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A WEE BIT HOT—Diana Lynn Askin and her father tried
to escape the heat by going to a nearhy, city pool. Here the
2-month-old tyke found that she could relax and catch up
on a little sleep, too, in the Sunnyvale, Calif., sun.
Home Mortgage Repayments
Near S7O Billions For 1959-60
Reflecting the cumula
tive force of systematic and
sustained payments by individ
uals, American homeowners
have paid off a total of close
to S7O billions -on the principal
of their home mortgage debt
eclusive of interest, in the pe
riod from the beginning of the
Fifties to date.
This reduction CQnsisted of
regular amortization payments
swelled by sizeable amounts of
voluntary repayment.- The two
together added up to just under
$312 billions in 1960 on one-to
four family nonfarm homes, ac
cording to the figures compiled
by the Federal Home Loan
Bank Board. For 1960 the to
tal come to more than $9 bjl
lions, or well over two and one
half times as great, reflecting
the big rise in home mortgage
debt in the residential building
boom of the last decade. Amor
tization payments alone repre
sent almost $6 out of every $7
of the debt repaid in the 1950-
60 period. The figures exclude
refinancing.
Factors in Debt Trend
The total of home mortgage
debt outstanding has shown an
even greater rate of growth
than repayments, and for 1960
was estimated at approximate
ly $142 billions, over three times
the $45 billions outstanding in
1059. This largely reflects the
level attained by residential
building in the Fifties, during
which the nation’s stock of
housing increased by 12 ‘2 mil
lion residential units, or more
than a quarter, according to the
U. S. Bureau of the Census.
Combined with this were a
nuniber of other debt-boosting
factors, including the rising
costs of home construction, and
easier mortgage terms through
reduced down payments and
longer maturities.
While' the average newei"
home buyer may feel he has a
long way to go before he sees
an appreciable effect, for mil
lions of others who have met
the payment schedules over a
period of time amortization has
been building up an increasing
equity in the home, irrespective
of any valuation windfall re
sulting from rising real estate
prices. The figures likewise
show that hundreds of thous
ands of other persons have fig
uratively burned the mortgage
on their homes every year dur
ing the last decade as their
' debt repayments achieved the
ultimate dream of every home
owner—a house free and clear.
Many of these are in the later
years of life, with a higher
/
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than-average proportion of debt
free homes among those 65
years old and older.
Breadth of Impact
Beyond this impact on the fi
nancial well-being and security
of the individual and the fami
ly, debt repayment has an im
portant influence on the econo
my through its feed-back of
lendable funds into the nation’s
credit and investment stream,
and thus reinforcing the process
of savings and capital formation
upon which our high-investment
economy is h"td.
This return flow of funds
from amortization and mortgage
debt prepayment is of particu
lar importance to the life in
surance companies and the na
tion’s other thrift institutions,
which are not only the princi
pal lenders on residential build
ing but are likewise the source
of much of the economy’s other
capital and investment funds.
A few figures wni illustrate
the importance of the workings
of amortization and voluntary
prepayments in relation to the
financing requirements in the
home mortgage field in a pe
riod of record demand such as
occurred during the Fifties.
Rise in Mortgage Loan Needs
Data compiled by the Home
Loan Bank Board show that the
annual need for new funds to
finance the purchases and sales
of new one-to-fonr family non
farm homes and existing homes
j in this classification, net of any
refinancing of debt involved in
such transactions, grew from I
around sll billions a year in
the early years of the last dec
ade to more than S2O billions a
year in 1959 and 1960. In 1950
and 1955 amortization and pre
payments supplied less than a
third of the new home mortgage
funds peeded in those years.
Since 1957 they have been con
tributing two-fifths or more of
the annual totals.
Over the past decade, the
number of debt-free one-to-four
family nonfarm homes has
grown under 23 million in 1950
to almost 27 Va million in 1959,
an average of around 500,000 a
year. However, the number of
mortgaged homes has shown a
substantially greater increase,
rising by more than 6 million in
the period. As a result, the
number of debt-free homes rep
resented less than three out of
every five one-to-four family
nonfarm residential properties
in 1959 as against nearly two
out of every three in 1950.
Whatever is worth doing at
all, is worth doing well.
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PAGE FIVE