Indianapolis Times, Indianapolis, Marion County, 31 December 1950 — Page 29

Chiefs

4 30—The nufacturers committee meeting in

ie, St. Paul, ie public ree Robinson, hairman of reign trade, rtland, Ore., mmittee on

ry is also se’ through St. Paul, consultant pard. Four ’e been apon {forest '. A. Bruce, vift Berry, | Camp Sr, Charles W, )

"and less civilian

| SUNDAY, DEC. 31, 1050 _

THE INDIANAPOLIS TIMES

on Prices to Edge As New Construction Dips |

(Continued From Page 27) Again curbing this possiblé drained by costs of rearmament ike realtors expect Emel.

range left el will keep the home buying, selling market tingling. Priority to War Workers

counter will put what's savings,

Ceiling on Loans This, in effect, will hold down have priority to this contemplated

on houses. The potential home- what has been bleakly described buyer won't be able to meet the as a dwindling market. down payment if the price is | Congress now is pruning and pegged too high. Besides, government regula-| ernment-backed defense housing tions put a ceiling on how much program. Indianapolis, as a heavy Federal Housing Administration defense area; will get a big dose, and Veterans Administration will | both rental and for-sale units. insure on a home loan. Heaviest construction outside With appraisals hinged to cost the home is expected in industrial of replacement less depreciation, | and commercial expansion, in-| the seller won't be able to ask ternal and new buildings. It'll be too high a price acd get it. The | | worth $100 million, down about buyer won't be able to scrape up |10 per cent from 1950 levels. the difference between loan and| Apartment construction is all asking price under government but out of the question, unless pegs, especially. in the higher price more favorable financing and home market. | more “equitable rent returns are This will turn more buyers into! forthcoming. In this case, the]

the existing home field with a former is more possible than the ($25 000 if the location is not right. |

conventional loan, mortgage latter. More than 1000 new units broker said. The newest govern- at $90-and-up per month are being | ment credit curb,” Regulation X, snapped up now and more occu-| doesn’t cover new homes started plant turnover comes in the! before Oct. 12, in most cases. |spring. This will put existing homes in! ‘But realtors did say there will a more favorable financing situa- be homes for “new” buyers here tion and, in turn; up pressures on next year, maybe slightly fewer, home prices here, Imaybe a little higher.

Incoming war workers will}

on to their places as long as possi-| the winds whipping up price tags production, take some steam off ble, Many of them sold quickly last!

iblustering aver this type of ON

Defense Program Expected To Cut 1951 Home Buying

(Continued From Page 27) percentage loans of recent years) for home, buying will be out of the market—at least for new houses and for existing houses| financed, through government

guaranteed or insured credit—we|

can expect a brisk market for the limited number of new homes that are produced. Families with moderate. down payments will probably stay in the market, shifting their sights down from the price range they had in mind under former lending policies to homes of lower price for which their down payments) will make the grade under the government's new credit restrictions. In 1949, the Federal Reserve Board interviewed a large crosssection of American families to determine their spending intentions. From its survey, it estimated that there was a definite market for seven million homes within five years. By including its estimate of the total number of families that might buy homes, the Board arrived at a total potential market for 12 million homes by 1956.

junits per 100 of population now than we had in 1940, and the con-| dition of our housing supply better than it was then, as reports) {of the Bureau of the Census show. Continued high employment,| high earnings, and high savings—! even with high taxes—will keep | {this demand effective. It will ac-| | count for a steady demand for

desirable existing houses, | In addition to this ability to

buy, and the desire of a typical family to want a home of its own, there is a growing: incentive to average families to put their sav-| Ings into home ownership as a| hedge against inflation. This will be a ‘definite market factor in| 1951. An uncertain and troubled fu-| ture does not quench the normal thirst for home ownership. After!

became home owners during the world upheaval between 1940 and| 1945. Those who exercise a telling] influence on home production and home buying through government | controls will have the high Te-| | sponsibility in 1951 to see to it!

