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rt is with pleasure that we again wish our friends a happy holiday season. May the next year deal generously with you in health, happiness and prosperity.

563 FHA Applications Recorded inWcek

Volume of insured-mortgage business held firm during the past week showing an increase over the previous week in the Southern California District, and according to Wilson G. Bingham, District Director, Federal Housing Administration, added another more than two millioh dollars worth of applications to the cumulative volume.

The week ending Dec. 5, recorded 563 applications representing mortgages valued at $2,1ffi,820, or 5.6 per cent in number over the 533 cases for $2,344,50 for the previous week, and 16.5 per cent increase over the corresponding week of 1940 when a total of 483 applications, calling for an advance of credit of $2,071,50O, were received.

All but 79 of. the 563 cases called for new home construction under FHA inspection and amounted to $1,796,700. The 79 cases for $364Jn called for the refinancing of existing liens or purchase-money mortgages on homes built previous to FHA inspection.

"The influence of the defense emergency in the housing field, in its demand for volume housing, is reflected in this maintained and increased volume," said Mr. Bingham. "At the same tirne a continued lower average amount of individual mortgage will be noted, indicating the effectiveness of FHA's effort to assist defense workers, in the lower and moderate income groups, to find suitable housing."

During the past week, Mr. Bingham's report shows that the average amount of individual mortgage shown in the new construction cases was$3,712, as compared with $4,180 during the corresponding week of 1940.