At exactly 6 o’clock on April 18, 2024 (the 10th day of the third lunar month), at the Hung Temple Special National Historical Relic Area, delegates went to Nghia Linh Mountain to offer incense to commemorate the Hung Kings.
Prime Minister Pham Minh Chinh, representatives of ministries, branches, central agencies, leaders of Phu Tho province and other provinces and thousands of people across the country were present early to offer incense to commemorate the Hung Kings.
The procession takes the palanquin to Hung Temple. Photo: Nhat Anh – VNA
The group marched to the sacred peak of Nghia Linh. Photo: Nhat Anh – VNA
The procession takes the palanquin to Hung Temple. Photo: Nhat Anh – VNA
palanquin procession. Photo: Nhat Anh – VNA
The group marched to the sacred peak of Nghia Linh. Photo: Nhat Anh – VNA
palanquin procession. Photo: Nhat Anh – VNA
The group marched to the sacred peak of Nghia Linh. Photo: Nhat Anh – VNA
The ceremonial group departs to the sacred peak of Nghia Linh. Photo: Nhat Anh – VNA
Images of Incense Offering for Hung King’s Commemoration 2024
Skyrocketing Mortgage Rates Push Home Prices to Unprecedented Heights
Exploring the U.S. Housing Affordability Crisis
ResiClub co-founder and editor-in-chief Lance Lambert recently delved into the ongoing U.S. housing affordability crisis on ‘Making Money.’
Rising Costs and Record Prices
A recent report highlights that the cost of purchasing a new home has reached a new peak due to the surge in mortgage rates. According to findings from Redfin, the combination of high mortgage rates and soaring home prices has driven the median monthly housing payment to a record $2,775, marking an 11% increase from the previous year.
Ben Ayers, a senior economist at Nationwide, emphasized the challenging market conditions for potential homebuyers, citing limited housing inventory and escalating ownership costs as key barriers. Despite robust demand driven by demographic factors and a strong labor market, many first-time buyers are finding themselves priced out of the market.
Root Causes of the Crisis
The affordability crisis stems from a variety of factors, including years of underbuilding that have led to a nationwide housing shortage. This scarcity was further compounded by the rapid uptick in mortgage rates and the escalating prices of construction materials.
Over the past few years, higher mortgage rates have created a “golden handcuff” effect in the housing market. Home sellers who secured historically low mortgage rates of 3% or less during the pandemic have been reluctant to sell, exacerbating the supply shortage and limiting options for prospective buyers.
Future Projections and Market Trends
Economists anticipate that mortgage rates will remain elevated in the first half of 2024, with a potential decline only expected once the Federal Reserve initiates rate cuts. However, even with this adjustment, rates are unlikely to return to the rock-bottom levels witnessed during the pandemic. Additionally, investor confidence in a Fed rate hike has waned due to higher-than-expected inflation reports at the start of the year.
The Redfin report highlighted that some buyers are rushing to make purchases amid fears of further rate hikes, while others have adjusted their home-price budgets to accommodate the current rate environment.
Current Mortgage Rate Landscape
Recent data from Freddie Mac revealed that the average rate on a 30-year loan surpassed the 7% mark for the first time this year, climbing from 6.88% to 7.1%. Although this rate is lower than the peak of 7.79% seen in the fall, it remains significantly higher than the sub-3% rates seen during the pandemic.
Furthermore, available housing inventory is down by a staggering 34.3% compared to pre-pandemic levels, as reported by Realtor.com. A Zillow survey indicated that homeowners are more inclined to sell if their mortgage rates exceed 5%, with the majority currently holding rates below this threshold.
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Skyrocketing Mortgage Rates Push Home Prices to Unprecedented Heights
American Tech Giants Increasing Investments in Japan’s AI Industry
◀ Anchor ▶
As we enter the age of artificial intelligence and AI, development competition among countries is intensifying, right?
Recently, major American technology companies have been announcing large-scale investments in Japan.
Following Microsoft’s announcement earlier this month that it would invest 4 trillion won in Japan, Oracle also announced that it would invest 11 trillion won.
There are concerns that IT powerhouse Korea may be lagging behind Japan in the AI industry.
Reporter Hyun Young-jun reports from Tokyo.
◀ Report ▶
Last week, during Prime Minister Kishida’s state visit to the United States, Microsoft decided to invest $2.9 billion over two years, or over 4 trillion won, in the development and implementation of artificial intelligence in Japan.
[기시다 후미오/일본 총리 (4월 10일, 워싱턴)]
“We would like to thank you very much for your new investment in Japan.”
Most of the investment will be used to expand data centers in Japan to improve AI performance and personal information management.
Oracle, a leader in the corporate cloud service market, has also invested in Japan.
Starting this year, over the next 10 years, we will pour 8 billion dollars, or 11 trillion of our own money, into data centers in Tokyo and Osaka.
We intend to spare no expense in protecting the personal information of our customers, Japanese companies, and in expanding infrastructure to respond to cyber attacks.
[사프라 캣츠/오라클 CEO(어제, 도쿄)]
“Security is very important as we face a series of cyber attacks around the world, and 99.5% of us believe it is still not enough.”
Before this, at the beginning of the year, Amazon of the United States decided to invest 22 trillion won in Japan to expand cloud services.
The reason why major American technology companies are increasing their investments in Japan is because the demand for large-scale language model learning and AI data servers is increasing as Japan’s corporate AI market is growing explosively.
Japan has also started to support the AI industry at the government level.
Today the Ministry of Economy, Trade and Industry decided to provide 700 billion won in subsidies to related companies for the domestic development of AI supercomputers.
The characteristic of productive AI is that no matter how good the software is, it is worthless without powerful hardware.
In that sense, thanks to investments from major American technology companies, Japan has gained a solid footing ahead of Korea in the field of AI.
This is Hyun Young-jun from MBC News in Tokyo.
Video coverage: Jinho Kim (Tokyo) / Video editing: Hyemin Lim
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American Tech Giants Increasing Investments in Japan’s AI Industry