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WWW.FASTCOMPANY.COMPeople are blaming L.A. officials for the wildfires. Theyre missing the pointAs Los Angeles reels from the damage of last weeks fires, some people have argued that the city didnt do enough to prepare. But critics talking about water supplies are ignoring the real problem: climate change.Climate change is driving hydroclimate whiplash, wild swings between wet and dry weather. After years of drought, L.A. saw record-breaking rain in 2022 and 2023. Then came drought: For eight months, the city has seen almost no rain. The extra-rainy years make more grass and vegetation growand when it later dries out, there becomes extra fuel for a fire.As the planet heats up, the atmospheric sponge is growingthe atmosphere is sucking more water out of plants and soil, making it even drier than it would be with drought alone. When it later rains, the atmosphere is holding more moisture, so it dumps more precipitation.If theres heavy rain after a fire burns away vegetation, theres a greater risk of landslides. If theres finally a major storm later this winter, all of these very steep, recently burned slopes immediately in populated areas could pose big problems, says Daniel Swain, a climate scientist at UCLA who published a new paper about the global growth of hydroclimate whiplash. Thats a hazard that I can already anticipate, he says. Communities, even as theyre dealing with some parts of the community still being on fire, probably need to be grappling with that because it could be as little as a week or two before the next thing hits.Since the middle of the 20th century, the new paper says, hydroclimate whiplash has grown globally by between 31% and 66%.When the fires started after L.A.s own weather whiplash, the conditions were a worst-case scenario, with extremely dry vegetation and extremely strong winds. The first night, the winds were so strong that firefighting planes couldnt fly. On the ground, firefighters were also limited in what they could do. Critics have pointed to the fact that some fire hydrants ran out of water, but thats a red herring.I think what people are forgetting is there were literally hundreds of fire trucks all drawing upon the same water mains, Swain says. You can only push so much water through city water pipes per unit time. (As houses burned and pipes in homes were broken, that also affected water pressure.) Even if the city had backup water supplies, he says, it would have been unlikely to make much of a difference given the extreme conditions.Thats not to say that society cant do more to preparebut its not a matter of having more fire trucks or water. First, homes can be made more resilient to fire. Many of the houses that burned caught fire inside after embers blew through vents; replacing vents with a version that blocks embers is a simple change that could have saved some homes. Most Californians also still havent fully embraced the idea of defensible space around a homemaking sure that trees and other vegetation arent too close, and replacing flammable structures like wood decks. Relatively simple changes could make a difference, and the fewer homes that burn, the less a fire can spread. (Cities might eventually also have to take the more complicated step of deciding that some areas arent safe to live in, and change zoning.)Still, in the most extreme-fire weather, theres only so much that can be done. In the L.A. fires, changes might have lessened the damage, but probably couldnt have ever eliminated it. Its also critical to focus on cutting emissions because hydroclimate whiplash is projected to get significantly worse as the planet keeps heating up. Swains study found that if we hit 3 degrees of warming, whiplash will more than double: This is actually a very good illustration of why each fraction of a degree of warming matters and shaving off each fraction of a degree is really important, he says.0 Σχόλια 0 Μοιράστηκε 36 Views
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WWW.FASTCOMPANY.COMHow NFL teams use old-school tech to thaw their frozen football fieldsThe Buffalo Billss new $2.1 billion stadium, set to open in 2026, will feature cutting-edge technology and architecture that will make it one of the most progressive stadiums in the NFL. It will also include one feature players likely wish they had for this weekend. A heated football field.Buffalo is the NFLs only cold-weather city with an outdoor natural-turf stadium that doesnt have a heated field. (Its one of the reasons the team pays $20 an hour and provides food and hot beverages for fans who help shovel snow when needed.)If youve ever walked on grass frozen over in the deep winter, its like walking on concretenot a surface conducive to tackle football. And with nearly half of all quarterback concussions resulting from helmets hitting the ground, a heated field is a crucial safety measure. Heat tech also promotes grass growth throughout the winter months and, on game day, prevents the turf from icing over, making it more playable.A grounds crew member blows snow off the field during a timeout