Salt Lake Telegram | 1947-04-18 | Page 7 | U. S. Mortgages Mount on Home Purchases

t J fj ff E S U. U S. S Mortgages Mount On Home Purchases Salt Lake City home homeowners homeowners owners were given a cautioning note noto Friday by the Institute of Life LICe Insurance of New York based on the fact that the sharp harp rise in home prices over the past few years has been accompanied by a substantial increase in mortgage debts both individually and on an overall basis Figures released by the Federal Home Loan Bank Sy System tem the Institute in institute institute In- In reported show the average amount of all new mortgages under recorded on urban homes rose 55 in the last seven years with nearly half this percentage gain occurring in 1946 alone This in the average mortgage debt the Ute re report rt said is ls one of ot the factors factora explaining over the situation of families buying homes at inflated inflated inflated in in- in- in prices to plunge int into alarmIng alarmIng alarming alarm- alarm Ing mortgage debt Mortgages recorded in 1946 totaled 1001 billions the largest total on record and double the thc 1945 figure The institute quoted farm credit administration figures to show that thata a greater proportionate rise oc oc- oc- oc In the farm mortgage mc field than on urban homes even though the total of farm mortgages declined declined de de- de- de dined steadily throughout the war wu