We Extend $tugon'd Gteetings

financing costs (National Homes Acceptance Corporation makes available to National builder-dealers, a program of construction and take-out money at a price generally lower than that available from local lenders. This program is restricted to FHA and VA loans and is further restricted in that National llomes is not involved in land acquisition and development flnancing.)

"With a given amount of working capital," he continued, "the builder is generally able to effectively finance twice as many starts, if not more, than under conventional building methods. The very fact that construction takes less time than qualifying a buyer for a FHA or VA loan establishes a new concept in the industry . . mass preselling becomes possible with the resultant elimination of the hazard of speculative building.

"For theso reasons,tt Peterson concluded, t'we feel that prefabrlcatlon in the Nation as a, whol*and partlcularly ln Californiais in lts a,bsolute infancy and will rlse to be an ever-increa,sing factor in the housing lndustry."

In the general question-and-answer session preceding luncheon, Peterson did, however, acknowledge that prefabrication, too, was not without its problem. Three major problems, Iisted in their order of importance, are resistance of Labor, meeting: local building codes and acceptances, and construction cost in comparison to that of the major builders (particularly in California where Peterson estimated NHC's hard cost price advantag:e over major builders at from "zero to $1,000" per average home.)

Following the delayed luncheon, the group spent the afternoon touring the California Cedar Products and McOormick & Baxter Creosoting plants, returning to the Stockton hotel at 5:00 p.m. for a no-host cocktail party.

A big windup banquet, at which A. B. Hood, vice-president and g:eneral manager of the Ralph L. Smith Lumber Co., and vicepresident of NLMA, explained the purpose and drive behind National Forest Products Week, brought the extremely interesting and educational meeting to a highly successful close.

Son Diego Hoo-Hoo Hold Golf Doy

San Diego IIoo-Hoo CIub 3 held its annual Golf Tournament, Sunday, Oct. 30, at Bonita Golf Course, starting at 10:00 a.m. Guests were welcome and the g:reens fees were $2.50. Handling the reservations were Hank Barber. Bud Baker and Wes Thomas.