Word: levitts
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...builders-and fewer economists -look for much improvement from the new FHA rates. "The FHA move is a drop in the bucket," wired Levittown Builder William Levitt to President Eisenhower, adding politely, "but when your bucket is dry, even a drop tastes good." Low-interest VA and FHA mortgages simply cannot compete in the tight-money market where businessmen are paying interest rates of 5½% to 6% without a murmur. Even in the mortgage market itself, conventional, non-Government insured loans currently bring as much as 6% in many areas, are far more attractive to banks, life insurance companies...
SYLVIA D. LEVITT New York City...
...records. Housing starts in August, reported the Bureau of Labor Statistics, totaled 111,000, up 19% from a year ago. In Dallas the pace was so fast that there was a shortage of such supplies as wallboard, cement and plumbing equipment. In Levittown, Pa., where Mass Builder William J. Levitt showed off a new three-bedroom, two-living-room house (with garage) for $10,990, some 30,000 people stood in line to inspect it. In one week Levitt wrote orders for more than 375 houses, representing about $4,200,000 worth of new construction...
...Levitt built under Section 603, which based the size of the mortgage on what the actual appraised "value" would be after the houses were built. Levitt said that he had made $1,200 gross profit on a house that was mortgaged for $7,500, that later sold for $7,200 and is now selling for $8,600. Levitt, who is probably the most efficient builder in the U.S., said that profits on houses that he built later without the help of Section 603 (but with Government-guaranteed mortgages) were "substantially more" than...
...Windfall. Levitt was followed to the stand by Builder Alfred Gross, who made no bones about the fact that he had reaped a windfall profit of $6,000,000, the largest uncovered by the Senate committee so far, on the $25-million Glen Oaks Village apartment houses in Queens, New York City. He explained how he-and other builders-had made such profits...