ArchDaily Manufacturers: PBA, PanagetSave this picture!© Julien LanooText description provided by the architects. The project consists in a conversion of an ancient farmhouse into a luxury rental villa, revisiting traditional techniques. This former farmhouse is located in the historic district of JK, in Morzine. Built in 1826, it was singled out by the municipality as a landmark for traditional architecture.Save this picture!© Julien LanooDrawing on the context: Inside/ outside fitting A uniform cladding wraps the whole farm. One of the challenges of the project was to preserve its appearance, while filtering light into the heart of the building. The traditional technique of decorative cut-outs within the wood strips was used to perform specific perforations within the planks. The design of this simple and contemporary pattern is consistent with the equipment and techniques used by the local carpenter for cutting spruce slats. These cut-outs recall the disjointed battens of the traditional barn, used for drying hay. Save this picture!© Julien Lanoo
Today, these slits bring light inside the building. The glazed elements of the project, which are flush with the inside of the façade, are partially hidden by the cover strips. As they are not visible from outside they do not interfere with the uniformity of the cladding. Save this picture!© Julien Lanoo
Throughout the year, the surrounding roofs and buildings cast their shadows on the façades. The pattern within the cladding is designed to respond to the path described by these shadows: the areas receiving a greater amount of sun are all the more open and provide a certain legibility of the continuity between the common spaces of the house.
This concept of interlocking inside/outside, evokes a lifestyle in harmony with its surroundings and leads to the project being named the “solar house”: a house exposed on its four façades to the path of the sun, perceived as a sundial. Save this picture!© Julien LanooFinding one’s bearings: A living geography The idea is to move through this house between four “blocks” steady as rocks, located at each corner of the building. Each independent unit forms a suite with sleeping area and amenities. Save this picture!Courtesy of JKA + FUGA
Between these four blocks, the remaining space is occupied by a succession of stacked floors at different levels in the framework. This continuum of generous space welcomes the activities shared by the inhabitants: cooking, dining, watching a film, conversing in the living room, warming up around the fire… Save this picture!© Julien Lanoo
These four blocks mark the house as the summits punctuate the valley. In Haute Savoie, one instinctively relates the farms to the mountains. Again, this symbolic association is translated in each block as it is identified in its facing mountainous terrain, just as the framework can be interpreted as a forest, whose various topographical lines are recalled within the different floor levels. Revealing the structure:Nested scales or “the complex of the snail” The charm of the original farm resides in the existing structure. Conserving its overall appearance was of one of the project’s key challenges, which motivated its restoration: It was fully recovered and the original plastering preserved after brushing and trimming. Save this picture!© Julien LanooIn order to clear the room of the nave while meeting the rental house needs, utility functions were closely integrated. A strong contrast results from the scales of the cosy bedrooms, bathrooms and sleeping alcoves, next to the open central meeting space. The complexity of these nested spaces is combined with a similar research in terms of details and materials.Save this picture!© Julien LanooProject gallerySee allShow lessDaegu Gosan Public Library Competition Entry / FORMAArticlesThe Masséna Competition Entry / Harmonic + Masson Architects and Comte Vollenweider …Articles Share Year: Houses Projects Architects: FUGA, JKA Area Area of this architecture project Photographs: Julien Lanoo Manufacturers Brands with products used in this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/289925/villa-solaire-jka-fuga-jka-fuga Clipboard “COPY” ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/289925/villa-solaire-jka-fuga-jka-fuga Clipboard CopyAbout this officeJKAOfficeFollowFUGAOfficeFollowProductWood#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesWoodHousesMorzineFrancePublished on November 06, 2012Cite: “Villa Solaire / JKA + FUGA / JKA + FUGA” 06 Nov 2012. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogLouvers / ShuttersTechnowoodSunshade SystemsRailing / BalustradesMitrexIntegrated Photovoltaic Railing – BIPV RailingMetal PanelsAurubisCopper Alloy: Nordic BrassWindowsVitrocsaMinimalist Window – GuillotineGlassLAMILUXGlass Roof PR60 PassivhausSinksBradley Corporation USASinks – Verge LVG-SeriesSealantsSikaConstruction Solutions in Stavros FoundationShower TraysAcquabellaShower Tray – Focus BetonPatios / TerracesFranken-SchotterPatios and TerracesCeramicsTerrealTerracotta cladding in Le TrèfleSkylightsFAKROWooden pivot roof windows FYP-V proSkySynthetics / AsphaltFirestone Building ProductsRoofing System – RubberGard EPDMMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站？想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream France “COPY” Villa Solaire / JKA + FUGA / JKA + FUGA Photographs Villa Solaire / JKA + FUGA / JKA + FUGASave this projectSaveVilla Solaire / JKA + FUGA / JKA + FUGA CopyHouses•Morzine, France 2012 Save this picture!© Julien Lanoo+ 38 Share Area: 620 m² Year Completion year of this architecture project read more
