "Although some easing in housing starts is to be expected once the winter losses are made up, says Dr. Roy L. Reierson, senior vice president and chief economist of Bankers Trust Co., New York, "private nonfarm housing starts for the year as a whole will probably total close to last year's 1.4 million, with apartment houses accounting for an increased percentage of the total." He adds that "a large volume oV mortgage commitments is re portedly still on the books of institutional lenders." Taldng the long look, Ihe Fam ily Economics Bureau of North western National Life Insurano Co. points out one of the prob lems. "Encouraged by modern liberal ixed morlgage financing and ris inp; postwar incomes," Ihe Minneapolis-based firm says, "non farm home ownership in th Uniled States has expanded b; nearly 100 per cent since the enc of World War II. But in thos same 17 years, the annual toll o defaulted residential mortgage resulting in foreclosures ha zoomed more than 700 per cent. The figures are: At the end o the war 16 million nonfarm fam ilics owned their homes; today 3 million do. But in 1962 more tha 8(i,000 nonfarm houses were fore closed, the highest total since 193 and capping 10 straight annual in creases. Official estimates put foreclos ures in the first three months 1963 at 23,500, compared with 21 000 in tbe like period of 1962. The insurance company think Calhoun Girl Attends State FHA Conclave HARDIN — Miss Ada Mae Herter returned Saturday from a ne week session at the 87th State .leadership Conference, sponsored iy the Future Homemakers ol America, al Illinois State Normal University, Normal. Miss Herter vas selected as a delegate by Cal- he trouble is the "old Americai custom of overdoing a good thing n this case the easing of mort gage credit to encourage home ownership." Mortgages It reports that 44 per cent of he nation's homes were mortgaged in 1950 for an average of 42 per cent of their value. Today more than 60 per cent art mortgaged to an average of morr ban 50 per cent of their value. In the field of commercial construction Dr. Reierson notes two .rouble spots this year—"reports of difficulty in finding tenants for he steadily increasing supply ol office space in New York and some other areas of the country, and a cutback in the construction of new shopping centers." Bui •ompletion of the large numbt'i of projects begun last year will keep .19G3's lotal at about the same level. And ho looks for industrial conduction to improve in the months ahead, as well as greater activity in public construction Adding them all up, the New York banker looks for $62.5 billion o construction this year, 2 per ceii higher than last year's record. The funds are available, thf urge to build or to own one'. 1 own home is still high—and t.h( mortgage terms are still attrac live. houn Chapter, FHA. She is the daughter of Mr. ynd Mrs. Albert Herter Sr. of Golden Eagle. Miss Herter, who will be a senior at Calhoun High School, was vice president of recreation of her FHA chapter during the past year. She held the office of vice presi dent of recreation in Section 6, for the year 1962-63. During her senior year she will serve as degree chairman of Calhoun Chapter. At the conference, Ada Mae worked in discussion groups, leading discussions. She also sang in the FHA choir. All activities a the conference were planned anc carried out by the teenagers. Home Unit to Meet HARDIN — Mrs. Cletus German Mil be hostess to the Hardin un- t, Homemakers Extension Association, at her home here, at 8 p.m. today. Mrs. Albert Ringhausen will be assistant hostess. Mrs. Gene Becker and Mrs Larry Johnson will present the major lesson, "Cooking Out of f Box," and the minor lesson "Care of Paint Brushes," will be given by Mrs. Frank McDonald This will be the last regular meet ing of the unit until September. Hardin Notes HARDIN — Mrs. Harry Herron vas taken by ambulance to Al-| on Memorial Hospital early Monday morning, after she became ill at her home. Mrs. Ira Mae Blackwell of East Hardin is recuperating at her home, after long stays in hospitals in Jerseyville and Alton. According to Mrs. Blackwell, while she was away neighbors came to her J & A Springman Hns York \Vlinlp House AIR CONDITIONING Godfrey, ill. Ph. «»-S43t home and assisted with the work, including canning of fruits and vegetables. FIJI — Noi?e will scare off sharks, according to Jone \Vas- lach. a native, recentlv attacked AWAY Go Corns! Rent Electric Carpet Shampooer FOR ONLY $1 Zinc-pad* Speedily Prevent, Relieve^ Remove Corns Instant-acting Dr. Scholl's Zinc-pads do everytliing for you. Slop corns before they can develop when used at first sign of sore toes ... Stop pain in a jiffy . . . Remove corns one of the quickest ways known to medical science. Water- repellent—do not come off In bath. 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