Chapter 6

• Between 1928 and 1933 residental construction fell by 95% in the United States.


• A million households lost their property through forclosure.


• By 1933 half of ALL home mortgages were in default.

The Hoover administration responded by creating a credit reserve for mortgage lenders and a fund for making loans to nonprofit corporations formed to build or upgrade housing for low-income families.

The first is called the Federal Home Loan Bank Act of 1932

for more detailed information regarding it, please look at the following site

http://www.fhfb.gov/Default.aspx?Page=70

The second is called the Emergency Relief and Construction Act of 1932

To see what the president said regarding this please refer to the following site

http://www.presidency.ucsb.edu/ws/index.php?pid=23170

The following year, Roosevelt created the Federal Housing Administration for stimulating construction and helping out families.

The Department 's website has alot of great information that could help families out today

http://www.hud.gov/offices/hsg/fhahistory.cfm

With the new administration up and working, more and more houses were being built and "sprawl" was occuring. Neighborhoods were being built outside of the large cities and suburbanization was being to occur.

Due to sprawl, automobile ownership after 1945 was on the rise and freeways/highways were being created to get people from one place to the next.

This was the real start of life as we see it today.