in a game between the Buffalo Bills and the San Francisco 49ers at Highmark Stadium on December 01, 2024 in Orchard Park, New York. [Photo: Bryan M. Bennett/Getty Images]Thats why sophisticated field heating systems are becoming more prevalent than ever in NFL stadiums. And in a brave new AI-driven world powered by smart-everything, its actually old-school science and engineering that power the systems that keep NFL turf thawed, playable, and safe.Green Bay Packers coach Vince Lombardi smiles as he checks the turf on Packer stadium in December of 1961. A covering of hay kept the turf from freezing, the reason for Lombardis smile. He said a solid footing would give the Packer running game the edge. [Photo: Bettmann/Getty Images]The (un)frozen tundraGreen Bays Lambeau Field, famously nicknamed the frozen tundra, features a powerful heating system to ensure its gridiron remains anything but frozen.Green Bay Packers staff shovels snow in the stands prior to an NFL football game against the New Orleans Saints, at Lambeau Field on December 23, 2024 in Green Bay, Wisconsin. [Photo: Todd Rosenberg/Getty Images]Up until 1997, electric coils buried in the turf kept the Lambeau turf warm. Now, a mixture of water and glycol, pumped through 34 miles of tubes buried six-to-12 inches under the playing surface, does the job. Three massive boilerseach as powerful as 40 home furnaces combinedheat the mixture, while four pumps circulate it under the football field from the south end zone. Sixteen thermostats monitor field temperatures to ensure uniform heating, and the glycol prevents freezing when they shut down after the season.Interior view of Arrowhead Stadium and its snowy field prior to the game between the Denver Broncos and the Kansas City Chiefs on Sunday December 15, 2019 in Kansas City, MO. [Photo: Nick Tre. Smith/Icon Sportswire/Getty Images]Playable at minus-27More recently, in 2016, the Kansas City Chiefs completed their heating system at Arrowhead Stadium. And theyve needed it. Since 2016, the Chiefs have hosted 14 January playoff gamesmore than double the Patriots, who have hosted the second-most (6), but since 2006 have played on synthetic turf. In January 2024, Kansas City hosted the Miami Dolphins for one of the coldest games on record, with a temperature at kickoff of minus-4 degrees Fahrenheit and a minus-27 wind chill. It was so cold that one hard hit shattered the helmet of Chiefs quarterback Patrick Mahomes.Installation of the heating system at Arrowhead Stadium, ca. 2016. [Photo: Kansas City Chiefs]The $2.2 million heating systemvery similar to the one in Green Baywas the MVP that day. Powered by three boilers under the stadium bleachers near the players tunnel, hot water is pumped through four-inch pipes, which then branch into smaller three-quarter-inch pipes laid in a zigzag pattern under the football field. These smaller pipes run sideline to sideline, spaced nine inches apart and buried nine inches deep under the sand beneath the fields surface.Heating tubes laid down on Arrowhead field, prior to being covered with turf. [Photo: Kansas City Chiefs]Just like a home thermostat, Arrowheads system automatically turns on when temperatures drop below a certain point. While it takes a couple of days to fully warm up, it can maintain the field temperature around 50 degrees even in the coldest weather.The Chiefs prefer a 50-degree field temperature, but every groundskeeper has a different strategy. The Packers keep their turf at around 38 degreesenough to keep the roots from freezing while allowing the turf to harden slightly for that Lambeau home-field advantage. The Baltimore Ravens keep their field at 50 degrees, while in Philadelphia, the Eagles have warmed their field to as high as 60 degrees. Other stadiums with field-heating systems include Acrisure Stadium in Pittsburgh and Empower Field at Mile High in Denver.Crews work to clear snow from the field before a game between the Buffalo Bills and the San Francisco 49ers at Highmark Stadium on December 1, 2024 in Orchard Park, New York. [Photo: Timothy T Ludwig/Getty Images]Cold-field advantageWhen the Bills open their new venue in 2026, it will be a new standard for cold-weather stadiums. It will feature a partial canopy roof covering over 60% of the seats, designed specifically to handle Buffalos heavy snowfall. This innovative 360-degree canopy will be heated, with sensors to monitor weather conditions and an advanced snow melt system to prevent snow accumulation and potential structural issues.A rendering of the Bills New Highmark Stadium [Image: Buffalo Bills]And though the field will be heated and the grounds crew will have the ability to wirelessly control both the temperature and moisture content of the turf, Dont expect the Bills to make it too comfy for competitors from more fair-weather climes. The stadium will remain famously outdoors, open to the elements, with no dome, continuing to guarantee home-field advantage.0 Σχόλια 0 Μοιράστηκε 38 Views
