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32,OOO Aftend 1960 NAHB Convention-Exposition in Chicogo

Nearly 32,000 attended the National Assn. of Home Builders convention-exposition in Chicago, Jan. 17-21, to learn better metl-rods and improve their operations through the use of new materials and techniques, better busineis management and better merchandising. Nlartin L. Bartling, Jr., Knoxville, Tenn., was elected NAHB president. succeeding Carl T. Mitnick. William Blackfielcl of San Francisco and Honolulu was named secretary.

The policy statement adopted by the -boarcl of clirectors u'as directed in large part to proposals for bringing to the homebuilcling industry an equitable supply of mbrtgage creclit. In addition to proposing that Congress take-im- mediate steps to provide adequate legislation, the statement recommended representation in the President's cabiuet for housing and related matters.

In sctting out the NAHB position, its new president appeared before the House Subcommittee on Housing, whiih is considering the "Emergency tlome Ownership Act." President Bartling supported provisions in the bilt ttrat u'oulcl provicle FHA with authority to insure mortgage loans made by individuals, require FNMA for one year to buy any FHA or GI mortgage offered to it, reduce FHA's insurance premium to ,/+% for one year and recluire FNX'IA to reduce its secondary market stock purclrase requirement to l/r.

Among the regional vice-presiclents elected at the Chicago convention were Clarence S. Simn.rons, Layton, Utah: Ed L. Northway, Denver, Colo.; John A. Mcleod, Portland, Ore.; J. R. Shattuck, San Diego, Calif.; Fred Busby. Tucsor.r, Ariz., and M. Douglass Couch, Palo Alto, Calif.

fighr Money Shows Signs of Eosing

The first signs of an easing in the tight mortgage-molley market of the past several months were reported by Houiing and lIome Finar.rce Administrator Norrnan Mason, addressing the recent NAHB convention in Chicago. An "irnproving" finance picture is brightening home coirstruction prospects, l-re declarecl. The hysteria which gripped some lenclers last Fall has worn itself out arrd the squeeze olr mortgage money shows definite prornise of easing shortly. he added, and he sees no need for emergency housing legislatiorr durir.rg tl-re present session of Congress.

In a related development, FHA liberalized its regulations on housing trade-ins by increasing the amount of government-backed mortgage a borrower may obtain on a house he doesn't plan to occupy. The impact of tight money rvas pointed up by a Veterans Administration report that requests for appraisals on proposed GI homes declinecl in December for the sixth straight month.

Building Supply Deqlers Supporr Increqse in Interest Rqtes for long-Term Government Bonds

Washington, January 27-'lhe uation's br.rilcling supply dealers have thrown their support betrind tl-re Eisenhow'er administration's bid to remove the ceiling ou interest rates for long-term g'overnmeut bonds. In a letter to Rep. Wilbur D. Mills (D-Ark.), chairman of the House Ways aud Means committee, H. R. Northup, executive vice-presi<lent of the National Retail Lumber Dealers Association, said the boost in interest rates "is essential to maintaining a strong ancl active market for home mortgages." The association of lumber ancl building material clealers supply much of the materials for home cotrstntctiott.

Mr. Nortl-rup pointed out that the statutory ceiling on long-term bond interest rates forces the Treasury to turn to sl-rort-term bond issues to borrow the mol.rey it must have. The Treasury must pay a relatively high rate for short-term loans, with the result tl-rat thousands of individuals have withdrawn their savings from institutions primarily catering to the mortgage market to buy _.!9.t ierm Treasury issues. In addition, many millions of dollars that would normally have goue into these institutions as savings have been diverted to the purchase of these shortterm lssues. This, according to Mr. Northup, was a major

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