Money Flow At Low Ebb, Maisel Says
MIAMI BEACH, Nov. 16 The flow of new mortgage commitments for the housing market has reached a low point, according to Federal Reserve Governor Sherman J. Maisel.</br></br>Speaking to convening realtors here, Maisel added that a ÛÏdecided unfulfilled demand for mortgage moneyÛ is felt throughout the land and ÛÏany general surplus of housing has now disappeared"</br></br>The Fed governor said that the demand for new housing at reasonable prices would probably support approximately 1.5 million starts this yearÛÓalthough the actual total will be about 25 per cent of that figure.</br></br>Maisel added that the flow of mortgage money in 1967 will eventually be determined by the amount of savings coming into financial institutions and the competition for those funds.</br></br>ÛÏI am not quite certain how to evaluate the Federal Government in this supply-of-funds picture,Û he commented to the convention of the National Association of Real Estate Boards- ÛÏI would guess that the government will raise as much and perhaps more money lor mortgagesÛ (next year).