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WWW.DEZEEN.COMRSHP and Estudio Lamela's Madrid-Barajas airport was the most significant building of 2006The next instalment in our 21st-Century Architecture: 25 Years 25 Buildings series profiles Terminal 4 at Madrid-Barajas Airport by RSHP and Estudio Lamela, the peak of a golden age of airport design.Awarded the RIBA Stirling Prize in 2006, the vast terminal one of the largest in Europe represented a high-point in airport design, during which the typology became synonymous with the predominantly British style of high-tech architecture.With its undulating, bamboo-lined roofs, generous skylights and brightly coloured columns, Madrid-Barajas Terminal 4 achieved the rare feat of humanising the airport terminal, a space more often associated with anonymity, homogeneity and general unpleasantness.As Guardian critic Oliver Wainwright put it, Madrid-Barajas was "a place you might actually want to stay for a while, rather than escape as soon as possible".Madrid-Barajas airport opened in 2006High-tech's reinvention of the airport terminal began in 1991, with the revolutionary London Stansted terminal by the aeroplane-obsessed Norman Foster, a close friend and former collaborator of Rogers.Stansted set a precedent for a rush of high-tech airport projects by both Foster himself and his high-tech compatriots, including Renzo Piano notable in particular for the Kansai International Airport in 1994 Nicholas Grimshaw, and Rogers.The terminal was the peak of a golden age of airport design. Photo by Richard Bryant / arcaidimages.comWhat the high-tech style had proven is that it was possible to blend the romantic era of the airport terminal with the decidedly unglamorous realities of a new era of climate-be-damned budget flights. The "big shed" terminal, as it was often termed, was here to stay.Jonathan Glancey summed this up in 2006, writing that "it might be said that between them, Richard Rogers, Renzo Piano and Norman Foster, in collaboration with their fine engineers, have all but reinvented the international airport terminal".But of all the examples from these two decades, it is Rogers' work at Madrid-Barajas that feels the most civic-minded and human-centred.Madrid-Barajas airport has a distinctive roof. Photo by Amparo GarridoIf, as Edwin Heathcote wrote in The Architectural Review, the big sheds of high-tech leaned more towards the "agricultural", Rogers and Lamela seemed to appreciate that the thousands of new passengers they were about to welcome to Madrid need not feel like cattle."It's all about colour and light and space and transparency and it's all about making people look as though they are important in that space," Rogers told the BBC after his Stirling Prize win."They're not squashed by low ceilings or dominated by retail and shops," he said.The gull-wing-shaped roof is supported on a steel structure. Photo by RSHPIt was amid the airport terminal's reinvention that the competition for a new terminal at Madrid-Barajas was launched in 1997, intended as a means of putting the airport on a level pegging with other major international hubs in Europe.RSHP then known as Richard Rogers Partnership was awarded the project alongside Spanish practice Estudio Lamela and engineering firms TPS and Initec.The team's vision was typically high-tech; the terminal's spaces were to be loose-fit and flexible to enable future alterations, and designed with what Rogers called a "direct simplicity", both to maximise natural light and facilitate speedy construction.A place you might actually want to stay for a while, rather than escape as soon as possible Oliver Wainwright GuardianRogers knew all too well the importance of speed. At the time of winning the competition, the firm was still working on Heathrow Terminal 5 awarded to the firm in 1989 which would take 19 years to complete after the longest public inquiry in British history.But what had been bad news for Heathrow provided valuable lessons that could be applied to Madrid-Barajas, which despite its massive size was completed in just eight years.The steel is brightly coloured. Photo by Amparo GarridoThe design of T4 has three core elements, the first being the main terminal for national and Schengen flights, which occupies a 500,000-square-metre volume abutted by a 310,000-square-metre car park. Across the runways, some two kilometres away, a tunnel connects to the terminal's satellite building, catering for international arrivals in an almost 300,000-square-metre volume.Even by airport standards, this was a vast undertaking, requiring the nearby River Jarama to be re-routed. Indeed, one of the Stirling Prize jury's comments was simply to acknowledge "the sheer scale and complexity of what has been tackled and achieved".Read: Ryue Nishizawa's Moriyama House was the most significant building of 2005That the main buildings appear relatively low-lying in the landscape is thanks to a vast basement beneath, containing three levels in addition to three glazed storeys above ground, which in both volumes are topped by large wavy roofs."We felt we needed to cover the building with a very light structure that could provide the impression of grace and elegance," Estudio Lamela founder Carlos Lamelatold the