Shadowing Practice: Marja Hoek-Smit - Mass Housing Requires Mass Housing Finance - Learn English Speaking with Video
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I'm Marja Hoek -Smith.
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I teach at the Wharton School of the University of Pennsylvania.
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And we are going to talk about housing finance
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and the need to bring
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that to scale in order to solve the massive housing problems of frontier markets and rapidly urbanizing countries.
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We all know the facts.
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We can look at countries like India, where formal housing production, even for the middle income groups,
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is far below the urban household formation.
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And every year, the backlog of housing and therefore informal slum areas increase in size.
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But even in countries where we have formal supply coming into the housing market,
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like South Africa, which has built two to three million new houses for free for the bottom end of the income distribution,
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even that over the last decade has not been able to solve the housing problems of South Africa, and informal housing is growing.
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On top of that, the formal market will not supply housing for the segment just above the free housing program
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because the market is distorted there.
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So we have indeed no housing construction for that middle income group
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that needs it most and they then have no choice then to go into the informal areas and other housing solutions.
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So the housing market for most countries, most frontier countries, looks a little bit like this.
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The top part of the income distribution is well provided for with finance and housing housing,
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there are subsidized programs, normally very small, for the upper middle income group, and then there are slum programs,
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upgrading programs, and new sites and services type housing for the lowest income segment, but normally very small.
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So we have, first of all, a gap in the middle income market,
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and we have growing informal areas.
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That picture keeps continuing to repeat itself and
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when we do not have a housing solution for the middle income groups
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we cannot possibly begin to think we can solve the problem of the lower income households.
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Yet there is very little policy attention given by international programs like the Millennium Development Goals
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and other international programs to that larger housing policy picture.
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And that really is what is needed at the moment.
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We know what to do.
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We need the private sector to come in to that middle income market and deliver mass housing for the teachers,
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the nurses, the clerical assistants who have stable incomes,
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and traders, small commercial outfits,
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owners of informal businesses, with rather stable incomes who can pay for a mortgage to the house
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or can pay for formal rental housing.
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But there is simply no stock coming to the market, and that is because they have no access to finance.
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So if we free up,
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if we can find ways to involve the markets in providing housing for that middle income group,
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we free up government funds and international funds for upgrading informal areas.
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What do we need to do in practice?
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We have to start from the developer.
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What does the developer need in order to serve that lower middle income housing market?
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The first thing the developer needs is reliable mass finance for the end user.
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He will not produce housing if he cannot offload his stock and offload it fast.
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The same for rental housing.
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He has to have rental investors that have access to housing finance to buy that stock.
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Of course, the developer will need...
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access to finance himself, project finance, debt and equity.
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He will need real site provisions, density requirements that he can set according to the needs of the site,
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permitting procedures and all those issues.
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But I'm sure other lecturers in this series have talked about those.
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Lastly, the developer will need a competitive market.
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If we have heavily subsidized markets just below the market that the developer is supposed to serve for the middle income groups,
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it's very difficult for him to break even.
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Let's look at that mortgage picture, if that is so critical.
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Most countries that are the focus of this lecture, the frontier countries in Asia,
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the Middle East, Sub -Saharan Africa, have exceedingly small mortgage markets,
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not more than 5 % in many cases to 10 % of GDP, the way we express the size of the mortgage market.
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These mortgage markets are growing with GDP, which you can see in this slide.
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There is a lot of noise, it is not a nice linear line, and a lot has to do with the policy environment,
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whether mortgage markets can grow or not.
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So mortgage markets also, and related to GDP growth, they grow with urbanization.
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But at the moment there is stress in that model.
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Countries are urbanizing very rapidly but their mortgage markets are lagging behind and therefore there is no way to actually
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provide formal housing for the masses that flow into urban areas.
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I have given here the slide on Asia, you can see that countries like India, Indonesia have tiny mortgage systems.
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At the same time, they are urbanizing 40, 50, 60 percent.
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So those countries should be the focus of a lot of attention on growing their mortgage sectors.
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What we want to do is to make the mortgage sector actually come down at least to the 50th percentile,
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then that population group can be served by the market
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and resources can be applied to take care of the bottom end of the income distribution.
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How to do this?
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How to get there?
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That is the question.
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I have three points.
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First, the administrative systems have to be in place and the legal systems to make mortgage markets grow.
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And the first area of concern is, of course, the lack of property rights.