29 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis This piece is an abbreviated version of one of many funding opportunities first published this week at www.fundinginformation.org, the resource for up to date information about new sources of grants, loans and donations for voluntary organisations, charities, social enterprises and the public sector throughout the UK. Tagged with: England Funding NIACE, the National Institute of Adult Continuing Education, is seeking applications to a new Adult and Community Learning Fund for 2011. Grants of between £10,000 and £75,000 are available in England for projects that support informal adult and community learning for people aged over 19. £2.25 million is available overall, and activities must be new and imaginative learning opportunities that engage and motivate, in particular, disadvantaged adults.Grants can cover full cost recovery for direct and project costs, including salaries, overheads, staff training and modest capital items. Advertisement NIACE is managing the Adult and Community Learning Fund on behalf of the Skills Funding Agency, an agency of the Government’s Department for Business, Innovation and Skills set up to fund and regulate adult further education and skills training in England.Applications are invited from any third sector, public sector or private sector organisation able to offer innovative new informal adult learning opportunities to adults. The main purpose of your organisation does not have to be learning provision. Partnership applications are especially welcome.Full information about the Adult and Community Learning Fund 2011 is available at www.niace.org.uk/sites/default/files/project-docs/ACLF2011-Prospectus.pdf. If you have any specific questions these can be e-mailed to [email protected]; there is no provision for telephone enquiries.Applications must be made online at www.niace.org.uk/current-work/adult-and-community-learning-fund-aclf/apply. You will need to register to make an application by going to https://www.niace.org.uk/user/register. You should do this as soon as possible in case there are any problems.Closing date: 10 June 2011.Full information about the Adult and Community Learning Fund 2011 is available at www.niace.org.uk/sites/default/files/project-docs/ACLF2011-Prospectus.pdf. There is no provision for telephone enquiries.Closing date: 10 June 2011. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 12 May 2011 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Major new Adult and Community Learning Fund seeks applicants read more
There has been much buzz in the capitalist media recently about Donald Trump’s “flip-flopping.” He has changed his positions 180 degrees on a whole variety of issues within a few weeks’ time.Among the issues on which he has switched are:He has bombed Syria after having opposed intervention.He says China is not a currency manipulator after calling China “the world champion” of currency manipulators.He has floated the idea of negotiations with north Korea after saying that he would never negotiate with that government.He says that NATO “was once obsolete; it is no longer obsolete.”He says he likes Janet Yellen, the head of the Federal Reserve Board, and her low interest rates, after claiming she and “other global special interests” had ruined life for middle America.He says it turns out that “lots of small companies are really helped” by the Export-Import Bank, after having opposed it.These are just a few of his reversals. They have all brought him more in line with the fundamental needs of U.S. imperialism.Numerous explanations for Trump’s reversals have been put forward by the big-business media. For example, it is said that Trump adopts the position of the last person he has talked to. Or, Trump has no ideology and he can shift positions easily. Or, he listens to his daughter Ivanka Trump and her husband Jared Kushner. And so on.All of these things may be true. But they mask the deeper reason for the so-called flip-flops.Trump has been leaned on by the Pentagon and Wall Street to shift from demagogy to policy based on the reality of the core needs of U.S. imperialism.Trump is surrounded by four generals, three former bankers from Goldman Sachs and other financiers, not to mention Rex Tillerson, former CEO of ExxonMobil, the largest private oil company in the capitalist world. This is a veritable coalition of Wall Street, the Pentagon and big business. And, for the moment, they have reined in Trump and subordinated him to their needs. Whether he will stay in harness remains to be seen.Trump removed ultra-rightist Steve Bannon from the Principals Committee of the National Security Council, thus bowing to the pressure of the Wall Street-Pentagon coalition, led in this instance by Lt. Gen. H.R. McMaster, his national security adviser. In doing so, he denied that Bannon had been his strategist. “I’m my own strategist,” declared Trump.The problem with that statement is that Trump does not have a strategic cell in his brain. He can’t think politically beyond what he said yesterday.Trump’s previous positions have been the result of blustering election demagogy. He has uttered positions that no serious imperialist politician could possibly follow through on. The applause lines that gratified his ego and won over gullible voters during the election campaign have now clashed with the hard realities of the problems of U.S. imperialism at home and abroad. However, Trump is so dense and so vain that he clung to these positions for dear life. Finally, he had to be put straight by the capitalist establishment.Tweeting baloneyTake Trump’s belligerent, war-like posture toward the Democratic People’s Republic of Korea. Trump tweeted recently about the DPRK and its drive to obtain an intercontinental ballistic missile that can be armed with an atomic warhead.