In part 1 of this article, we diagnosed a reality of many digital disruptions, especially those pertaining to AI and automation in the education industry: Technology will NOT replace humans, but only give them a greater opportunity to leverage their tactile, human skills to find new roles in the world.
In such a hands-on, human sector as education, educators, administrators, and leaders alike should not fear the current influx of autonomous software like ChatGPT but instead, use an anticipatory mindset coupled with their human competencies to adapt autonomous software and think critically and creatively about letting it handle the simple, otherwise arduous tasks.
In doing so, professionals in education can better foster the ability for students to learn the skill of application and in turn, how they themselves can adapt to the world around them. The best part? All of this cannot be replicated by AI, autonomous software, or machine learning (ML) whatsoever!
So where do humans excel in the humanization of automation? In my research, there are 12 common competencies that are difficult — if not impossible — for current AI and autonomous software to master. These are the areas where teachers ultimately and indefinitely thrive.
Here is a brief look at each of these 12 competencies. While reviewing them, open your mind and put up your opportunity antenna to target where they may be applicable in your own field of work, if not in education:
With technology taking over the basic fundamentals, educators have the ability to finally teach these core competencies that are necessary to thrive out in the world and even use them to their own advantage in adapting successfully to the world of automation in EdTech.
In short, I want everyone to learn to humanize subject matter and engage the art side of their careers to help better the world!
So, how do you actually apply these concepts? How do you move forward with EdTech, turn disruption into an advantage, and embrace the opportunities it presents?
Below, I have outlined a few steps you can take to begin:
Conversely, as an EdTech company, remember that you need to be a positive disruptor as well instead of aiming to displace human beings in every way possible.
The general unease around software like ChatGPT is rooted in the fear that human skill and these 12 competencies mentioned today are somehow replaceable, making people obsolete. Take on the responsibility of being an anticipatory thinker as well, encouraging ways in which people can adapt and leverage any autonomous education software or other autonomous technology otherwise feared by the general public and the education sector.
We are all in this together, in one way or the other. That delicate balance can be better sustained with positive disruption, making our lives better and giving people a greater purpose! We cannot run from digital disruption and autonomous technology, but we can work with them and stay productive and innovative as a human race.
After a good CPI number and a solid 10-year treasury auction, we saw a nice 75bp improvement in the UMBS 30YR 5.5% coupon, which followed up a 19bp gain on Tuesday. Today we have the PPI number and jobless claims, so we might see some more good news and another good day for bonds.
Despite all the good inflation data, you can expect the Fed to raise rates again at the end of the month, just because they can, and because they REFUSE to use any real-time data at their disposal and formulate a real strategy. As usual, the Fed is way behind the curve and refuses to admit they are wrong. Since you can’t fight the Fed, expect a slow, but steady decline in mortgage rates and when the economy stalls in the fall as those with student loans struggle to pay back what they owe, billions will not be spent on all they things they have been spending their, and our, money on the last two plus years! While I am sure there are a few people who have made their “payments” to their savings accounts, most just spent the money and are going to be surprised when the loans come due! Yes, I now the president said they weren’t going to have to pay those loans back, but he lied! He has another plan to try and lessen the blow, but it not only won’t work, but it will also get struck down in the courts. People, you borrowed the money, now just pay it back!
The next big challenge we are going to face in the mortgage industry is, what will the rules be for calculating student loan payments now that they are supposed to be being paid back, but there is the attempt to circumvent repayment with the new plan that they are calling “ramping up to repayment!” Just another challenge and quite possibly a very painful surprise to those who think they can go out and buy a home with a mortgage while they are “ramping up” their repayments! This is going to be very challenging if we don’t get some real leadership real soon; and I don’t think that is likely to happen. On the other hand, they could just pay back what they owe!
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Elevated mortgage rates are cutting into homebuyers’ budgets. But this week’s inflation report—which shows that consumer prices are cooling quickly—provides a glimmer of hope that mortgage rates could gradually start to come down.
The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Average weekly mortgage rates are at their highest level since November 2022, bringing the typical homebuyer’s monthly payment to a near-record-high of $2,627.
To look at the hit on affordability another way, a homebuyer on a $3,000 monthly budget can afford a $450,000 home with today’s average rate. That buyer has lost $30,000 in purchasing power since February, when they could have bought a $480,000 home with that month’s average rate of around 6%. The drop is more extreme when compared to a year ago, when a $3,000 monthly budget would have bought a $510,000 home at a rate of about 5.3%.
Prices are rising despite relatively low demand because there are so few homes for sale. New listings are down 27% year over year, the biggest drop since the start of the pandemic, and the total number of homes on the market is down 14%, the biggest drop since March 2022. That’s mostly because potential sellers are locked in by low rates; nearly all homeowners have a rate below 6%.
On the bright side, this week’s economic news provides a glimmer of hope for the housing market. The latest consumer-price index report shows that inflation cooled more than expected in June, largely because it has started reflecting months of cooling housing costs.
“This month’s inflation report is likely to bring mortgage rates down a bit from their recent highs. It shows that the Fed’s interest-rate hikes are working and increases the chance they’ll only hike rates one more time this year,” said Redfin Economic Research Lead Chen Zhao. “Because elevated mortgage rates are responsible for both of today’s major homebuying challenges—high monthly housing payments and low inventory—any decline is welcome news for buyers. But even though rates will come down slightly, they’ll likely remain well above 6% until the Fed sees several more months of inflation readings closer to their target.”
Leading indicators of homebuying activity:
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending July 9. Redfin’s weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-home-prices-rise-first-time-five-months
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