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In countries where only 25 % of the urban areas have title,
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like in Egypt, you want to have a concerted effort to expand these systems.
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And there are new technologies that allow property rights to be expanded very efficiently.
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So that is the first concern.
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The other areas are easier to address.
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The legal framework, there have to be laws in place to enforce mortgage contracts.
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Of course, we have to have a regulatory environment that is overlooking the mortgage sector to keep it stable.
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We have to have good ways to understand the actual property values in urban areas.
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And that is not so simple.
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We need to understand cycles and we need data for that.
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So the data systems have to be brought online.
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And then the last thing is you have to look at the taxation and fee structure for mortgages.
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Again, the example of India shows
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that roughly 25 % of the end -user price of the house is going to taxes and fees.
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So before you want to subsidize this sector,
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you want to look at the fee structure and tax structure that this sector is paying.
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The second area, and a much more complicated one, is you have to look at the structure of the mortgage sector.
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Often the mortgage markets are not very competitive.
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We have...
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oligarchic banking systems in many countries in sub -Saharan Africa and Asia.
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And when you have no competition in that market, you do not get innovation.
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You have very high margins and therefore costly loans. So,
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we want to have an understanding on what can be done to break up either state monopolist banks
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or oligarchic housing finance systems so that the system can be more innovative.
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Many countries have tried out different measures from the financial sector
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charter in South Africa to the CRA in the United States
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that force banks to move down market and figure out how to do it.
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But there are other ways.
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Thailand did it by using its government housing bank to begin to compete with the private sector.
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And that has brought margins down and increased mortgage lending to lower and middle income groups.
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The third area policymakers can look at is providing incentives for lenders to come down market
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and for consumers who need some extra assistance to get the down payment together or pay for the monthly payments.
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Those incentives, though, often lead to market distortions, and you want to be very careful in the design.
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Often the government is exposed to a lot of the risk once they put incentives in place.
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And we have seen these systems go wrong recently in the United States, in Mexico and other countries.
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So where does that leave us?
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We know that the middle and middle income groups are not catered for in the housing market.
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We know we need to expand housing finance systems with products that are really available for mass production of housing.
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And we need a concerted effort by different policy makers to get there.
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The problem is that this area is a little bit of no man's land.
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It is the central bank, the Ministry of Finance, but also the ministries of housing that have to be involved.
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So it needs to really be a joint venture, a joint push to make that market grow.
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And it has to be done in collaboration with the private sector.
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However, I want to close this lecture with one caution
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we cannot push the housing market the formal housing market too much down particularly not
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when we have to compromise on standards
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and location we have seen disasters happening in mexico
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when we go too far down with home ownership also we can only push the housing finance market
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so far down market without incurring large risks for the sector, as we have seen in the United States.
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So with those two cautions, I would like to close this lecture.
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Thank you very much.
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Bu dersin kelimeleri ve konuşma notları
Bu konuşma dersi “Marja Hoek-Smit - Mass Housing Requires Mass Housing Finance” videosuna dayanıyor. En çok tekrarlanan kelimeler: housing, mortgage, income, countries, middle. Bu videoda gölgeleme çalışması için 127 cümle ve 1612 kelime var. Konuşma bölümü 13:43 sürüyor. Konuşmacı dakikada yaklaşık 117 kelimelik dengeli bir hızla konuşuyor; gölgeleme için rahat bir tempo. Kelimelerin %88’i İngilizcede en sık kullanılan 3.000 kelime arasında, bu yüzden kelime dağarcığını takip etmek kolay.
