Re: I liked it better when....

01/17/08 - posted by Mary-Ann

My parents bought a huge (to me) Edwardian in the Richmond District in 1945 for $12,500. Then in 1955 when we got married, we bought a little jr-five on 46th & Ulloa for $12,500 - the same price. I became a stay-at-home mom and we made our payments of $74 a month on a GI loan from Bob's salary of $225 a month. We sold in 1960 for $17,250 and bought a little bigger place (3 bdrms) in Marin for $19,500, again on the GI loan. We tried for a CalVet loan, but didn't have enough income.

Then in 1969 he was transferred to Sacramento (a state employee, he worked for the old Division of Hwys then). We sold in San Rafael for $27,750 and bought a nice, brand new 4 bdrm, 2 bath home here for $29,900 and finally got to use the CalVet loan. Interest rates had gone up to 4.5% by then, I think - still well below the standard rate, up over 6% at that time. We bought "up" each time, finally staying in this last house.

The GI benefits after WW II were great for the returning vets & for the country at large - I'm talking about the educational benefits, too. They were a huge economic stimulus to the country changing over from a wartime to a peacetime economy. And those loans meant that the dream of owning ones own home and getting a better job could become a reality for many who might never have been able to afford it. I'm very grateful for the boost we got.

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