Understanding the Mortgage Credit Availability Index
Intro
In today's financial landscape, where lending can make or break a homebuyer’s dreams, the Mortgage Credit Availability Index (MCAI) stands as a compass, guiding both lenders and borrowers through the turbulent waters of mortgage markets. Understanding the MCAI isn't merely for the financial elite; it's essential for anyone looking to make informed decisions in real estate investment. This index can tell you a lot about the prevailing conditions in the mortgage market, and recognizing its nuances can be a game-changer.
The MCAI can be likened to a gauge on a dashboard; it informs you of the levels of risk and opportunity in one glance. It combines various elements, reflecting how easily one can obtain credit. With that said, let’s dive into some of the vital terms and definitions that will ground our conversation and enrich our understanding of this index.
Overview of the Mortgage Credit Availability Index
The Mortgage Credit Availability Index (MCAI) functions as a barometer for the availability of mortgage credit in the broader economic landscape. Understanding the MCAI is paramount for both lenders and borrowers, as it illuminates the shifting conditions of mortgage markets and, thus, affects financial decision-making. It acts as a pulse check; when the MCAI rises, it indicates that mortgage loans are becoming easier to obtain, typically reflecting a favorable lending environment. Conversely, a falling index suggests tighter credit availability, which can be indicative of a cautious lending atmosphere.
For financial enthusiasts and individual investors, knowing the nuances of the MCAI can provide an edge. It not only helps in predicting borrowing conditions but also assists in understanding market movements that could influence real estate investments. Grasping how the MCAI functions can protect against market volatility and assist in making informed, timely decisions.
Definition and Purpose
The MCAI represents an aggregate measure of mortgage credit available to potential home buyers, effectively serving as an indicator of housing market health. The primary purpose of the index is to provide insights into the ease or difficulty of obtaining a mortgage loan over time. For example, if the MCAI is increasing, it suggests that lenders are more willing to issue loans, often leading to more home sales and an uptick in property values. This movement can influence everything from individual buying decisions to broader market strategies for investors.
Historical Background
To appreciate the current significance of the MCAI, one must consider its origins. Developed in 2011 by the Mortgage Bankers Association, the index was born out of the need to better understand mortgage market conditions post the 2008 financial crisis. The crisis had starkly illustrated the consequences of overly restrictive lending practices and the importance of monitoring credit conditions. Initially, the data was primarily based on lender surveys, but it has evolved into a more refined tool incorporating various borrower criteria.
As markets have changed and regulations have adapted, so too has the MCAI. It serves not just as a retrospective glance at lender practices but as a predictive tool, helping to forecast potential shifts in the housing market based on economic indicators. Understanding this context allows investors and borrowers to see the index not merely as a static number but as part of a larger, dynamic system.
Components of the MCAI
Types of Mortgage Loans
Mortgage loans come in varied shapes and sizes, each carrying its own set of risks and rewards. Knowing the types can significantly impact the MCAI, guiding both policy makers and investors in their decisions.
Conventional Loans
Conventional loans are, at their core, the bread and butter of the mortgage market. This type of loan isn’t backed by the government, which means lenders take on more risk. A key characteristic that stands out is their flexibility in terms of down payment options, typically starting as low as 3% for certain buyers. Many opt for conventional loans since they often come with better interest rates for those with solid credit histories.
What makes these loans particularly appealing is that they frequently have no mortgage insurance requirement if a borrower puts down 20% or more. But, every rose has its thorns. Interest rates can fluctuate based on market conditions, posing a potential disadvantage for borrowers. Additionally, those who may have difficulties in securing traditional loans find the requirements quite stringent.
Government-Backed Loans
Government-backed loans, such as FHA, VA, and USDA loans, offer an enticing alternative for many prospective homeowners. These loans, backed by federal entities, come with lower down payment expectations, some as low as 0% for certain eligible veterans.
This component of the MCAI shines in its accessibility; it helps a broader range of borrowers, particularly first-timers or those with lower credit scores, to step into homeownership. However, a unique feature to note is the mortgage insurance requirement, which can linger over the loan regardless of down payment size.
While government-backed loans provide a safety net for borrowers, it’s essential to understand the potential limitations, such as property eligibility and higher overall costs in the long run due to insurance.
Risk Factors Considered
Navigating through the MCAI also involves understanding the risk factors that play a crucial role in its calculation. Each factor carries weight, influencing the index as a whole and reflecting the health of the mortgage market.
Credit Scores
Credit scores are like a financial report card. Their influence on the MCAI is straightforward yet powerful. A higher credit score can mean better loan terms and lower interest rates due to perceived lower risk. It’s vital for borrowers to maintain a solid credit profile because lenders will scrutinize this factor closely when determining a borrower’s eligibility for loans.
Advantages of having a high credit score include not just lower rates but also greater chances of approval for higher loan amounts. On the downside, those with lower scores may face not only higher rates but also stricter lending criteria, which can be a significant hurdle for many.
Loan-to-Value Ratios
Loan-to-value ratios, or LTV, measure how much of a property’s value is being borrowed. This metric is directly tied to the MCAI, as it affects the lender's risk assessment. A lower LTV suggests more equity and less risk, which can be music to a lender's ears.