“That’s not going to happen,” tweeted Trump. In another tweet Trump said the DPRK is “looking for trouble” and he warned that “if China decides to help, that would be great. If not, we will solve the problem without them.” (New York Times, April 17)These were clear threats to use force against the DPRK. To underscore the threat, the Pentagon sent an aircraft carrier squadron, accompanied by Aegis missile ships, off the coast of the Korean peninsula. Washington made vague but menacing threats to “take action” if the DPRK carried out a nuclear test.Trump — and Obama before him — has adamantly refused any negotiations with the DPRK unless it shows signs that it will give up its nuclear weapons program.Brass rethinking negotiationsBut listen to National Security Adviser McMaster speaking on a recent Sunday talk show: “It’s really the consensus with the president, our key allies in the regions … that this problem is coming to a head,” said the general. “And so it’s time for us to undertake all actions we can, short of a military option, to try to resolve this peacefully.” (ABC News This Week, April 16)Take the position put forward by Vice President Mike Pence while visiting the demilitarized zone in south Korea on April 17. According to the New York Times, Pence blustered that north Korea should not test “the strength of the armed forces of the United States in this region.” Yet he also noted that Washington was seeking security “through peaceable means, through negotiations.”Whether or not the peaceful language of McMaster and Pence was meant as a gesture to China without expressing real White House policy remains to be seen.But the socialist government of the DPRK did precisely what Pence warned against. The government of Kim Jong Un defied all the blustering war-mongering of the Trump White House and the Pentagon, proudly staging a massive military parade on the 105th birthday of the founder of the DPRK, Kim Il Sung, complete with an array of intercontinental ballistic missiles.Pyongyang stands up to Trump and PentagonThe DPRK stood up to military threats and the presence of a U.S. naval armada in its waters. The leadership has taken into consideration the lessons of Iraq and Libya. The U.S. imperialists used the pretext of looking for weapons of mass destruction in Iraq to plan a massive attack, which ended in the murder of Iraqi President Saddam Hussein. The DPRK is also well aware of the lesson of Libya, whose leader Moammar al-Gadhafi gave up his nuclear program; Libya was later invaded and he was brutally murdered by pro-U.S. forces.The New York Times noted: “North Korea could hardly drop these [nuclear] programs without understandably fearing an attack. Disarmament, in this view, would invite annihilation.” (New York Times, April 17)This also speaks to the fraudulent slogan of a “denuclearized Korean peninsula,” which Washington and its allies are always promoting. The only nuclear weapons actually on the Korean peninsula belong to the DPRK. The U.S. does not need nuclear weapons in south Korea. The Pentagon has surrounded the DPRK with a “ring of fire,” including nuclear-armed submarines, nuclear-armed planes on aircraft carriers and nuclear-capable bombers at bases from Japan to Guam to Hawaii, as well as island bases throughout the region. A “denuclearized peninsula” means a disarmed DPRK.So Trump’s flip-flop on the DPRK, as espoused by McMaster and Pence, is rooted in hard military reality. Trump tweeted that the U.S. would “deal with” the DPRK. But the military explained to him that there is no good option for U.S. imperialism in north Korea so long as Pyongyang remains steadfast in the face of nuclear blackmail.Trump and ChinaTrump has publicly declared that the Chinese government is going to “help on north Korea,” so he pulled back from naming China as a currency manipulator. Such a declaration was part of his anti-China campaign. He also promised to slap tariffs on Chinese goods sold in this country. This was when he was preaching to his followers about how China was “stealing jobs” and “cheating on trade.”The truth is that he has been forced to reject his own and Bannon’s anti-China line by financiers like Gary Cohn, head of Trump’s National Economic Council and president and CEO of Goldman Sachs for 10 years. Cohn and his Goldman Sachs cohorts, Deputy National Security Adviser Dina Powell and Treasury Secretary Steve Mnuchin, have also explained to him that Janet Yellen, head of the Federal Reserve Board, is a favorite of Wall Street. She has funnelled billions of dollars to the banks, allegedly to “save the economy.”Said Reuters on April 16: “Apparently paying more heed to Cohn and other moderates on his team, Trump last week said he was open to reappointing Janet Yellen as Federal Reserve chairman when her term is up and he also held back from naming China a currency manipulator.