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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站
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By Anthony C. Didlake Jr.
Of all the hazards that hurricanes bring, storm surge is the greatest threat to life and property along the coast. It can sweep homes off their foundations, flood riverside communities miles inland, and break up dunes and levees that normally protect coastal areas against storms.
As a hurricane reaches the coast, it pushes a huge volume of ocean water ashore. This is what we call storm surge.
This surge appears as a gradual rise in the water level as the storm approaches. Depending on the size and track of the hurricane, storm surge flooding can last for several hours. It then recedes after the storm passes.
Water level heights during a hurricane can reach 20 feet or more above normal sea level. With powerful waves on top of it, a hurricane’s storm surge can cause catastrophic damage.
What determines how high storm surge gets?
Storm surge begins over the open ocean. The strong winds of a hurricane push the ocean waters around and cause water to pile up under the storm. The low air pressure of the storm also plays a small role in lifting the water level. The height and extent of this pile of water depend on the strength and size of the hurricane.
As this pile of water moves toward the coast, other factors can change its height and extent.
If a coastal area has a sea floor that gently slopes away from the coastline, it’s more likely to see a higher storm surge than an area with a steeper drop-off. Gentle slopes along the Louisiana and Texas coasts have contributed to some devastating storm surges. Hurricane Katrina’s surge in 2005 broke levees and flooded New Orleans. Hurricane Ike’s 15- to 17-foot storm surge and waves swept hundreds of homes off Texas’ Bolivar Peninsula in 2008. Both were large, powerful storms that hit in vulnerable locations.
The shape of the coastline can also shape the surge. When storm surge enters a bay or river, the geography of the land can act as a funnel, sending the water even higher.
Other factors that shape storm surge
Ocean tides – caused by the gravity of the moon and sun – can also strengthen or weaken the impact of storm surge. So, it’s important to know the timing of the local tides compared to the hurricane landfall.
At high tide, the water is already at an elevated height. If landfall happens at high tide, the storm surge will cause even higher water levels and bring more water further inland. The Carolinas saw those effects when Hurricane Isaias hit at close to high tide on Aug. 3, 2020. Isaias brought a storm surge of about 4 feet at Myrtle Beach, South Carolina, but the water level was more than 10 feet above normal.
How storm surge and high tide add up to coastal flooding.(The COMET Program/UCAR and National Weather Service)
Sea level rise is another growing concern that influences storm surge.
As water warms, it expands, and that has slowly raised sea level over the past century as global temperatures have risen. Freshwater from melting of ice sheets and glaciers also adds to sea level rise. Together, they elevate the background ocean height. When a hurricane arrives, the higher ocean means storm surge can bring water further inland, to a more dangerous and widespread effect.
。 Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:What's happening in the housing market?
Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.What role is the Federal Reserve playing in the housing market slowdown?
An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."What do the housing industry groups want the Fed to do?
Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。Current article:http://xj4.licuqiangraosuiheizhua.pics/9yhwnb/20260826/69204.html
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