Guardian.Colours were used to define different areas. Photo by Duccio MalagambaIn section, this roof is a gull-wing shape, extruded via a series of repeating sections framed by curved beams overhead and forking steel columns with concrete bases below.The peaks of gull-wing shape divide the spaces below into three linear sections, separated by rows of circular skylights described by Rogers as "canyons" which pull natural light down through the building.I usually get off flights relieved to stretch my legs. Only Madrid adds a spring to my step Michael Skapinker Financial TimesAround the perimeter of the building, the roof extends outwards, where a wave-edged canopy shelters the external routes and drop-off spaces.Perhaps the most important gesture in the building is the distinctly un-high-tech choice of bamboo planks to line the ceilings, which combined with the ample natural light bring a feeling of warmth and openness to the interiors.Bamboo was used to add calm to the spaces. Photo by Roland HalbeThe steel structure of both buildings is finished in a variety of bright colours, a Rogers signature that here serves as a way-finding tool both to specific terminals and the cardinal points with blue for north, red for south and yellow for the central section.While the bright colours may have the opposite effect to the soothing wooden ceilings for some, they form a crucial part in the triumvirate of light, colour and space that define the scheme.Any time spent in the majority of airports today will demonstrate that Roger and Lamela's vision for a place that prioritised the experience of people remains a rarity, and that Madrid-Barajas remains one of only a handful of examples to be looked up to.As Michael Skapinker wrote in the Financial Times, "I usually get off flights relieved to stretch my legs. Only Madrid adds a spring to my step."Did we get it right? Was Madrid-Barajas Terminal 4 the most significant building completed in 2006? Let us know in the comments. We will be running a poll once all 25 buildings are revealed to determine the most significant building of the 21st century so far.This article is part of Dezeen's 21st-Century Architecture: 25 Years 25 Buildings series, which looks at the most significant architecture of the 21st century so far. For the series, we have selected the most influential building from each of the first 25 years of the century.The illustration is by Jack Bedford and photography is by Manuel Renau unless stated.21st-Century Architecture: 25 Years 25 Buildings2000: Tate Modern by Herzog & de Meuron2001: Gando Primary School by Dibdo Francis Kr2002: Bergisel Ski Jump by Zaha Hadid2003: Walt Disney Concert Hall by Frank Gehry2004: Quinta Monroy by Elemental2005: Moriyama House by Ryue Nishizawa2006: Madrid-Barajas airport by RSHP and Estudio LamelaThis list will be updated as the series progresses.The post RSHP and Estudio Lamela's Madrid-Barajas airport was the most significant building of 2006 appeared first on Dezeen.0 Σχόλια 0 Μοιράστηκε 36 Views
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WWW.CREATIVEBLOQ.COMThe best fonts for CricutThese Cricut fonts will elevate your designs to the next level.0 Σχόλια 0 Μοιράστηκε 38 Views
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WWW.WIRED.COMThe Best Automated Espresso, Latte, and Cappuccino Makers (2025)Tired of plain drinks and pour-overs? Turn your kitchen into a caf with these barista-worthy machines.0 Σχόλια 0 Μοιράστηκε 37 Views
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WWW.HOUSEBEAUTIFUL.COMThese 7 Countries Are a Smart Real Estate InvestmentIf the idea of moving abroad has recently seemed a lot more appealing due to current eventsyoure not alone. A study by Coldwell Banker that was reported in Global Luxury 2024 found that about 40 percent of Americans who responded are interested in buying a home in another country within the following year. From homes in Italy you can purchase for just one euro to countries where you can buy your own private island, the options are certainly very appealing. While owning abroad may seem like a pie-in-the-sky dream, the reality is that it's certainly possible to attain with smart planning. Plus, it could be a boon to your household income and existing assets.Why Americans Are Investing AbroadThe uptick in overseas investment owes to several factors. First, the euro is lower than it has been in many years, and interest rates are lower in Europe than they are in the U.S. As of June 6, 2024, the European Central Bank cut its main lending rate from 4 percent to 3.75 percent, Samira Easton, a certified international property specialist at Premier Sothebys International Realty, says. (This is a small but significant change when youre borrowing a large sum.) Easton also points out that anxiety surrounding the upcoming presidential election is causing people to consider moving abroad. Then, of course, theres the fact that the U.S. is still experiencing a housing shortage and the homes that do wind up on the market here tend to be prohibitively expensive. The Benefits of Buying in a Foreign CountryNot only is it potentially