“Both stances marked a reversal from his campaign when Trump criticized Yellen and vowed to label China a currency manipulator on ‘day one’ of his administration, a move that could lead to punitive duties on Chinese goods.“Chinese authorities, faced with an insult from a foreign leader as the ruling Communist Party prepares for elections of top positions later this year, eventually would have slapped steep retaliatory tariffs on U.S. exporters that send more than $100 billion a year of goods to the Asian country. U.S. manufacturers’ profits and stock prices would take a big hit.”The designation of Cohn from Goldman Sachs as a “moderate” paints him with a kindly brush. Finance capital in general, and Goldman Sachs in particular, is just as aggressive and ruthless in pursuit of profit as the Pentagon is in pursuit of conquest. They are two adventurist arms of the same ruling class.Cohn, meaning Goldman Sachs, told Trump it would not be a good idea to start a trade war or a currency war with the second-largest economy on earth. The Chinese economy is growing at an annual rate of 6.9 percent, while U.S. capitalism can barely eke out 2 percent growth.China and KoreaAs for China helping the U.S. on “taming” the DPRK, it is worthwhile noting that for the Chinese People’s Liberation Army, it is impossible to ignore the contrast between south and north Korea.The north is not threatening China militarily one bit. But the south Korean puppets of U.S. imperialism are enthusiastically and hastily rushing to deploy the Pentagon’s THAAD anti-missile system. THAAD has powerful radar that can reach into China and spy on Chinese missile installations. The Chinese government has vigorously warned against this deployment and has said it would upset the “strategic balance” in the region. Seoul and Washington have ignored China’s concerns.In Beijing the military and the political high command must be truly worrying about the possibility of having a pro-imperialist regime on their border. In the long run, China cannot afford to undermine the DPRK. It will be compelled to resist U.S. aggression against the government of Kim Jong Un.The crisis in Korea, like the economic and geopolitical crises for U.S. imperialism around the globe, cannot be tweeted away nor can they be overcome by military means. U.S. imperialism is a colossus with feet of clay. Trump is finding that out the hard way.Goldstein is author of Low-Wage Capitalism: Colossus with Feet of Clay and Capitalism at a Dead End, available from all major booksellers.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this read more
September 27, 2007 – Updated on January 20, 2016 Japanese photographer killed, another foreign journalist injured News News MyanmarAsia – Pacific Follow the news on Myanmar MyanmarAsia – Pacific Receive email alerts News May 26, 2021 Find out more News RSF_en Help by sharing this information RSF asks Germany to let Myanmar journalist Mratt Kyaw Thu apply for asylum Organisation to go further US journalist held in Yangon prison notorious for torture May 31, 2021 Find out more Reporters Without Borders is appalled by the death of a Japanese news photographer on the streets of Rangoon this morning. Kenji Nagai, fifty years old, worked for the photoagency APF. He has been in Burma for two days. Another foreign journalist was reportedly injured. The press casualties came after the security forces opened fire on demonstrators near the Tarder Hotel in the centre of Rangoon.As the security forces step up their crackdown by firing on crowds and arresting hundreds of monks and pro-democracy activists, communications continue to be severely disrupted by the authorities. Internet communication has been slowed right down while more mobile phones have been disconnected. Many blogs maintained by Burmese citizens have been made inaccessible by the authorities. Despite these restrictions, pictures and reports continue to get out of the country thanks to the foreign journalists present there and to Burmese journalists.Dozens of foreign reporters who applied to the Burmese embassies in Bangkok or Beijing have been refused visas to visit Burma. Press visas are severely restricted by the military and scores of journalists and human rights activists have been blacklisted. Thai premier, UN rapporteurs asked to prevent journalists being returned to Myanmar May 12, 2021 Find out more read more
News Organisation News Democratic Republic of CongoAfrica RSF_en Journalist arrested on provincial governor’s orders February 24, 2021 Find out more February 16, 2021 Find out more November 18, 2015 – Updated on January 20, 2016 Radio reporter fired upon while covering a demonstration Please find JED’s press release in French below: Democratic Republic of CongoAfrica A reporter for Radio Sauti ya M’kaaji sustained a gunshot injury when police opened fire on a crowd of demonstrators yesterday in Maniema, a province in the east of the Democratic Republic of Congo. The police also arrested a Radio Mandeleo reporter, who is still being held.Reporters Without Borders joins Journalist in Danger (JED), its partner organization in the DRC, in calling on the Maniema authorities to release the detained journalist at once and to carry out an investigation with the aim of identifying and punishing those responsible for shooting the other reporter. Follow the news on Democratic Republic of Congo “Kinshasa, le 17 Novembre 2015Un journaliste a été grièvement blessé par balle et un autre arrêté par des éléments de la police nationale congolaise pendant qu’ils