“Realtors Hope Prices ‘Hold’

Appraisal Ceilings

(Continued From Page 27)

time, only to watch their properties zoom in price. ¢ It was also pretty generally

{homes was out. A price ceiling will ‘be unenforceable because! houses don't sell in any measurable unit like meat or eggs, Realtors stressed the “inexact {science” of appraisal, and how inlaccurate it could be under mass application. A house is not a standardized product, they said. There are too many factors to be considered when arriving at a true value, like location, con{struction, and age. As one put it a

Discount Government || :

agreed ‘that any price ceiling on!#

Plan Calls for Stone | Or Brick, and Siding

PORCH

{house worth $45,000 will sell at!

{And that works in reverse they! said. Fewer New Homes Concerning prices on existing [homes here is the opinion: lager of Jack C, Carr Co., big real! jestate brokerage, said, “Older [home prices will increase slightly, | | because there are fewer homes to| buy now.” “There will be no big increase

lin prices,” he continued, “because| |af government controls on credit| and wages. People aren’t going,

to have the money to buy.”

“Extreme government controls,” | is| e said, “might lead to a price;

{dip in latter 1951.” B. W. Duck Jr, vice president | of the Spann Co. agreed on the (price rise. Why? He outlined it this way: “Diminishing building activity| {will make fewer available homes. Consequently there will be a

|greater demand for existin g|

homes, hence price increase, though slight.” “Ceilings on home prices over an extended period would encourage “black market” operations,” {he said. Older Homes Down? A 5‘per cent drop in prices of [20-year or older homes was pre-|

|dicted by Norman L. Hammer.

Depreciation will be the cause. “Properties, 10 years old and|

{all, five million American families Younger, will hold steady with to-|

day's prices,” he said. “If there, ls a rise it won't be over 5 per} ent,” he continued. . level, steady course with cur-| rent prices was also predicted by| George Studebaker of the Studebaker Realty Co. There may be a slight increase ion older home prices because

This represents a vast market that the home buying opportuni-'shortage of materials is going to! based, not on what was called ties that can be kept open during siow building on new homes,” he!

“critical need” in the immediate postwar period, but on higher) standards. Actually we have more dwelling

{the months ahead are made fairly! and equitably available for equit|ably available for strengthening) the nome front. .

Find Property For 21,700 Here

(Continued From Page 27) units worth more than $950,000. Record weeks were set by the

brokers in late summer and early fall, the heaviest building and buying periods normally. Through November, Marion County realtors recorded more than 20,000 deeds in the Courthouse. This indicated ownership of new property and exchange of real estais. It far exceeded properties bought and sold here in all of 1949. Then Courthouse ledgers inked in 18,974 deeds. By last mid-

‘night there were at least 1700

more on the books, bringing to 21,700 the number of Hoosiers who found ‘new’ shelter here. This is second only to the 24.B91 who listed deeds, new and transferred, back in 1946. It also marks an upturn in recordings since the first post-war year, records of the Union Title Co. showed yesterday.

FORD FENCE|

Display Room, 2110 N. Meridian matese=lasy o Se las iae Tn ro "Wh Bovis BA. S421 Lr

Students to Hear Local Realtors

FHA and VA Officials

Also to Lecture

Realty students at the Indiana University extension will receive an injection of practical real estate instruction at year-end lec tures next month. Five realtors and representatives of Federal Housing Administration and Veterans Administration will apply practice to theory {in a series of six talks. They'll speak to classes in| “Principles of Urban Real Estate” and “Financing” conducted by Realtor Bill' Jennings and] George Bloom, assistant dean of] IU’s school of business. The| courses are sponsored by the Ex-| tension and the Real Estate| Board. On Jan. 4, John Lookabill will speak on “Subdividing and Build-| ing” in the urban real estate class starting at 6 p. m. Paul Starrett will discuss “Financing of] |Leases” in the financing class at! 8 Pp. m. Robert E. Walker will analyze] bol Estate Brokerage” at the| 6 p. m. class on Jan. 11, Mort-| gage Broker George Dirks willl iat Pr “Financing of Commer-| cial Properties and Multi- family| | Dwellings” before the 8 p. m.|

