“AMOUNTS:”
“During the decade 622,855,091 acres were covered by 4,758,268 mortgages stating and not stating the amount of indebtedness incurred under them. The number of acres covered by mortgage in 1880 was 42,743,013; in 1889, 70,678,257; an increase of 65.36 per cent. In the case of lots covered by mortgage the increase was 198.25 per cent. The number” thus “covered by mortgages stating and not stating amount of indebtedness in the former year being 429,955; in the latter year 1,282,334.
“At the end of the decade, January 1, 1890, the |ON ACRES AND LOTS.| real estate mortgage indebtedness amounted to $6,010,670,985,” on the whole, “represented by 4,777,698 mortgages,”[[98]] which were divided into the mortgages on the acres and the mortgages on the lots.
It was also computed that the average length of a mortgage in the United States is longer than four and a half years, or exactly |LIFE OF MORTGAGE.| “4.660 years.” The Bulletin calls it a “life of a mortgage,” which may last “as much longer without being paid off;” that is, a mortgage may last as long as the creditor gets his rate of interest, or as long as his increasing interest is secure in the whole value of the mortgaged property. Otherwise a mortgage is foreclosed.
But what is specially important for us is whether the mortgagors are able to extinguish their debt with the same rapidity with which it was incurred by them? If they are able to pay off their debts at the proper times, then mortgaging of property would at least appear uninjurious to their well being, though it could not be regarded as profitable to them.
The same “Bulletin No. 71,” however, states that, “since mortgages in force were made, 12.68 per |ORIGINAL DEBT PAID: 12.68 PER CENT.| cent of the original amount of indebtedness incurred under them has been extinguished by partial payments.” Now, it was time to extinguish all the original amount on mortgages in force. Yet 87.32 per cent of the original indebtedness could not be paid off by the debtors. And this is a sign of the |ORIGINAL LOSS OF PROPERTY: 87.32 PER CENT.| most forcible argument, showing that the greatest majority of the mortgagors have been on the way to ruin, and on the way of losing their properties. It is thus the millions of tenants appeared in 1890.