How did studying with Nobel Prize recipient Richard Thaler, who is hailed as the Father of Behavioral Economics, impact your outlook on market behavior, and specifically the housing market? On the mortgage side, data is creating more transparency about rates and fees, as well as shining a light on what has been an opaque process for consumers. Data and technology will help streamline the approval and underwriting process, as well as the home closing—we can now do fully digital home closings. Share Save Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Editor’s note: This interview originally ran in the December issue of DS News, click here to start reading. Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post Big data is just a buzzword, unless it is used to improve service and deliver value to consumers. At Redfin, we use data to help buyers and sellers understand the market so they can make better decisions. A good example of this is Redfin Compete Score. It analyzes a vast amount of data about the real estate market to help consumers understand how much competition there is for homes right now and what it will take to win a home in their neighborhood. The Best Markets For Residential Property Investors 2 days ago Behavioral economists start from the premise that people make mistakes and don’t always act rationally. From 2004–2006, home prices went up 50 percent, when historically home prices rise about 1 percent faster than inflation. A behavioral economist would interpret such a dramatic rise in prices as the result of a psychological phenomenon like herding behavior, which is when people mimic the actions of a larger group, even when the larger group is acting irrationally. Herding behavior leads to asset bubbles because people are less likely to bet against the herd. A traditional economist would start from the premise that people act rationally and would only be willing to pay 50 percent higher home prices if they determined the home is 50 percent more valuable. It’s valuable to consider both perspectives when analyzing the housing market. Oftentimes, there is a rational explanation for such fluctuations, but it’s good to have some humility and consider all of the ways that people make mistakes when buying and selling homes. Every homeowner I spoke with wanted to pay their mortgage, wanted to keep their home, and desperately wanted help. Listening to homeowners facing foreclosure and learning about the individual and economic consequences of their choices made me want to learn more about how people’s choices shape our economy and what can be done to improve people’s choices and ultimately, people’s lives.I think the mortgage industry has an important role to play in giving people the opportunity to own their own home. Most people consider homeownership to be a huge financial milestone and have an emotional attachment to their home. It’s incredibly important that people understand how their mortgages work and the risks involved in taking on debt. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Daryl Fairweather HOUSING mortgage Redfin 2018-12-14 Rachel Williams You worked with the Federal Reserve in Boston, interviewing people who lost their homes due to the financial crisis. What did you most take away from this experience? How did it affect your outlook on the mortgage industry? December 14, 2018 2,114 Views When mortgage interest rates go up, monthly payments go up for homebuyers taking on a mortgage to pay for a home. People who are deciding whether to rent or own are going to be comparing their monthly mortgage payment to rents, and more people are going to decide that renting is a better option. Homeowners who have great rates may be more hesitant to sell and get a new mortgage. For homeowners who do sell, they are going to have to lower their price, if they want to increase the number of people touring and making offers on their home. Home builders are going to have to build more affordable homes to attract more potential buyers. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Before joining Redfin in October, Daryl Fairweather served as a Senior Behavioral Economist for Amazon, leading a team of analysts and economists who worked on improving employee performance and engagement. Earlier in her career, she worked as both an economist and an analyst for companies such as Intensity Corporation, Morgan Stanley, and the Federal Reserve Bank of Boston. Fairweather holdsa Ph.D. in economics from the University of Chicago and a bachelor’s degree from MIT. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Ask the Economist with Daryl Fairweather Fairweather spoke to DS News about the value of her mentorship by Nobel Prize winner Richard Thaler, how her study of behavioral economics will inform her new role at Redfin, and what she took away from her work at Amazon. With prices rising and mortgage rates increasing, how will this affect those attempting to sell their homes, as well as homebuyers’ strategies? How will the industry respond as a whole? Previous: JMA Launches New Solution for Borrower Outreach Next: CoreLogic’s Solution to Streamline Mortgage Loan Process What is the intersection between big data and customer service, and how will the advent of big data alter the mortgage industry? What will change as technologies become more ubiquitous? The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Daryl Fairweather HOUSING mortgage Redfin Demand Propels Home Prices Upward 2 days ago Related Articles How did working as a Senior Economist with Amazon for two years prepare you for working with Redfin? Is the transition from working for a major e-commerce and cloud-computing company like Amazon very different from working in real estate brokerage? Ask the Economist with Daryl Fairweather Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago How does behavioral economics provide a perspective on the housing market that other approaches can’t? Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily At both companies, I have used my knowledge of economics and psychology to interpret data and help people make better data-driven decisions. At Amazon, my focus was on delivering internal research to Amazon’s leaders so they could make more informed business decisions. At Redfin, my focus is on sharing insights to everyone interested in buying or selling homes. One exciting part of my job at Redfin is the opportunity to talk with our real estate agents around the country who are often the first to identify trends that may take weeks or months to be reflected in the data. Subscribe Economics is ultimately about how people make decisions. The macroeconomy is made up of individual people buying and selling goods and services, and people aren’t perfect. People make mistakes. People are emotional. People often don’t fully understand the consequences of their decisions. Behavioral economics takes all of this into account. The housing market is a perfect example of how human behavior impacts economics. For example, in a cooling housing market, home sellers are slow to react. They will look at what their neighbor’s house sold for a few months ago and feel like they should get the same price, or an even better one. Home sellers have a hard time seeing things from the buyer’s perspective; the buyer doesn’t care what home prices were a few months ago, they are looking at what’s on the market right now and trying to get the best possible deal. That’s why we are seeing so many price drops. Sellers are slowly learning how the market has changed. About Author: Rachel Williams
Embed from Getty Images Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The woman on the other end of the phone was rattled. “What are we going to do?” she asked, desperately. As a board member of the Islamic Center of Long Island in Westbury, Dr. Faroque Khan is no stranger to random phone calls from members of the community or journalists inquiring about the Muslim response to the latest attack. “She was shaken,” Khan told the Press, recalling the moment he learned that the gunman who slaughtered 49 people at a gay nightclub in Orlando identified as Muslim. The caller was a former ICLI board member who moved to Florida and now belongs to a mosque in the Sunshine State. Put out a press release, Khan calmly advised. The ICLI would publish its own condemnation later that day.“As Muslims and people of faith we must remember that God has directed us to defend all people equally against bigotry, hate, violence and abuse,” the ICLI’s statement declared. “The preservation of life is one of the main principles prescribed by the Islamic Faith.” For a brief period before the massacre in Orlando, it seemed American Muslims had been given some reprieve. The death of Muhammad Ali, who very publicly espoused his religion, had inspired hundreds of people to spill into the streets of his hometown of Louisville, Kentucky in honor of his life, while millions more watched from afar. Newscasters paid homage to not just a transcendent boxer, but also a man with an unwavering set of beliefs—a Muslim, whose religion served as a moral touchstone for everything he did. In the ring, Ali had compiled 56 wins, with 37 victories coming by way of knockout. But to those who study the sport, it was Ali’s defensive ability that particularly stood out. With Ali gone, however, it’s as if Muslim Americans have had to take up the mantle as skilled defenders because they’re once again forced to respond to yet another heinous act committed in their faith’s name. For Dr. Isma Chaudhry, president of the Islamic Center of Long Island, the brief period of genuflection for Ali seemed to portend a turning point for her religion. Embed from Getty Images But in post-9/11 America, it’s U.S. Muslims who are continuously dodging blows or being propped up as punching bags for commentators on unforgiving cable news networks amid rising nationalistic fervor buoyed by Republican presidential hopeful Donald Trump’s anti-immigrant campaign. “The media was portraying all the positive things [Ali] had to say about community, about Islam—and very eloquently, very passionately, very sincerely,” Chaudhry told the Press, three days after the mass slaying in Orlando. “And Muslims were about to take a breather—and then ‘Boom!’ ‘Boom!’ Honestly, it’s like someone keeps smacking you on your head.” Indeed, multiple Muslim leaders speaking to the Press in the wake of the Orlando nightclub shooting appeared exasperated, offering a common refrain: that they had seemed to be making progress fighting off stereotypes, but now realize there’s much more work to be done.