ABSTRACT
This book is concerned primarily with institutional mechanisms for transforming personal savings into housing finance loans. However, to complete the analysis of house purchase finance it is necessary to consider briefly how house purchase is effected without institutional means. As a general observation it may be said that the institutional method of providing housing finance loans is efficient, and where institutions are not used this is either because they have not developed, as in the case of developing countries, or because they have been prevented from operating effectively, as sometimes occurs in industrialized countries.