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class the same night. The lectures will conclude with! 'B. W. Duck Jr. talking on “Real! Estate Management” at the 6 p. m. lecture on Jan. 18. Albert C. Eggert, assistant FHA sta director, and Robert Mitchell, ny loan guaranty officer, will discuss| handle at the 8 p. m. class Jan. 18. Mr, Jennings also announced classes in “Appraising” and “Brokerage, Building and Management” will be offered to Extension students in the

continued. Willis Adams, incoming chairman of the Associated North Side Realtors, predicted a greater price rise in the $10,000 to $20,000 home. i People coming to Indianapolis for work in new plants like Western Electric and the new Dodge plant are going to need homes he said. “Indianapolis doesn't have adequate housing to shelter its people now,” he said, “ and with this increased need existing homes e going up in price.” Bill Keller Jr., chairman of the Real Estate Board's property management division, expected a gradual rise in price, but added, “An influx of people to our city would probably cause a greater rise,” Expects Luxury Limit Bob Graves, past treasurer of the Real Estate Board, anticipated government clamps on $15, 000 and above home building. They'll use materials ordinar{ily used in these homes for more {less expensive homes, he said. “Prices on homes above $15,000] will rise considerably while homes lin the lower brackets will rise slightly,” he said. Herman Greenwood had this to say: “Prices are going to hold steady with current tags. With regulations and ceilings they won't be able to move." One fact was fairly certain, (however, and was adequately {summarized by Harry Knight of {the Knight Realty Co. It was ithis: “With materidl costs and {labor costs going up, prices cer{tainly aren't going d down.” N

Protects Steel C Columns

Perlite-gypsum and vermiculite-|

{gypsum plaster applied on metal {lath have won an official four{hour rating in protecting steel columns against fire under tests conducted by Underwriters Laboratories.

+ Big Business NEW YORK (UP)—Sales of

types of financing their agencies home hair coloring and perma-

nent wave products will reach a combined total of approximately $150 million in 1951, according to Martin L, Strauss II, manufacturer of Tintair.

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"completion.

New Year in Fs Shortages Loom in

Fields As 1951 | Dawns

(Continued From Page 27) be the Real tional a trust department which bi an of the Union it both needed and wanted. e deposit (2) It gave the Union Trust fae dpa at organization a new building which [building and it needed. (3) It gave customers branch quarters. of both banks vastly larger re-| The Travel and sources with a Gibraltar-like se-'ments will remain = curity. | Trust building for 30

building, in the rear of the old! bank, is pushing rapidly toward Already the bank's

will remain in the Security Branch for about the same period...

moved into the second floor of the the powerful Indiana National, in new structure. On the same floor its new ‘spic-and-span’ building.

As eyes moved to the f§nal day on the Thetast Leaf last page of the calendar, families nursed

year-end party echoes in throbbing heads, and discussed privately what to do about a new car, a naw home, new appliances, or tires, From this long week-end there may come a fresh, panicpowered thrust at things tagged for the scarcity list. It won't be as bad as the Korea grab, but it will be there. | And you can expect an excited There will be hard deals for! {flurry over television, now definew cars, and some will be happy | nitely slated for short supply,

{to take the few hold-over '50| 4 {models there are around town. | With the fear of a switch- lor

| Tire stocks have taken a beat. | out of the way. ing for two weeks. And appli-| But the surest, and quickest ances, washers and deep freezers «run» of all, will probably be a

mostly have felt the impact of i . {something stronger than Christ- | Sialy oof revelers to drug stores.

mas buying, And the shelves which will

The deep freezer buyers prob-| ably are thinking in terms of| empty first will be Bromo-

60 days, Indiana National's new office {and the Consumer Credit business

coat closet extends from the | front door to the rear hall, both bedrooms and bath opening from this rear hall. From the entry hall an open | doorway provides entrance into | the living room, and directly opposite is the open fireplace. | On both sides of the doorway { are alcoves for book shelves or | cabinets.» An attractive feature | is the front bay window. |

a. 8 8 THE ENTRY hall with large | | | Ri

The dining room is a separate unit with French doors opening onto a porch which could. be either screened or glassed-in, Another door from this porch opens into the kitchen, » » » THE REALLY spacious kitchen has a bay window facing the back yard, providing maximum of light, and this “bay” is large enough for breakfast table and chairs or a built-in window seat with table, | Another window is placed di- | rectly over the sink. All the necessary equipment is arranged for step-saving convenijence. On the inside wall, a | door opens into a small hall | with stairs leading to the basement. In the front entry hall again, stairs lead to the unfinished second floor which is sufficiently large for two bedrooms and bath.

