total in bonds of $5,903,318,875, which includes bonds issued solely for refunding purposes. Bonds refunded through June 30, 1941. amounted to $2,413,865,325 and bonds retired totaled $1,069,844,750, leaving the net liability at the close of the reporting period at $2,419,608,800. In accordance with the provisions of the Home Owners' Loan Act, all principal repayments by borrowers have been deposited regularly in the Bond Retirement Fund and used only for the retirement of CHART LIX REDUCTION OF THE GROSS INVESTMENT IN LOANS AND PROPERTIES 1 bonds. Certain other receipts such as cash proceeds from property sales and repurchases of investments in savings and loan associations have likewise been applied to the retirement of bonds by order of the Board. Through the close of the reporting period, principal repayments of debtors and proceeds from property sales amounted to $1,092,814,460; other items applicable to the retirement of bonds aggregated $43,211,024, giving a total of $1,136,025,484. Of this amount, $1,115,843,304 had actually been deposited in the Fund through June 30, 1941, and the remaining $20,182,181 was deposited during July. The following table shows the disposition of the funds allocated to the Bond Retirement Fund through June 30, 1941: Applied to retirement of bonds.... Deposited with U. S. Treasury for retirement of matured $1,069, 731, 805 10, 687, 950 35, 423, 548 1, 115, 843, 303 20, 182, 181 Amount due Bond Retirement Fund for June 1941 deposited in July 1941.... 1, 136, 025, 484 The discrepancy between the net reduction in bonded indebtedness and the gross receipts applied to the retirement of bonds is a normal result of the liquidation problem facing the Corporation. The Home Owners' Loan Corporation has been obliged to acquire a substantial volume of properties and to expend considerable amounts on reconditioning, taxes, and insurance. The Corporation has also made advances both to original borrowers and vendees for a number of purposes. All of these factors have offset in part the reduction of original loan balances and have naturally tended to create a lag in a corresponding reduction in bonded indebtedness outstanding. List of Charts DEFENSE HOUSING I. Loans made by member savings and loan associations in defense housing and other areas, by months, January 1940 to June 1941____ II. Change in lending volume of insured associations in defense housing areas, United States and FHLB Districts, first six months of 1940 compared with first six months of 1941. SURVEY OF HOUSING AND MORTGAGE FINANCE III. Indices of residential construction and industrial production, 1930 to June 1941__. IV. Construction other than residential, 1926 to June 1941___. V. Distribution of residential construction, private and public, January 1938 to June 1941__ VI. Increase in private residential construction in defense and nondefense areas, first six months of 1940 compared with first six months of 1941.. VII. Estimated value of residential construction, including maintenance, United States, 1915 to 1940_. VIII. Increase in residential construction, by size of community, fiscal year 1941. IX. Number of new nonfarm dwelling units built, by X. Nonfarm real-estate foreclosures in the United XI. Rate of nonfarm real-estate foreclosures, fiscal XII. Reduction in residential real-estate overhang, 1938 to 1940. XIII. Wholesale price indices of lumber, all building materials, and all industrial commodities, 1935 to June 1941. Page XIV. Cost indices for construction of a standard six- XVIII. Percent change in population, by age groups, XIX. Home mortgage lending activity, 1929 to 1940--- XXI. Index of new mortgage lending, all savings and XXII. Estimated volume of mortgage recordings on non- XXIV. Savings and loan construction lending compared XXV. Annual changes in estimated private mortgage debt on nonfarm one- to four-family dwellings, 1930 to 1940___. XXVI. Estimated balance of outstanding mortgage loans on nonfarm one- to four-family dwellings, by type of lender, December 31, 1940 XXVII. Amounts of selected types of long-term savings held by individuals, 1920 to 1940--- XXVIII. Percent change of private investment in savings and loan associations, by class of association, calendar year 1940.. FEDERAL HOME LOAN BANK SYSTEM XXIX. Federal Home Loan Bank System advances and repayments, December 1936 to June 1941............. XXX. Percentage of borrowing members to total membership, 1936 to 1941. XXXI. Distribution of long-term and short-term advances outstanding, 1936 to 1941. 66 |