In practical terms, a lower ratio means more favorable terms for the borrower. For instance, a borrower with a 70% LTV could be seen as less risky than someone with a 95% LTV. However, high LTV loans can be necessary for those without large down payments, especially in today’s housing market. The challenge here is balancing access to loans while managing lender risk, a juxtaposition that is reflected within the MCAI itself.
Calculation Methodology
The way the Mortgage Credit Availability Index is calculated is paramount to understanding its insights and how it affects both borrowers and lenders. This methodology focuses on specific elements like data sources and mathematical frameworks, creating a robust system that helps assess the availability of mortgage credit in the market. Knowing how the index is calculated gives clarity on what the numbers mean and assists in making informed financial decisions.
Data Sources
Surveys from Lenders
Surveys from lenders play a crucial role in the calculation of the MCAI. They provide raw data reflecting the lending practices and decisions of various financial institutions. The key characteristic of these surveys is that they capture real-time information directly from the trenches of the mortgage lending landscape.
Surveys are often seen as a beneficial choice for several reasons:
- They offer firsthand insights into lending trends, helping build a more accurate index.
- They can quickly adapt to changes in the market, ensuring that the data reflects current conditions.
One unique feature of these surveys is their ability to gauge lender sentiment. By analyzing responses, one can derive valuable information about how lenders feel about future market conditions. However, a downside is that response bias can creep in; not all lenders may provide honest or useful feedback, which can skew results.
Government Reports
Government reports offer another layer of data essential for the MCAI calculation. These documents often encompass a wide array of information, from macroeconomic factors to specific housing market metrics. The key characteristic of government reports is their official, standardized nature, making them a reliable source for creating a baseline for the index.
What makes using government reports a popular choice is their extensive reach and the level of scrutiny they undergo:
- They generally reflect comprehensive studies that have been vetted by professionals.
- They provide historical data that allows for better trend analysis.
One distinct feature of these reports is their ability to provide contextual information that surveys may not cover. While lenders might react instinctively, government reports offer a broader economic landscape. However, sometimes these reports can lag in timeliness, causing potential discrepancies with the more immediate data gathered from lenders.
Mathematical Framework
Diving into the mathematical framework provides insight into how data transforms into meaningful statistics. This framework forms the backbone of the MCAI, combining information from both surveys and government reports to produce an index that is not just a number but a comprehensive indicator of credit availability.
The framework employs various algorithms that weigh the data according to predefined criteria. For instance, it often considers factors such as the average credit scores of borrowers and loan-to-value ratios. The advantage of this structured approach is that it minimizes biases and effectively merges distinct data points into a cohesive indicator. However, complexities in this framework could make it difficult for the average reader to grasp the nuances involved.
Understanding the calculation methodology is essential. It's not just about the numbers, but rather what those numbers signify in the broader context of mortgage markets.
Interpreting the MCAI
Reading the Index Values
The MCAI is represented as a single number, which can sometimes be perplexing. Typically, a higher MCAI value indicates that mortgage credit is more available; conversely, a lower value suggests tighter credit conditions.
To put it into perspective, an MCAI of 100 might represent the level of credit availability as of March 2012— the base period when the index was established. If the index rises to 120 later, this means there is a 20% increase in availability since that time.
When you’re digging into the numbers, keep in mind that the MCAI is broken down into conventional and government-backed loans, which means you should look at the trends in both categories. A strong understanding of how these figures shift over time can provide insights about potential investment opportunities or risks.
Trend Analysis
Trend analysis reveals the movement of the MCAI over different periods. This can show both short-term and long-term trends, helping to inform your strategies.
Short-Term Trends
Short-term trends can shift quickly, often influenced by immediate economic events, such as changes in interest rates or recent government policies. For example, if the index jumps within a month, it might reflect a sudden easing of lending standards by financial institutions trying to stimulate borrowing. This sort of movement might indicate a unique opportunity for timely investment, but it also signifies a potential risk if the trend reverses just as swiftly.
A key characteristic of short-term trends is their volatility. Investors need to be meticulous and quick on their feet to capitalize on these gains. While this approach can yield benefits, it also possesses its own set of disadvantages, primarily due to its unpredictable nature. Realizing the potential for rapid shifts can either result in profits or pitfalls based on the investor's readiness to adapt.
Long-Term Trends
Unlike short-term fluctuations, long-term trends usually reveal a more stable picture of the mortgage market. By analyzing data over several months or years, you can identify whether mortgage credit availability is generally increasing or decreasing. For instance, a gradual rise in the MCAI over a significant period might indicate a recovering economy and a robust housing market.
A hallmark of long-term trends is that they tend to be influenced by broader economic factors, such as employment rates and GDP growth. Investors often find them beneficial for crafting long-term strategies, standing on more solid ground rather than reacting to each twist and turn.
While the predictability of long-term trends can significantly inform decisions, they can also mask short-term risks that may necessitate caution. Therefore, maintaining a dual perspective—one that considers both short-term and long-term trends—can be crucial for informed financial planning.