couvraient une manifestation à Kasongo, territoire situé à 250 Km de Kindu, chef-lieu de la province de Maniema (Est de la RDC).Selon les informations parvenues à JED, Mussa Kabala et Ndombe Muyungu, respectivement journalistes-reporters de la Radio Sauti ya M’kaaji et de la Radio Maendeleo, stations émettant à Kasongo, ont été pris au piège, mardi 17 novembre 2015, lors d’une répression violente de la police envoyée pour disperser une manifestation populaire. Ces agents de l’ordre ont ouvert le feu, et une balle a atteint Mussa Kabala à son bras gauche. Dans la foulée, un autre journaliste, Ndombe Muyungu, a été arrêté et conduit sans ménagement au commissariat de la police où il est encore détenu. Les deux journalistes couvraient une manifestation de la population de Kasongo qui protestait contre la gestion de la zone de santé de ce territoire. Les manifestants ont été dispersés violemment par la police au moment où ils se dirigeaient vers le bureau de l’administrateur du territoire dans le but de déposer leur mémorandum contre la gestion du médecin chef de zone de santé. Journaliste en danger (JED) exprime ses profonds regrets suite à l’attaque policière dont ont été victimes les deux journalistes dans l’exercice de leur profession. JED demande instamment aux autorités de la province de Maniema d’ordonner la libération du journaliste détenu illégalement dans le cachot de la police, de sanctionner les éléments de la police qui ont tiré sur le journaliste Mussa Kabala et de faire en sorte que le travail de journaliste soit respecté dans cette zone qu’elles contrôlent. ” The DRC is ranked 150th out of 180 countries in the 2015 Reporters Without Borders press freedom index. Reporter jailed in DRC for allegedly defaming parliamentarian Congolese reporter wounded by gunshot while covering protest in Goma Receive email alerts Help by sharing this information February 18, 2021 Find out more News to go further News read more
Previous: Investing in Built-for-Rent Homes Next: Consolidated Analytics Appoints Tony Meola Borrowers Homebuyers Homes HOUSING Lenders 2019-05-17 Radhika Ojha Douglas Whittemore serves as SVP and Head of Mortgage and Consumer Default Servicing at U.S. Bank. Prior to joining U.S. Bank, Whittemore held several different executive servicing roles with JPMorgan Chase, Nationstar Mortgage, Springleaf Financial, and Select Portfolio Servicing, and has also worked internationally with Citibank. Whittemore is also the Co-Founder and Treasurer of the Ruth Cheatham Foundation, a Dallas-based charity supporting adolescent cancer patients and survivors, as well as a board member of the Kikulu Foundation. Subscribe The Best Markets For Residential Property Investors 2 days ago Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Douglas Whittemore Home / Daily Dose / The Mortgage Market: 10 Years, 10 Big Changes Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s note: This feature appeared in the May issue of DS News.The financial crisis brought with it total devastation of capital and housing markets, the collapse of financial institutions that had survived both World Wars and the Great Depression, unprecedented regulation, bailouts, and a global contagion that decimated economies worldwide. New terms such as “quantitative easing” and “fiscal stimulus” became household phrases. The Federal Reserve slashed interest rates to lifetime lows and grew the balance sheet to $4.5 trillion at present from $870 billion in August 2007.As mortgage and consumer servicers now look to the future, they must consider how the landscape, consumers, technology, and the markets have changed. A major piece of that is understanding how today’s average homeowner vastly differs from those pre-2008. Another major factor is the servicing industry’s preparedness for handling a significant default event, disaster, or crisis.The Difference a Decade MakesTen factors have changed the market over the past decade:1) Record Home Price Appreciation—Since hitting post-crisis lows in 2012, home prices have increased 53 percent. However, when comparing to the pre-crisis peak in 2006, home prices are up 21 percent.Although 57 percent in seven years may seem high, keep in mind that home price appreciation is being compared to the trough of the most distressed real estate market the world has seen between 2006 and 2009. One could argue that the market was oversold, but if you back that timeframe out, you have 21 percent appreciation since 2006, averaging around 1.75 percent appreciation year-over-year (YOY). One could also argue that it is comparing to an overpriced, bloated, and propped-up market. If you were to split the difference, you still land somewhere in the range of 3 percent YOY, which is within the range of what most economists call “normal.”2) Elevated First-Time Homebuyer Rates— First-time homebuyers have outpaced repeat homebuyers since 2008 (and every year since). Before the crisis, the opposite was true. First-time buyers comprised nearly 60 percent of homes sold in 2017. FHA owns 83 percent of that market, up from 75 percent during the crisis.This may be one of the most important indicators of a healthy market since the crisis. First-time buyers (FTB) are facing high prices, low supply, tight credit standards, and tight incomes with low savings, but they have still been outpacing repeat homebuyers YOY since 2008. This points to the resiliency of the first-time homebuyer as well as to the fact that we have far more