“We take two steps forwards…” Chaudhry said the day after the rampage in Florida. Khan, a board member at the ICLI, perhaps not surprisingly, uttered the same exact phrase. Dr. Hafiz Ur Rehman, a member of the Suffolk County Human Rights Commission, lamented: “You know, you’re back to square one.” The latest attack to thrust Muslim Americans back into the national spotlight was the most deadly since Sept. 11, 2001, and the worst mass shooting in U.S. history. The reaction from Trump, the presumptive Republican presidential nominee, was swift: patting himself on the back for, in his words, essentially predicting another attack perpetrated by a Muslim. He repeated his calls for a temporary ban on Muslims traveling to the United States (the shooter was born in New York) and proposed law enforcement spy on mosques. Trump chided President Barack Obama for refusing to use the phrase “radical Islam,” suggesting Obama’s noncompliance demonstrated weakness. Visibly irritated, Obama took aim at his detractors on Tuesday during a speech updating the administration’s efforts to “destroy” the so-called Islamic State, also known as ISIS or ISIL. “For a while now, the main contribution of some of my friends on the other side of the aisle have made in the fight against ISIL is to criticize this administration and me for not using the phrase ‘radical Islam,’ Obama told reporters. “That’s the key, they tell us—we can’t beat ISIL unless we call them ‘radical Islamists.’ “What exactly would using this label accomplish?” he continued. “What exactly would it change? Would it make ISIL less committed to trying to kill Americans? Would it bring in more allies? Is there a military strategy that is served by this? The answer is ‘none of the above.’ Calling a threat by a different name does not make it go away. This is a political distraction.” Obama isn’t the only president to refuse to dub terrorists who identify as Muslim “radical Islamist.” George W. Bush made it a priority not to conflate Islam with terror for the majority of his presidency. Six days after 9/11, Bush stood outside a mosque in Washington, D.C. and proclaimed, “Islam is peace.” Authorities found no evidence that the shooter, Omar Mateen, coordinated with any terror groups, officials have said. But there were reports of ISIS sympathizers celebrating the attack. Following days of continuous coverage of Islamic extremism, Chaudhry said Obama’s defense of law-abiding Muslim Americans was therapeutic. “He made us so proud as Americans because American politics was going in a very different direction, it was going in a direction that was pulling us down,” Chaudhry told the Press during an interfaith Iftar dinner Wednesday night, the evening meal in which Muslims break their fast during the holy month of Ramadan. “It was going in a direction that was depressing,” she added. “It was going in a direction where we were becoming a world mockery. What he said brings hope, brings justice, brings an identity to be proud of as Americans and I can’t thank him enough for that, I can’t thank him enough as an American.” The Islamic Center of Long Island’s 13th annual interfaith Iftar had been scheduled prior to the vicious attack, but the tragedy weighed heavily on everyone’s mind. In attendance were members of all faiths: Jews, Christians, Muslims. Nassau County police officers mingled with religious leaders and the mayor of Westbury, Peter Cavallaro, a Republican, offered some brief remarks. “This is not a reaction,” Chaudhry said. “My personal view is reactions are too late. As a community we have to be proactive. We have to identify and understand each other’s concerns and that can only be accomplished when we sit together—when we sit together without an agenda. When we are not reacting to an event, that’s when we can all really come and get to know one another.” Rev. Hank Lay of Parkway Community Church in Hicksville said this was his 10th Iftar at the ICLI. Lay, who makes a habit of visiting the ICLI monthly, said even he put the weekend’s slaying into a “religious context, of a radical Muslim attacking a group of Americans.”“By Monday I recognized that it was radical religion attacking a sexual group that they think is abomination,” he told the Press. “And I found on the web, Christians praising the shooter for killing these people.”Lay said the YouTube videos have since been removed because they were considered hate speech, therefore the existence of the videos could not be independently verified. “[That] tells me the issue is not a religious issue in the sense of Islam, it was the radical fundamentalist side of many religions, including my own, Christianity, that finds sexual diversity contrary to their understanding to God and therefore has very little sympathy if they suffer because of it,” he said. Rabbi Andrew Gordon of Temple Sinai of Roslyn told those gathered that it’s up to all religions to be more proactive if they want to end hatred. “As we pray for God’s protection, we know that we cannot wait for God to act, we must act,” he said. “All of us: Christians, Muslims and Jews, gay and straight, black and white, young and old, all of us must join hands together. We cannot let politicians or television announcers demonize an entire religion.” Rahman, in a separate interview, was wistful when discussing his emotions during Muhammad Ali’s funeral, which he said put the faith in a good light. “In this particular case, the funeral of Muhammad Ali, I thought, was an excellent thing that showed…about Islam and it’s beauty, and then here comes the crazy man and knocks out 50 people,” he said. “You know, you’re back to square one and it’s horrible, it’s frustrating. It brings a bad name; it’s trying to hijack the good name of the religion.” (Featured photo: Interfaith dinner at the Islamic Center of Long Island in Westbury on June 15, 2016.)