cheaper to buy real estate abroad than here in the U.S., it can actually bring in additional income and help protect your existing assets. Investing in emerging markets can offer rapid economic returns and increasing property values, Easton explains. (In other words, the beach house you buy in Portugal now might be worth double what you paid for it in a couple of years.) And houses located in popular tourist destinations can bring in a steady stream of rental income.Owning properties in different countries also can diversify your portfolio, making you less vulnerable to crazy economic fluctuations in any one countryand real estate investments in different currencies can protect against currency devaluations in your home country, Easton says. From a lifestyle standpoint, owning a home overseas offers access to new cultures and climates (exotic food, sunny weather!) and gives families a special place to gather for holidays and summer breaks. Who doesnt want to spend Christmas in Paris or August in Tuscany?But its not just European destinations that are attracting expats. There are several countries around the globe that have cities bursting with cultural opportunities and recreational activities, beach towns with miles of sandy shoreline, and plenty of affordable homes for you to buy right now. Here are seven hot spots that belong on your list.For more international real estate advice:0 Σχόλια 0 Μοιράστηκε 10 Views
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WWW.CNET.COMNFL Wild Card Weekend: How to Watch Broncos vs. Bills TodayWhen to watch the Denver Broncos and Buffalo Bills?Sunday, Jan. 12, at 1 p.m. ET (10 a.m. PT).Where to watch?The Broncos-Bills game will air on CBS and stream on Paramount Plus. See at Paramount Plus Two Wild Card games for $8 per month Paramount Plus See at Paramount Plus See more details See at Fubo Carries CBS for $80 per month Fubo See at Fubo See more details See at YouTube TV Carries CBS for $83 a month YouTube TV See at YouTube TV See more details See at Hulu Plus Live TV Carries CBS for $83 a month Hulu Plus Live TV See at Hulu Plus Live TV See more details See at DirecTV Stream Carries CBS for $87 a month DirecTV Stream See at DirecTV Stream See more details The Bills couldn't catch the Chiefs in the race for the top seed in the AFC and a first-round bye. Buffalo secured the No. 2 seed with a 13-4 record behind what is likely to be an MVP season for Josh Allen. The Bills will open their Super Bowl quest against No. 7 Denver, the last AFC team to qualify for the playoffs. The Broncos went 10-7 with the successful union between veteran head coach Sean Payton and rookie QB Bo Nix.The Broncos and Bills kick off in Buffalo onSunday at1 p.m. ET (10 a.m. PT). It's available to watch nationally on CBS or stream on Paramount Plus. Josh Allen and the Buffalo Bills open the playoffs at home against the Denver Broncos on Sunday. Kevin Sabitus/Getty ImagesHow to watch Broncos vs. BillsYou can watch the game on your local CBS station with a cable or satellite TV subscription or with an over-the-air antenna. Most live TV streaming services such asYouTube TVandHulu Plus Live TValso carry your local CBS station (see below).If you don't subscribe to a TV service with CBS and want to watch the game, you can sign up for Paramount Plus for $8 per month.You can also subscribe toNFL Plus, the NFL's own streaming service at $7 per month, but streams are limited to just watching on a phone or tablet (not a TV). James Martin/CNET You can watch the Broncos-Bills game on Sunday (and Saturday's Chargers-Texans game) on Paramount Plus with its $8 a month Essentials tier. You can check for yourself if your area has live CBS streaminghere.Read our Paramount Plus review. See at Paramount Plus Fubo Fubo's Essential plan costs $80 a month and includes CBS.Click hereto see which local channels you get.Read our Fubo review. See at Fubo Sarah Tew/CNET YouTube TV costs $83 a month after a recent price hike and includes CBS. Right now, the first three months are discounted to $60 a month. Plug in your ZIP code on YouTube TV's welcome page to see which local networks are available in your area. Read our YouTube TV review. See at YouTube TV Sarah Tew/CNET Hulu Plus Live TV costs $83 a month and includes CBS in most markets. On its live news page, you can enter your ZIP code under the "Can I watch local news in my area?" question at the bottom of the page to see which local channels you get. Read our Hulu Plus Live TV review. See at Hulu Plus Live TV Directv stream DirecTV Stream's basic $87-a-month package includes CBS in most markets. You can use its channel lookup tool to see which local channels are available where you live. Read our DirecTV Stream review. See at DirecTV Stream All the live TV streaming services above allow you to cancel anytime and require a solid internet connection. Looking for more information? Check out ourlive TV streaming services guide.0 Σχόλια 0 Μοιράστηκε 10 Views
