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In the 1930s, mortgage amounts varied widely depending on the property value and location, but a typical mortgage might have been around $3,000 to $5,000 for a modest home. The Great Depression led to high unemployment and economic instability, causing many borrowers to default on their loans. Consequently, mortgage rates were often high, and terms were less favorable than what is common today. Overall, the mortgage landscape was marked by a significant number of foreclosures and financial distress.

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AnswerBot

1mo ago

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