First, in the early 1930s, Congress passed three measures to relieve both distressed homeowners and banks and, as a result, to get new construction restarted. federal government, recognizing the need for government intervention, attacked the housing problems on two broad and distinct fronts. The default and subsequent foreclosure of mortgages was a major contributor to the banking crisis of the early 1930s.īeginning in the 1930s, the U.S. The home financing system was sliding toward complete collapse. By 1933, 40 to 50 percent of all home mortgages in the United States were in default. In foreclosure the bank seizes and auctions off the borrower's property to pay off the mortgage. This situation, called default, led to fore-closure by the holder of the mortgage, generally a bank. To make payments on their home loans, known as mortgages. Many believed an upturn in construction activity was key to stimulating economic recovery.Īnother critical housing situation facing Americans in the early years of the Great Depression was foreclosure. The crisis in housing attracted special attention. The building of new homes came almost to a halt, repairs went unfinished, and slums expanded. In 1929, with the onset of the Great Depression, housing problems quickly worsened. However, since the mid-nineteenth century, social reformers recognized some housing in cities as inadequate and demanded changes. Housing was not considered an appropriate responsibility of government.
During the next year, a thousand mortgages a day were being foreclosed.įrom the time urban settlements first appeared in America during the eighteenth century, selecting, constructing, and purchasing a place to live had been left to the individual. In 1932, 273,000 people lost their homes. The problem of foreclosures quickly became critical as the Great Depression began. President Herbert Hoover (served 1929–1933) wrote these words in a letter during his term in office.
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