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WWW.CNET.COMMortgage Predictions for January 2025: Is the Worst Yet to Come?The average rate on a 30-year fixed mortgage has stayed above 7% for the past week, its highest level in six months.Soaring borrowing costs led to sharp drops in homebuying throughout 2024, and buyers still aren't flooding the market. During the first week of the new year, mortgage applications were 15% lower than the same time last year, according to the Mortgage Bankers Association.Several factors have driven up rates this winter. Strong economic data lowered expectations for the Federal Reserve's interest rate cuts and caused 10-year Treasury yields (a key benchmark for home loan rates) to surge. Concern that Donald Trump's incoming administration will stoke inflation and boost government debt deficits has rattled the mortgage market.Based on the current situation, a significant drop in mortgage rates before the spring homebuying season is unlikely, according to Valerie Saunders, chief executive strategist at the National Association of Mortgage Brokers.Absent a downshift in inflation or a sudden weakening of labor conditions, mortgage rates will remain close to 7% for a while, said Keith Gumbinger, vice president of mortgage site HSH.com.What will affect mortgage rates this month?With a lot of uncertainty in financial markets, rates could see major spikes and volatility this month, particularly around the Jan. 20 presidential inauguration."As for whether or not we'll see recalibration over the next few weeks, that depends on what the president-elect says and what he does when he actually takes office," said Jacob Channel, senior economist at LendingTree. If Trump declares an economic emergency to impose tariffs or does something like declaring war on Denmark, mortgage rates would move even higher, Channel said.The week after Trump takes office, the Fed will hold its first policy meeting of the year.Though economists believe the Fed will leave interest rates unchanged on Jan. 29, investors will be looking for any clues as to how the outlook may have shifted with the new administration. The Fed already made three interest rate cuts since September, yet without evidence of lower inflation or a weaker labor market, it could be a while until we see additional reductions.The Fed influences the direction of overall borrowing rates but doesn't directly control the mortgage market. Investors care about the Fed's outlook for rate adjustments because it impacts their trading strategy and risk assessment. That's why market forces often move in anticipation of the Fed's policy moves, relying on economic data and projections to price their expectations in the bond market."Because the rise in bond yields is due to the anticipation of future events, if the narrative changes, bond yields could shift," said Kara Ng, senior economist at Zillow. Mortgage rates could see more volatility in 2025Aside from typical day-to-day fluctuations, mortgage rates are expected to stay above 6.5% for the next few months. If inflation continues to cool and the Fed is able to carry out two 0.25% cuts, mortgage rates could inch down closer to 6.25% later in the year.But a new administration, changes in the geopolitical outlook and the risk of inflation rebounding all have the power to alter that forecast dramatically.As investors react to political announcements and policy changes, there won't be much stability in the mortgage market. "Unless the president-elect's tone becomes much more moderate and disciplined once he takes office, expect volatility to remain prevalent," said Channel.While a sharp downturn in rates isn't impossible, it would take a sudden economic shock, such as the onset of a recession or spike in oil prices, for home loan rates to make a U-turn. "Drastic changes in direction are usually the result of some emerging significant event somewhere that upends financial markets," said Gumbinger. What is impacting the housing market in 2025?Today's unaffordable housing market results from high mortgage rates, a long-standing housing shortage, expensive home prices and a loss of purchasing power due to inflation. Low housing inventory: A balanced housing market typically has five to six months of supply. Most markets today average around half that amount. According to Freddie Mac, we still have a shortage of around 3.7 million homes. Elevated mortgage rates:In early 2022, mortgage rates hit historic lows of around 3%. As inflation surged and the Fed hiked interest rates to tame it, mortgage rates more than doubled. In 2025, mortgage rates are still high, pricing millions of prospective buyers out of the housing market. Rate-lock effect:Since the majority of homeowners are locked into mortgage rates below 5%, they're reluctant to give up their low mortgage rates and have little incentive to list their homes for sale, leaving a dearth of resale inventory. High home prices:Although home buying demand has been limited in recent years, home prices remain high because of a lack of inventory. The median US home price was $429,963 in November, up 5.4% on an annual basis, according to Redfin. Steep inflation:Inflation means an increase in the cost of basic goods and services, reducing purchasing power. It also