first-time end users and fewer speculators entering the market—another strong sign of health.3) Below-Average Homeownership Rates— The U.S. achieved its peak homeownership rate of 69.2 percent in 2004, and there have only been two years it has fallen under 63 percent: In 1965 and in 2016. Although on the rise, today it sits at 64.4 percent.There continues to be much debate around this topic, but there’s one thing most agree on: At its peak, the market was inflated with bad loans and overstretched homeowners. Affordability is without a doubt an inhibitor today, particularly with millennials, but as shown by FTB rates and the Home Affordability Index, the “glass half full” view is that there is still more opportunity here to be realized.4) Tight Housing Supply—Redfin reported that throughout 2018, months of housing supply remained at post-crisis lows of less than four months, with the average days on market below 50.5) Household Income at New Highs—Per the U.S. Census Bureau, median household income rose 1.8 percent in 2017 to its highest level of $61,372.6) All-Time Low Mortgage Rates—According to the St. Louis Fed, between 2012 and 2018, 30-year fixed mortgage rates hit lifetime lows well under 4 percent, dropping as low as 3.30 percent in 2013.7) Lifetime High Home Equity—Home equity in the U.S. has increased from the pre-crisis peak in 2006 by 13 percent and is up four times from the 2009 post-crisis low to $5.8 trillion of tappable equity.8) Highest Level of Household Debt/Lower Debt-to-Income Rates—U.S. household debt stood at $13.5 trillion as of Q4 2018, higher than the previous peak of $12.68 trillion in Q3 2008. However, the debt-to-income ratio remains below crisis/recession levels.9) Credit Quality, Non-Agency Securities, Subprime—As of the end of 2018, the average FICO score hit a new high of 704 from a low 686 in 2009. Leading up to the crisis, issuance of private-label mortgage-backed securities had reached levels of over $1 trillion a year. Since 2008, the biggest single year was $40 billion in 2017, of which $33 billion was subprime.10) Mortgage Delinquency Rates at 11-Year Low—Nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2018, representing a 1 percentage point decline in the overall delinquency rate year-over-year (YOY).Another sign of healthy post-crisis growth is that the housing market has become a smaller part of the overall economy. According to Deutsche Bank Chief Economist Torsten Slok, housing accounts for 4 percent of GDP today, down from 6.75 percent before the crisis, in part because of the supply and pent-up demand. Housing starts still remain below the level of the 1960s, when the population of the U.S. was less than 60 percent of what it is today. This demonstrates a safety net and points to a new normal. Median household income has also seen 12 percent growth since hit the post-crisis low in 2012.The Balancing ActTaking all the above data points into consideration, there appear to be several compensating factors that will continue to balance each other out. Home prices should gradually start to slow, housing starts will continue a gradual upward glide path to normalized levels, and, hopefully, we will continue to see increased wage growth that enables first-time homebuyers to continue to outpace repeat buyers.I foresee more of a “soft landing,” with the potential for stagnation and pockets where new construction has outpaced demand. I believe we will experience moderate to modest declines in values as interest rates continue to rise.How will all of this impact the way financial institutions and servicers plan and invest for the digital age of servicing? We can’t forget the rapid pace of digital change the U.S. has experienced post-crisis. The way the world interacts with each other was forever changed when Apple introduced something called the “App Store,” ushering in a whole new era of civilization.Understanding how the macro environment has changed is imperative before considering the next step of breaking down how the customer has evolved over the last 11 years.We can divide the new homeowner into two major groups:The first-time homebuyer—Since 83 percent of the market is held by FHA, FICO on average runs 15 points lower. These homebuyers will be higher loan-to-value and lower income on average when comparing the GSE product. It’s important to distinguish that the risk here is unique. FHA currently has a serious delinquency (SDQ) rate of over 4 percent, while both GSEs have SDQ rates under 1 percent.Repeat homebuyers (RHB)—There may not have ever been a time in history where this segment would be considered as resilient as they are today. Record untapped equity, record household income, quarterly net reductions in mortgage debt, and record low rates incentivizing owners to stay put. The 2018 National Association of Realtors “Profile of Home Buyers and Sellers” noted that the median age of FTB remained at 32 years and increased to 55 years for RHB from 54 in 2017.Comparing FTB to RHB, you have two vastly different profiles, especially when considering how each of those segments prefer to engage and communicate with their financial institutions and generational tendencies in utilizing self-service and digital options.A New FrontierIs there such a thing as too much of a good thing when talking about cheap money? Yes, the obvious will point to over-leveraging and inflation. There are signs of this today with household and corporate debt achieving new highs. The