” ” ” JUST INSIDE the archway | opening to the kitchen is a large broom closet. In the large bathroom is linen closet, tub and shower stall and vanity table. Another and very roomy linen closet is just be- | tween the bathroom and rear bedroom. Both bedrooms. have double wardrobe closets with sliding doors, and both have two win" dows each placed so as to allow cross ventilation. The spacious

picture window facing the front yard,

on ” » WITH basement under the entire house, a large recreation room would be possible, leaving plenty of space for a separate heater room and another separate room for the laundry-dryer equipment.

K-F Sales So High : Loan Not Being Used

DETROIT, Dec. 30 (UP)— Kaiser-Frazer said yesterday its automobile sales have climbed so sharply that none of the recent | $25 million loan it receeived from! the Reconstruction Finance Corp. is “currently being used.” K-F President Edgar F. Kaiser said the company does not have! any stock of new cars on hand, either at Willow Run or in field] inventories. The RFC loan was granted to help Kaiser-Frazer dealers carry out their unsold autos to the expected big spring market. But the firm said it produced more] than 18,000 autos in December, the best December in K-F history.

front bedroom has a very pretty \pany since "1933.

Do You Like

Fill in this form, inclose check or money order and mail to Scale Model Home Planning Department, The Indianapolis Times, Indianapolis 9.

{putting down a whole or half beef | in case meat runs short. |

Seltzer, Alka-Seltzer and asplrin,

ar Real Estate—

wens]

This House?

Frank W. Cortright, builders’

Building plans and specifications;

first set. .$5.00 How Many? war-time duty.

Additional sets on same order, each for.... 2.50 veeseseissss| “These handicaps are far | i ; overshadowed by the reservists’ | The Portfolio of Sixty Small Homes. . 1.00 essesssssces| pight to the best treatment that | TOTAL ENCLOSED (Small ‘Home No. 121). ersescrsenes Ainerican industry can provide,” he sai {Name Seresecarress tsrrrsssrstnnnrnaansrnntesresnennsrnesnseesi Around here, builders don't ask {too many questions about military | [AQATeSS secevearsasnssetsrstesrsnsssnnansssrssssssssssenssnsssss standing. There's a shortage ot! CRY +0veserivisarssvusnasusssavirene SUA vis siissunsavesssransjgond skilled’ help in buding

Mortgage Loan Firm to Open Here:

LeRoy L. Wahle Heads Company

A new Indianapolis appraisall to answer your household ques- |

and mortgage loan office opens

its doors with the new year. LeRoy L. Wahle, formerly affiliated with the Northwestern Mutual Life Insurance Co., yes-

{terday announced the opening of

[offices at 135 W. 47th St. Mr. Wahle, who is 48, was with the Indiana Mortgage Loan {Agency of the |insurance com-

He came to Indianapolis from Chicago where he was associated with the First Na-

Mr. Wahle

department. A licensed real estate broker,

Real Estate Board,

American Society of Farm Man-| agers and Rural Appraisers.

culture and economics. He did

State College and completed the real estate course of Indiana Uni[versity Extension division here.

Wahle served 44 months at. Ft. Knox, Camp Breckenridge, Ky.! and Camp Atterbury. The Wahles and their three! children live at 135 E. 7th St.

GREASE CLOGS DRAINS Grease, permitted to accumu-

U. S. Real Estate Body To! Admit 50 Members,

WASHINGTON, 0 30 — The Institute of Real Estate Manage-| ment has voted to admit 50 new members representing 22 states and the Philippine Islands. The Institute has also designated 12 firms in nine states as Accredited Management Organizations for the first time. Indiana was not Tepresented e new membership lists

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tional Bank in its joint stock| land bank and real estate loan

a Wahle is a member of the; a senior] member of the Society of Resi-| dential Appraisers and of the

The native Iowan was gradu-| lated from the University of Wis-| consin where he majored in agri-|

post graduate work at Oregon]

A Lt. Col, in World War IT, Mr.| {dustry output of one-trip paper

late, clogs drains and traps. Thor-! ough flushing of the pipes with! hot water always should be the |