impacts mortgage rates: When inflation is high, lenders typically raise interest rates on consumer loans to ensure a profit. Is it better to wait or buy?It's never a good idea to rush intobuying a homewithout knowing what you can afford, so establish a clear home-buying budget. Here's what experts recommend before purchasing a home: Build your credit score. Your credit score will help determine whether you qualify for a mortgage and at what interest rate. A credit score of 740 or higher will help you qualify for a lower rate. Save for a bigger down payment.A larger down payment allows you to take out a smaller mortgage and get a lower interest rate from your lender. If you can afford it, a down payment of at least 20% will also eliminate private mortgage insurance. Shop for mortgage lenders.Comparing loan offers from multiple mortgage lenders can help you negotiate a better rate. Experts recommend getting at least two to three loan estimates from different lenders. Consider renting.Choosing to rent or buy a home isn't just comparing monthly rent to a mortgage payment. Renting offers flexibility and lower upfront costs, but buying allows you to build wealth and have more control over your housing costs. Consider mortgage points.You can get a lower mortgage rate by buying mortgage points, with each point costing 1% of the total loan amount. One mortgage point equals a 0.25% decrease in your mortgage rate.More on today's housing market0 Σχόλια 0 Μοιράστηκε 9 Views
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WWW.CNET.COMHomes in Short Supply: How Inventory Will Shape the 2025 Housing Market?In today's unaffordable housing market, high mortgage rates are just one part of the problem. Prospective homebuyers are also facing a long-running housing shortage.More than a decade of underbuilding has left the country with a deficit of nearly 1.5 million new homes. At the same time, current homeowners holding on to their lower mortgage rates are freezing resale inventory in what's called a "rate-lock effect."When pent-up demand outweighs supply in this case, for both new and existing homes prices go up.In 2023, active housing inventory levels hit an all-time low, but experts see that trend slowly reversing. "Better availability of homes for sale will provide a greater balance between buyers and sellers, meaning fewer bidding wars and price escalations," said Selma Hepp, chief economist at CoreLogic.However, even with a projected 11.7% increase this year, the number of homes for sale will still lag pre-pandemic levels by 23%, according to Realtor.com. Given the longstanding undersupply of houses, conditions are likely to remain challenging for homebuyers far beyond 2025."Inventory is going to increase, but supply will still be low by historical standards," said Lisa Sturtevant, chief economist at Bright MLS, a multiple-listing service operating across the mid-Atlantic.Other variables are also at play, including the Federal Reserve's projections for fewer interest rate cuts and President-elect Donald Trump's economic policies, which are expected to be inflationary and potentially drag out housing market recovery. At bottom, any meaningful growth in housing inventory would require a surge in resale listings and a significant uptick in new construction. Both scenarios would depend on lower inflation and continued interest rate cuts by the Fed to decrease consumer and business borrowing costs. Here's why.Where have all the houses gone?The COVID-19 pandemic was a clear turning point for the housing market, and not only because of the scarcity of building materials from disrupted supply chains. As the lockdowns went into effect, the demand for homes surged as families relocated for more space and millions took advantage of record-low mortgage rates around 2-3%.The result was a white-hot seller's market, with existing homes being snatched up and prices increasing rapidly. Millions of homeowners were also able to refinance and lock in bargain rates, giving them more incentive to stay put.Today, 84% of current homeowners have interest rates below 6%, and average mortgage rates aren't expected to dip back to sub-6% levels in 2025. If homeowners were to list their properties and move now, they'd end up with a significantly higher rate on a new home loan and more expensive monthly payments. For households unable to afford to sell their properties in recent years, the decision to move will become less about mortgage rates and more about lifestyle changes, said Ali Wolf, chief economist at Zonda, a home construction data company. Big life decisions, such as relocating for work, having children or getting divorced could prompt more sellers to give up their attractive interest rates in 2025.Are any regions seeing increased inventory?Housing supply has been making a gradual comeback in the last few years, though certain regions have recovered far faster than others.For instance, states with the lowest levels of supply are concentrated in and around the Midwest and Northeast, where there's less available land to build on and the rate-lock effect is stronger. But in the South