one I am focused on is the unintended consequence and unprecedented factor of a majority of homeowners possessing long-term fixed mortgage rates that may never be seen again. Considering that most homeowners took advantage of the post-crisis refi boom, rising rates could lead to declining existing home sales. For example, if you consider home price appreciation and mortgage rates that are 50-100 BPS higher than your existing mortgage, a $250,000 home at a 3.5 percent fixed rate that realized a modest rate of 15 percent appreciation with an interest rate of 4.5 percent would result in a 30 percent increase in a principal and interest payment.To gauge how many homeowners today could benefit from a rate of 4.5 percent, Black Knight recently estimated that 550,000 homeowners could realize a 0.75 percent decrease in rate. The combination of home price appreciation and customers remaining in their loans longer should net a much larger amount of equity for the average household and potentially curtail existing home sales further.This is key going forward for servicers of first liens. How will customers react to default when possessing a sizable amount of equity? How will modification rules and underwriting concerning equity impact them?A study by the Federal Reserve Bank of New York’s Center for Microeconomic Data shows that total household debt increased by $32 billion (0.2 percent) to $13.54 trillion in Q4 2018. It was the 18th consecutive quarter with an increase, and the total is now $869 billion higher than the previous peak of $12.68 trillion in Q3 2008.One thing to note in this report was that mortgage debt quarter-over-quarter (QOQ) saw a decline of $26 billion, while student, auto, and credit card debt all experienced increases. The flow of serious mortgage delinquency QOQ also experienced just a 1 basis point uptick to 1.19 percent.The lack of issuance of private-label and subprime MBS in the last 11 years points to a major shift in credit and risk standards. According to Inside Mortgage Finance and eMBS, under conservatorship, the agency share of residential MBS has grown from less than 50 percent or $4 trillion in 2006 to 96 percent or $6.5 trillion in 2018. Also, the mean and median FICO scores on new purchase originations have both increased by 21 and 20 points over the last decade, while the 10th percentile of FICO scores, which represents the lower bound of creditworthiness needed to qualify for a mortgage, stood at 644 as of March 2018. Prior to the housing crisis, this threshold held steady in the low 600s, according to Urban Institute.These trends show the emergence of a new type of consumer. Will equity preclude borrowers from loss mitigation, sparking a higher frequency of bankruptcy filings? Do modification guidelines need to be revisited to address these situations? These are some questions that servicers will need to answer to form a strong strategy moving forward.The Next Generation of Servicing StrategiesServicing strategies will be driven by consolidation in both the bank and nonbank sectors as mortgage volumes continue to decline and margins shrink. According to Business Insider and JPMorgan, the industry retail cost per loan has ballooned by 50 percent since 2014, jumping from $6,000 per loan to now $9,000. We will also continue to see slowing in home price appreciation and home sales until we reach stagnation or modest negative levels, at which point, I foresee regulators taking action—rates dropping and sideline buyers coming in.The other “X factor” to consider while looking at servicing the current housing market is the yet-to-be-seen impact of the more than 200,000 homes that single-family rental real estate investment trusts (REITs) have amassed. Although it’s a relatively small slice of the pie compared to the total housing market, these REITs tend to be concentrated in certain markets.Thus, the next generation of financial services institutions must deliver an on-demand and customized digital customer experience to remain competitive. Institutions will be judged by how they optimize their use of data, the speed in which they execute, and by the ease of use of their digital platforms/tools and user experience. Related Articles The Mortgage Market: 10 Years, 10 Big Changes The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Borrowers Homebuyers Homes HOUSING Lenders May 17, 2019 6,727 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Print Features read more
ChiccoDodiFC/iStock(OXNARD, Calif.) — Bodycam footage released Thursday by the Oxnard Police Department in California shows a 17-year-old girl apologizing to officers after she was shot three times.Armed with a 12-inch chef’s knife, the teen, whose identity was not revealed and whose faced is blurred in the footage, kept walking toward Officer Timothy Roberts, who backed away from her multiple times, repeatedly asking her drop the weapon.“Put it down,” he said. “Don’t reach for the knife.”“What happens if I reach for it?” she asked.“Then,” Roberts said, “something bad is going to happen. Put the knife down.”Roberts is heard on the bodycam footage requesting expedited backup.“Suspect is armed with a knife and threatening with it,” he said into his radio. To the girl: “Drop it!”“No,” she responded. “Shoot me. I’ve been waiting all day. I’ve been waiting. Come on.”She kept walking toward Roberts.“I’m backing up westbound,” Roberts said into his radio. “She’s still armed with the knife, refusing to drop it.”Suddenly, the teen appears to quicken her pace toward the officer, who fires three shots, all of which hit the target.Roberts calls for an EMS unit, and he and an accompanying officer immediately began performing first aid.“I’m so sorry,” said the girl, doubled up on the ground.The incident occurred May 3. The girl still was hospitalized as of Thursday, according to the Oxnard Police Department statement.Roberts, per department policy, was placed on administrative leave as the investigation into the incident continues.A second officer responding to the scene, near a Carl’s Jr. in the 400 block of North Rose Avenue, police said, was preparing a “beanbag” shotgun to subdue the girl when she started toward Roberts and he fired his gun.Copyright © 2019, ABC Radio. All rights reserved. read more