For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: England and Australia begin the latest edition of the Ashes at Edgbaston on Thursday, with the home side looking to wrestle back the urn. The opening day of the Ashes series between England and Australia also marks the start of the International Cricket Council’s new World Test Championship. The aim is to give individual Test series greater context and spark a worldwide revival of interest in the five-day game. Australia hold the Ashes but England have not lost a Test series at home to their arch-rivals since 2001.2005: England win Ashes thrillerThe 2005 Ashes was one of the greatest series in cricket history and saw England triumph over their fiercest rivals for the first time in nearly 19 years. It appeared to be business as usual for long-suffering England fans when Australia won the first Test at Lord’s by 239 runs. But when Australia fast bowler Glenn McGrath was ruled out of the second Test at Edgbaston after treading on a ball during practice on the morning of the match, England took charge. England’s Andrew Flintoff starred with both bat and ball and when Australia were 175-8, chasing 282 for victory, a home win looked assured.But Australia edged their way closer before last man Michael Kasprowicz was caught behind off Steve Harmison to give England victory by a mere two runs. The third Test was drawn and England survived a brilliant four-wicket burst from leg-spin great Shane Warne to win the fourth Test at Trent Bridge. England, now needing a draw at 2-1 up to regain the Ashes, were in danger of defeat on the last day at the Oval until Kevin Pietersen’s breathtaking 158 and a fine fifty from Ashes Giles rescued them following a top-order collapse.1981: Botham’s AshesRarely has one man done as much to win an Ashes as Ian Botham in 1981. He started the series as England captain but, after a defeat in the first Test at Nottingham and the embarrassment of bagging a pair in a draw at Lord’s, Botham resigned as skipper. England were still in dire straits after being made to follow-on in the third Test at Headingley, with former England wicketkeeper Godfrey Evans, who had become an odds-setter for British bookmaker Ladbrokes, making them 500/1 outsiders to win the match.Botham’s astonishing counter-attack innings of 149 not out, however, meant Australia were set a target of 130 before fast bowler Bob Willis’s inspired 8-43 saw England to an astounding 18-run win. Botham’s scarcely believable return of five for one in 28 balls at Edgbaston ensured England won the fourth Test by 29 runs. There were more heroics in the fifth Test when Botham’s blistering 118 set up a 103-run victory at Old Trafford that clinched the series.1974/5: Lillee and Thomson run riotAustralia’s Dennis Lillee was returning from a back injury and fellow fast bowler Jeff Thomson’s previous Test had yielded unimpressive figures of 0-110. Yet they still ran through England’s batsmen in frightening fashion. In the first four-and-a-half Tests Thomson took 33 wickets at 17.93 before he damaged his shoulder playing tennis on the rest day of the penultimate Test in Adelaide.Australia won the series 4-1, with England captain Mike Denness dropping himself at one stage. England’s only win came in the final Test when Thomson was missing through injury and Lillee broke down early.1948: Australia’s ‘Invincibles’An Australia side captained by Don Bradman in his final Test series swept all before them in an undefeated tour during which they won the Ashes 4-0. Underlying their superiority, Australia were set a seemingly impossible target of 404 on the last day to win the fourth Test at Headingley. Yet they got there for the loss of just three wickets, with Arthur Morris making 182 and Bradman an unbeaten 173.But the series is best remembered for Bradman’s final Test innings at the Oval when, needing four for an average of exactly a hundred, he was bowled for a duck by leg-spinner Eric Hollies and had to make do with a mark of 99.94.1932/33: ‘Bodyline’The most controversial Ashes series of them all was brought about by a desire to curb Bradman’s phenomenal run-scoring.England captain Douglas Jardine’s response was to deploy ‘leg theory’ — bowling short to a packed legside field — with supremely accurate fast bowler Harold Larwood the spearhead of the attack.It worked to the extent England won the Ashes 4-1, with Bradman’s average for the series reduced to 56.57. But the use of what became known as “Bodyline”, which saw batsmen having to defend themselves rather than their stumps, was condemned as “unsporting” by Australian officials and almost provoked a breakdown in diplomatic relations.