Now, you could argue that this is a fairly rationale outcome after a long period of economic expansion and home price appreciation. And interest rates were, on average, even lower in the 2012 to 2016 period. But, the WSJ posits that this could be a signal that people simply need the cash -- which is why the majority are willing to accept a higher interest rate. Here is another chart from a different WSJ article:
Housing debt (mortgage balances) has come way down since 2008, but non-housing debt has come way up and now exceeds that of the former. Non-housing consumer debt rose by about $1 trillion in real dollars from 2013 to 2019, principally driven by student loans and car loans. Noteworthy is the fact that student loans are rising fairly linearly (along with dramatically), whereas car loans and credit card debt seem to follow the overall economy.
When people are feeling richer (and confident about their economic prospects) they go out and buy things, like cars.
Charts: WSJ
I came across this map while reading up on Hurricane Dorian:
Now, you could argue that this is a fairly rationale outcome after a long period of economic expansion and home price appreciation. And interest rates were, on average, even lower in the 2012 to 2016 period. But, the WSJ posits that this could be a signal that people simply need the cash -- which is why the majority are willing to accept a higher interest rate. Here is another chart from a different WSJ article:
Housing debt (mortgage balances) has come way down since 2008, but non-housing debt has come way up and now exceeds that of the former. Non-housing consumer debt rose by about $1 trillion in real dollars from 2013 to 2019, principally driven by student loans and car loans. Noteworthy is the fact that student loans are rising fairly linearly (along with dramatically), whereas car loans and credit card debt seem to follow the overall economy.
When people are feeling richer (and confident about their economic prospects) they go out and buy things, like cars.
Charts: WSJ
I came across this map while reading up on Hurricane Dorian:
I think it's time to make it official: Brutalism is fashionable again. Okay, kind of. According to this WSJ article, the appreciation for this style of architecture remains nowhere near universal, but the renaissance is certainly continuing. Some Brutalist structures are and have been torn down; while others are being repurposed.
One recent example is the Balfron Tower in East London (pictured above). Designed by the Hungarian-born architect Ernő Goldfinger and completed in the 1960s as social housing, the tower is currently undergoing a £40 million renovation that will convert it to market-rate housing. Apartments start at £365,000 (USD 472,054) for a 450 square foot one bedroom.
One notable feature are the "streets in the sky" that separate the building's circulation (elevator core) from the actual suites. It's a peculiar way to build and most never consider it today, but it's very much a hallmark of the Brutalist movement. The idea was to express the building's various functions -- vertical circulation being one of them.
I guess we just don't build them like we used to.
Photo: Walter Homann via the WSJ
It is a map showing the tracks of every known hurricane in the North Atlantic (1851-2013) and in the Eastern North Pacific (1949-2013). Major hurricanes (category 3 or higher) are shown in yellow and tropical cyclones (intensity less than category 3) are shown in red.
The map is from the National Hurricane Center. Some of their other maps include the points of origin for tropical cyclones (here is August 21-31 from 1851-2015) and the total number of hurricane strikes by U.S. county (here is Florida from 1900-2010).
What has happened is a catastrophe. UBS is already estimating the insured damages in the Bahamas to be between $500 million and $1 billion. But as is usually the case, the total economic losses will likely exceed the insured losses.
I think it's time to make it official: Brutalism is fashionable again. Okay, kind of. According to this WSJ article, the appreciation for this style of architecture remains nowhere near universal, but the renaissance is certainly continuing. Some Brutalist structures are and have been torn down; while others are being repurposed.
One recent example is the Balfron Tower in East London (pictured above). Designed by the Hungarian-born architect Ernő Goldfinger and completed in the 1960s as social housing, the tower is currently undergoing a £40 million renovation that will convert it to market-rate housing. Apartments start at £365,000 (USD 472,054) for a 450 square foot one bedroom.
One notable feature are the "streets in the sky" that separate the building's circulation (elevator core) from the actual suites. It's a peculiar way to build and most never consider it today, but it's very much a hallmark of the Brutalist movement. The idea was to express the building's various functions -- vertical circulation being one of them.
I guess we just don't build them like we used to.
Photo: Walter Homann via the WSJ
It is a map showing the tracks of every known hurricane in the North Atlantic (1851-2013) and in the Eastern North Pacific (1949-2013). Major hurricanes (category 3 or higher) are shown in yellow and tropical cyclones (intensity less than category 3) are shown in red.
The map is from the National Hurricane Center. Some of their other maps include the points of origin for tropical cyclones (here is August 21-31 from 1851-2015) and the total number of hurricane strikes by U.S. county (here is Florida from 1900-2010).
What has happened is a catastrophe. UBS is already estimating the insured damages in the Bahamas to be between $500 million and $1 billion. But as is usually the case, the total economic losses will likely exceed the insured losses.
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