Small Monthly Payments §

Protection

trades, They’ re only too glad to = have men push the saw, hammer | and trowel, help erect shelter,

Home Owners’ . Bromides MARSHALL ABRAMS, manag- |

. Question Box sing director of the Construction |

DE IE TRANS League, is out at the VA hospital This column is for you, the having his stomach put in workling order again, ! home owner and buyer. Your | ' . ” Elmer Meadley, executive veep Today s Homes Editor will try |o¢ the Marion County Residential Builders, is home battling with | [virus again. . Philena Argo, secretary of the your letters and include phone local Building Owners & Managers number, |chapter, is at Methodist, where y {her broken hip is on the mend. Q@=—What is the best meth. | And by the time you read this, od to use to clean a sooty [|] be well on my way to growing deposit on the brickwork a big, fat headache. All for li'l! above the opening of a fire- 1951.

place? I have tried soap and | aokouts

water buv this does not af- CRYSTAL ball rubbi t thi all rubbing a s fect it.—J. K. S. time of the year becomes the

A—Smoked and sooty brick- oor since post work can be cleaned with a Sivatent ing sport P?

stiff brush or steel wool and scrubbing powder, says the National Association of Home Builders.

One material Zovd for, this

tions of a general nature. Sign

some more outlooks: “Home building will undoubtedly show a decrease in 1951. . . But even this lesser volume

purpose is mechanic's hand will afford a healthy nucleus soap containing sand. The | for the building trade and, of cleaner should be carefully | course, the statement has been

rinsed off with clean water. If the facing is of smooth brick, the soil can be removed by rubbing with a-carborundum block. This will expose a frash and smooth surface, : Q—Can radiant heating be | Installed in existing ‘homes? A—Yes, but each job must be treated individually. Check your heating contractor, for much factual data must be determined for T proper design,

freely made that if restricitions are too severe, they will be liberalized. “I do not think there is cause for the extreme pessimism reflected by some lumber dealers and builders. If we build 800,000 housing units in 1951, we would still be building more than were built in twenty of the | thirty years since 1920."—W. H. Upson Jr., president the Upson Co. (frame building materials). “The construction industry is

Paper Bottle Output NEW YORK (UP)--Total in-

imilk containers for 1950 is esti {mated at close to 6.5 billion units |—an aH-time production high— according to American Can Co, | a major producer of paper con-| tainers as well as metal cans,

Low-Cost, Lifetime Property

Materials ¢ Duly . or Complete Jrestion

|ciations to fight discrimination against reservists. . lindustries for refusing the reservist-employee because of possible

Just for the record, here are,

still headed for a big year in ee at a

| Fence and Iron Railing Visit America’s Finest Display of Fences and Ornamental Iron - or Call for Prices or Salesman.

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Lift Work Reservations On 'Reservists'-Builders

By Times Real Estate Editor The builders’ brass in Washington rolled the drums last week {for employment of men in the reserve corps.

executive veep, asked local assoHe flayed some

1951. Factory expansion . .. (for) ... defense will boom. “Housing in growing war production centers cannot be stopped and may even have to be accelerated. Road construction . . . cannot be throttled down much, while school and hospital construction will con tinue at a high level.’—L. M. Cassidy, vice president JohnsManville Corp. (roofing material).

Dehydrated $

THAT SHRINKING dollar watered down the splash in hous ing this year. That's according to figures put {out by the National Retail Lumber {Dealers Association last week. There was some $27 billion invested in all types of construe= tion in the country last year. But this didn’t hit, proportion ally, the physical volume of the earlier boom, back in the Twen-

And besides, the population has increased by one-third. The As‘sociation didn’t carry its statis, tics far enough, but the theme of | more dough for fewer units, on the

Sok

\mathematical proportion, sinks in,

‘thanks,

Manufacturer Hikes

Retail Shirt Price NEW YORK, Dec. 30 (UP) — The Phillips-Jones Corporation, manufacturer of Van. Heusen wearing apparel, yesterday announced that it is increasing the {retail price of its oxford shirt {line to $4.50 from $3.95. | .'The company attributed the action to the fact that the oxford /line opened in the fall with limitled quantities, and considerable cloth- had to be purchased since October in a market that continuously rose.

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