Blowing snow over sea ice has been proposed as a significant source of sea salt aerosol (SSA) (Yang et al., 2008). In this study, using snow salinity data and blowing snow and aerosol particle measurements collected in the Weddell Sea sea ice zone (SIZ) during a winter cruise, we perform a comprehensive model–data comparison with the aim of validating proposed parameterizations. Additionally, we investigate possible physical mechanisms involved in SSA production from blowing snow. A global chemical transport model, p-TOMCAT, is used to examine the model sensitivity to key parameters involved, namely blowing-snow size istribution, snow salinity, sublimation function, surface wind speed, relative humidity, air temperature and ratio of SSA formed per snow particle. As proposed in the parameterizations of Yang et al. (2008), the SSA mass flux is proportional to the bulk sublimation flux of blowing snow and snow salinity. To convert the bulk sublimation flux to SSA size distribution requires (1) sublimation function for snow particles, (2) blowing-snow size distribution, (3) snow (3) snow salinity and (4) ratio of SSA formed per snow particle. The optimum model–cruise aerosol data agreement (in diameterrange of 0.4–12 μm) indicates two possible microphysicalprocesses that could be associated with SSA productionfrom blowing snow. The first one assumes that one SSA is formed per snow particle after sublimation, and snow particle sublimation is controlled by the curvature effect or the so-called “air ventilation” effect. The second mechanism allows multiple SSAs to form per snow particle and assumes snow particle sublimation is controlled by the moisture gradient between the surface of the particle and the ambient air (moisture diffusion effect). With this latter mechanism the model reproduces the observations assuming that one snow particle produces ~ 10 SSA during the sublimation process. Although both mechanisms generate very consistent results with respect to observed aerosol number densities, they correspond to completely different microphysical processes and show quite different SSA size spectra, mainly in ultra-fine and coarse size modes. However, due to the lack of relevant data, we could not, so far, conclude confidently which one is more realistic, highlighting the necessity of further investigation. read more
Estate agents in some parts of the USA are beginning to reopen for business in a phased plan and have restarted physical viewings, offering their UK counterparts a taste of what will happen when the lockdown eases.NAEA Propertymark has revealed that it’s been in talks with the National Association of Realtors, its equivalent in the US, to share information on best practice.And many of the details revealed by NAEA Chief Executive Mark Hayward about the likely measures to be introduced here come from those meetings.But it would appear the UK is going further than many states in the US.For example, one of the first regions to allow agents to restart their businesses is the Bay Area of Northern California which includes San Francisco and San Jose.Estate agents have been given the green light to conduct viewings but only the realtor and two other adults are allowed in a property at the same time.Also, the vendor must step out of the property during the viewing, everyone involved must wear masks and gloves and vendors must sign a release form.In the UK, according to Hayward’s briefing yesterday which included many of the measures mentioned above, surfaces within properties must also be disinfected and viewings last no more than 15 minutes.“While virtual tours are becoming more and more popular and they’re absolutely being used, part of it is how can we responsibly interact inside homes because that is such a big part of it,” Skylar Olsen, a senior economist with Zillow, said.Zillow, which is a portal similar to Rightmove in the US, says home sales have slowed by up to 50% since a lockdown was introduced across all US states following the arrival of Coronavirus. realtors coronavirus USA zillow May 6, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » COVID-19 news » US realtors return to work with masks and gloves as UK waits its turn previous nextCOVID-19 newsUS realtors return to work with masks and gloves as UK waits its turnRegulations around physical viewings to be introduced in the UK when our industry restarts, go much further than in the US, The Negotiator can reveal.Nigel Lewis6th May 202003,686 Views read more
× DAY OF THE DEAD — Grade 4 students at Midtown Community School celebrated Day of the Dead by making their own masks. The children enjoyed learning about this bright and colorful Mexican holiday.