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that they have an oversupply. In apartment structures 64 per cent report a normal supply, 23 per cent an oversupply and 13 per cent an actual shortage. In regard to the present need of residential construction the cities comment as follows:

"Many residential units are now housing two or more families, who, when times get better, will unquestionably need accommodations of their own.'

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'Families, running into the thousands, have doubled up. Under normal conditions we could just about supply the demand."

"In this area we would undoubtedly have no vacant home units if it were not necessary for families to double up due to reduced income."

"If our steel plants should begin operations at a normal or near normal stage there would probably be a shortage of single-family homes here."

A count by the Kansas City post office through its carriers, made as of January 1 of the present year, found in that city 5,059 such excess families. It discovered that all occupied single-family homes in the city, 6.2 per cent are now housing one or more excess families. If all these were to move at the same time into individual quarters, the percentage of vacancy would be decidedly below normal.

Details of the survey findings are given in the following tables:

TABLE I.-Percentage of cities reporting more, the same, or less activity in the real-estate market, classified by section and size of cities, compared with November, 1930

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TABLE II.—Percentage of cities reporting higher, same, or lower selling prices classified by section and size of cities, compared with November, 1930

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TABLE III.—Percentage of cities reporting overbuilding, normal supply or shortage in single-family dwellings, apartments, and business property

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TABLE IV.-Percentage of cities reporting upward, stationary, or downward movements of residential rents as compared with November, 1930

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TABLE V.-Percentage of cities reporting higher, same, or lower rentals of central and outlying business property as compared with November, 1930

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TABLE VI.-Percentage of cities reporting higher, same, or lower rents in central and outlying office buildings as compared with November, 1930

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TABLE VII.-Percentage of cities reporting more activity, the same, or less activity in the subdivision market as compared with November, 1930

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TABLE VIII.-Percentage of cities reporting an excess, equilibrium, or shortage of money for real-estate mortgage loans

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TABLE IX-Percentage of cities reporting rising, steady, or falling interest rates on mortgage money

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On the following pages of this letter are a number of questions on which we would like to get the consensus of opinion of your board. The questions have been reduced in number and simplified so that they may be answered by a cross or check mark in the appropriate blank.

The reports we publish do not show the replies made by individual cities. The published report shows only a summary of conditions prevailing in the nine geographical sections of the United States and Canada. The general public as well as realtors have shown a steadily increasing interest in these reports. The larger the number of boards reporting the more valuable are the results. We would like, therefore, to have every board in the National Association return this questionnaire properly filled out. We will greatly appreciate it if you will return this report at your earliest convenience, and not later than December 1 in any event. We will not be able to use reports reaching us after that date.

Very truly yours,

H. U. NELSON, Executive Secretary.

DETROIT, MICH,

I. Condition of the market:

a. What is the present condition of the real-estate market in your city as compared with November, 1930?

(1) More active_-_-.

(2) Same

(3) Less active..

b. How do present selling prices compare with those of a year ago? (1) Higher

(2) Same

(3) Lower

X

X

II. Single family dwellings (check one only):

(1) Is your city overbuilt in single dwellings?

(2) Is there a normal supply of single-family dwellings in your
city?

X

(3) Is there a shortage of single-family dwellings in your city?_

III. Apartments (check one only):

(1) Is there any overbuilding of apartments in your city?. (2) Is there a normal supply of apartments in your city?_ (3) Is there any shortage of apartments in your city?___

X

IV. Business buildings (check one only):

(1) Is there any overbuilding of business buildings in your city?__ X
(2) Is there a normal supply of business buildings in your city?__
(3) Is there a shortage of business buildings in your city?__

V. Subdivision market (check the word which indicates the present
market for subdivision or suburban lots at this time as compared
with November, 1930):

a. More active__

b. Same__.

c. Less active_.

VI. Residential rents:

a. Unheated single-family dwellings detached and semidetached (check the word which indicates the present tendency of rents for this type of structure):

(1) Up --

(2) Stationary

(3) Down____

b. Unheated duplexes or flat buildings (check the word which indicates the present tendency of rents for this type of structure):

(1) Up.

(2) Stationary

(3) Down____

c. Heated apartments. (Apartments include all dwellings of more than 3 family units having more than 2 rooms each, but not including commercial or apartment hotels. Check the word which indicates the present tendency of rents for this type of dwelling.) (1) Up----

(2) Stationary.

(3) Down__

VII. BUSINESS PROPERTY RENTS:

a. How do rentals now asked for business locations in your city compare with those asked a year ago?

(1) In central business district

a. Higher

b. Same_.

c. Lower

(2) In outlying districts

a. Higher

b. Same

X

X

X

X

X

c. Lower

b. How do rentals ask for office space in your city compare with those asked a year ago?

(1) In central district

a. Higher

b. Same--

c. Lower

(2) In outlying districts.

a. Higher

b. Same

c. Lower

X

X

X

VIII. THE MORTGAGE MONEY MARKET:

a. Check the words that describe the present mortgage money market in your city. (Check one only.)

(1) Capital is seeking loans--.

(2) Equilibrium between supply of capital and demand for
loans.

(3) Desirable loans available in excess of supply of capital__

b. Is the gross cost to the borrower on first mortgage with good

security?

(1) Rising?

(2) Steady..

(3) Falling?.

1 Very little mortgage money is available in Detroit, loaning agencies having shut down completely on speculative construction, and will loan only when a house is completed and sold. Money seems available but tight.

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