Bu videodaki önemli kelimeler
Videodan öğrenmeye değer 15 kelime, telaffuzu ve anlamıyla:
| Kelime | Telaffuz | Anlam |
|---|---|---|
| mortgage isim | /ˈmoɹ.ɡɪd͡ʒ/ | ipotek, rehin |
| formal sıfat | /ˈfɔɹməl/ | resmi |
| developer isim | /dɪˈvɛləpɚ/ | geliştirici |
| informal sıfat | /ɪnˈfɔɹ.m(ə)l/ | teklifsiz |
| stable isim | /ˈsteɪ.bəl/ | ahır |
| solve fiil | /sɒlv/ | çözmek, halletmek |
| lecture isim | /ˈlɛk.t͡ʃə/ | konferans, ders |
| incentive isim | /ɪnˈsɛntɪv/ | teşvik |
| slide isim | /ˈslaɪ̯d/ | kaydırak |
| margin isim | /ˈmɑɹ.d͡ʒɪn/ | kenar |
| upgrade fiil | /əpˈɡɹeɪd/ | iyileştirmek, düzeltmek |
| complicated sıfat | /ˈkɑm.plɪˌkeɪ.tɪd/ | karışık, komplike |
| administrative sıfat | /ədˈmɪn.ɪ.stɹə.tɪv/ | yönetimsel |
| procedure isim | /pɹəˈsiː.d͡ʒə/ | işlem, prosedür |
| nurse isim | /nɝs/ | hemşire, tıp bacısı |
Duyacağınız deyimsel fiiller
| Kelime | Anlam |
|---|---|
| come down fiil | düşmek |
| figure out fiil | açığa çıkarmak |
Bu videodaki dil bilgisi
Konuşmacının en çok kullandığı yapılar, videodaki sözcüklerin aynısıyla:
| Yapı | Videoda |
|---|---|
| Present perfect have/has + fiilin üçüncü hâli — geçmişte olan ama şimdi de önemli olan bir eylem | has built · has not been · have talked |
| Edilgen yapı be + fiilin üçüncü hâli — kimin yaptığı değil, ne olduğu önemli | is distorted · is needed · can be served |
Dikkat edilecek telaffuzlar
- “sh” ve “zh” sesleri: caution /ˈkɔːʃ(ə)n/, ownership /ˈoʊnɚʃɪp/, innovation /ˌɪn.əˈveɪ.ʃən/, collaboration /kəˌlæbəˈɹeɪʃən/, provision /pɹəˈvɪʒ.ən/
- Uzun kelimeler — vurguyu doğru yere koyun: developer /dɪˈvɛləpɚ/, complicated /ˈkɑm.plɪˌkeɪ.tɪd/, administrative /ədˈmɪn.ɪ.stɹə.tɪv/, innovation /ˌɪn.əˈveɪ.ʃən/, collaboration /kəˌlæbəˈɹeɪʃən/
Türkçe konuşanların zorlandığı sesler:
- /w/ — dudaklar yuvarlak, /v/ değil: equity /ˈɛk.wɪ.ti/, framework /ˈfɹeɪm.wɜːk/, requirement /ɹɪˈkwaɪɹmənt/
- Kelime başındaki ünsüz kümesi — araya ünlü eklemeyin: stable /ˈsteɪ.bəl/, frontier /ˈfɹʌntɪə/, slide /ˈslaɪ̯d/, procedure /pɹəˈsiː.d͡ʒə/, framework /ˈfɹeɪm.wɜːk/
- /æ/ — “e”den daha açık: expand /ɪkˈspænd/, rapidly /ˈɹæpɪdli/, collaboration /kəˌlæbəˈɹeɪʃən/, taxation /tækˈseɪ.ʃən/, lastly /ˈlæstli/
Bu videoyla nasıl çalışılır
- Videonun tamamını konuşmadan bir kez dinleyin ve bilmediğiniz kelimeleri not edin.
- Normal hızda cümle cümle tekrar edin; ritminiz konuşmacıyla aynı olana kadar her cümleyi yineleyin.
- Kendinizi kaydedin ve orijinaliyle karşılaştırın; mortgage, formal, developer gibi kelimelere özellikle dikkat edin.
Gölgeleme Tekniği Nedir?
Gölgeleme, başlangıçta profesyonel tercüman eğitimi için geliştirilen ve çok dilli Dr. Alexander Arguelles tarafından popüler hale getirilen, bilim destekli bir dil öğrenme tekniğidir. Yöntem basit ama güçlüdür: ana dili İngilizce olan bir sesi dinler ve hemen yüksek sesle tekrar edersiniz — konuşmacıyı 1-2 saniye gecikmeyle takip eden bir gölge gibi. Pasif dinleme veya dilbilgisi alıştırmalarının aksine, gölgeleme beyninizi ve ağız kaslarınızı gerçek konuşma kalıplarını eşzamanlı olarak işlemeye ve yeniden üretmeye zorlar. Araştırmalar, telaffuz doğruluğu, tonlama, ritim, bağlı konuşma, dinleme anlama ve konuşma akıcılığını önemli ölçüde geliştirdiğini göstermektedir — bu da onu IELTS Konuşma hazırlığı ve gerçek dünya İngilizce iletişimi için en etkili yöntemlerden biri yapar.