and West, where new home construction is more prevalent, housing supply is nearing or even surpassing pre-pandemic levels. In areas where new construction is sparser, supply will depend on whether mortgage rates decline and provide enough incentive to bring sellers off the sidelines. Sub-6% rates aren't low enough to break the rate-lock effect entirely, but a gradual easing in borrowing costs will at least help to loosen it.Still, if mortgage rates plunged to record lows again (in the context of a major economic crisis), buyers would likely flood the market to compete over limited inventory, which could cause home prices to surge again.To improve affordability, housing prices and mortgage interest rates would ideally move toward equilibrium at the same pace.Will there be an uptick in new construction?In the lead-up to the 2007 financial crisis, new home construction was on the rise, peaking in early 2006. By 2009, new construction had declined by more than 125%. Today, housing starts are nearly 50% below pre-Great Recession levels.Moreover, builders have been prioritizing the construction of larger, more expensive single-family homes and multifamily housing to meet changing buyer demographics and net larger profits. This shift has led to a decline in the construction of starter homes, e.g., smaller (typically 1,500 square feet or less) low-cost properties that help lower-income families access homeownership."We have been witnessing the death of the starter home for the better part of a decade," said Brittany Webb, director of research at the National Housing Conference. That's made it particularly difficult for first-time homebuyers to find affordable homes in areas where they want to live. Over the last year, homebuilders have slowly begun shifting toward constructing smaller homes with lower price tags. Newly built homes tend to cost more than existing ones, yet experts see that price gap narrowing in 2025. Still, a lot depends on supply chains, the cost of materials and interest rates."Lower rates will likely result in more favorable lending conditions and lower construction costs for homebuilders, making new projects more profitable and spurring additional home construction," said Odeta Kushi, deputy chief economist at First American Financial Corporation.Will housing market inventory change in 2025?There is much uncertainty surrounding Trump's proposed economic policies and the extent to which they will affect the housing market and monetary policy in 2025.Some campaign proposals, such as easing land-use regulations, could encourage development and boost housing inventory. Other proposals, including tariffs and tax cuts, could cause inflation to increase and prevent the Fed from making additional rate reductions.Higher tariffs, particularly on lumber, are a big concern for builders, said Robert Dietz, chief economist at the National Association of Homebuilders. Increased construction costs could hamper homebuilding and drive up prices on newly built houses.Moreover, if interest rates remain high, homebuilders will be less likely to rely on construction and development loans to fund projects, and current homeowners may be less likely to list their homes.Still, many have expressed enthusiasm for Trump's deregulation proposals and his promise to sell federal land to developers for housing construction. "Homebuilders are optimistic about the extension of the 2017 tax reform and efforts to reduce regulatory burdens at all levels of government," said Dietz.State and local governments would also have to loosen their zoning and land usage laws to make building houses easier and less expensive. That could take a long time, especially in areas where residents are opposed to increased development.How to navigate today's housing shortageProspective buyers can't do much about the high mortgage rates tying up existing inventory or the pace of homebuilding. But there are ways you can find a house within your budget, even when the inventory is tight.Broaden your home search: Housing inventory varies across each state and metropolitan area. So even if you're set on putting down roots in a specific location, it's worth keeping an open mind. Lesser-known areas or submarkets bordering urban centers could offer a wider range of options that better fit your budget and preferences.Consider fixer-uppers: If you're comfortable with the potential cost and duration of renovations, fixer-uppers or older houses tend to offer more affordable asking prices. You'll also benefit from less competition and/or bidding wars that are common with turnkey properties.Look into new construction: If you live in an area where there's a lot of new construction happening -- such as in the South or Western regions where there's more available land to develop and friendlier zoning laws -- you might be able to purchase a new house for a price similar to or even less than a pre-owned one. To attract buyers, many builders are offering all kinds of incentives, including mortgage-rate buydowns, discounted prices or closing cost assistance.More on today's housing market0 Σχόλια 0 Μοιράστηκε 10 Views