"In the world of finance, understanding context can be the thin line between success and failure."
Navigating through these trends helps tailor strategies that are both astute and timely, adding a layer of depth to how an investor interacts with the mortgage market.
Factors Influencing the MCAI
The Mortgage Credit Availability Index (MCAI) is impacted by a variety of elements that shape the housing finance landscape. Understanding these influences is crucial for both lenders and borrowers as they navigate the mortgage market. Key factors include economic indicators and regulatory changes. These aspects not only affect the availability of credit but also influence decisions on borrowing and lending practices.
Economic Indicators
Interest Rates
Interest rates play a pivotal role in determining the cost of borrowing. When rates are low, it’s like a green light for potential home buyers, as they can lock in favorable loan terms. This positive sentiment generally leads to an uptick in mortgage applications, increasing the MCAI. The critical characteristic of interest rates is their direct relation to monetary policy; when the Federal Reserve adjusts the rates, it sends ripples throughout the financial market.
A unique feature of interest rates is their volatility. For example, when inflation rises, central banks might react by hiking rates, potentially tightening the credit availability. This creates a delicate balancing act for borrowers. Although low rates sound appealing, buyers must stay vigilant since waiting too long could lead to missing out on competitive pricing.
Employment Rates
Employment rates are another major player in the MCAI equation. High employment correlates with consumer confidence. When people are more secure in their jobs, they are more likely to seek mortgages, consequently raising the MCAI. The key characteristic here is that employment levels affect not just individual purchasing power but also the overall demand for housing.
Interestingly, employment rates have a unique drawback. If job growth is concentrated in certain sectors, like tech, it could lead to uneven demand across different housing markets. Some regions might see a boom, while others lag behind. Therefore, while high employment can boost the MCAI, localized job trends can create disparities, leading to market volatility.
Regulatory Changes
Changes in regulation oversee how lenders operate and affect who can qualify for loans. Stricter guidelines can tighten the availability of credit, making it more difficult for some buyers to secure a mortgage. Conversely, when governments adjust regulations to ease lending criteria, they can spur market activity. Both scenarios underscore the importance of keeping an eye on policy shifts. As borrowers or investors, being aware of regulatory changes can prepare individuals to adjust their strategies accordingly.
"Economic indicators and regulatory changes serve as the backbone of the MCAI, informing every decision made by lenders and borrowers alike."
Impact on Borrowers
The Mortgage Credit Availability Index (MCAI) plays a pivotal role in shaping the financial landscape for borrowers. It not only reflects the ease or difficulty of accessing mortgage loans but also impacts the choices that potential homeowners make. Understanding how this index affects borrowers is crucial, as it prepares individuals for the realities of securing financing in the ever-changing housing market.
When the MCAI indicates higher availability, it suggests that lenders are more willing to extend credit under favorable terms. This environment can be quite enticing for borrowers, as it opens doors to homeownership and refinancing possibilities that may have seemed out of reach. Conversely, a lower index might signal tighter lending conditions, which could limit options for prospective buyers. In a nutshell, the MCAI serves as a barometer for borrowers regarding their potential to secure loans.
Loan Accessibility
Loan accessibility stems directly from the trends indicated by the MCAI. A higher index means that lenders are loosening their grips and welcoming a broader spectrum of applicants, including those with less-than-perfect credit scores. This shift can benefit several demographics, especially first-time homebuyers who often find themselves grappling with stringent lending criteria.
Moreover, increased mortgage availability often correlates with borrowers being able to secure loans with lower interest rates or more favorable terms. This aspect can significantly ease the burden of monthly payments, making homeownership a possibility for many individuals and families who might otherwise have to wait. In this capacity, the MCAI serves as more than just a statistical measure; it becomes a lifeline that empowers borrowers to make informed decisions about their financial futures.
Borrower Strategies
Optimal Timing
Timing one’s mortgage application to the ebbs and flows of the MCAI can significantly shape a borrower’s financial journey. Optimal timing is all about picking the right moment based on market conditions. For instance, when the report indicates increased mortgage availability, borrowers might choose to enter the market sooner rather than later, hoping to capitalize on better rates before lenders potentially tighten their criteria once again.
The strategic aspect here can’t be overstated. Those who keep a keen eye on the MCAI can assess when to act, ensuring they get the most favorable loan conditions. However, it's essential to note that market conditions fluctuate; just because it seems advantageous now doesn’t guarantee it will be in a month. Attachment to current market evaluations, thus, is a tremendous benefit for borrowers looking to make the most savvy decisions possible.
Preparation for Credit Assessment
Preparation for Credit Assessment plays a critical role for borrowers aiming to navigate the complexities of securing a mortgage. This involves not only understanding what metrics lenders use for evaluations—like credit scores or debt-to-income ratios—but also actively improving one’s financial situation before applying. A well-prepared borrower is much more favorable in the eyes of lenders, especially in a tightening market where the MCAI suggests lenders may be more cautious.
Having all necessary documentation, knowing your credit history inside out, and being ready to tackle any red flags can alleviate much of the anxiety around loan applications. This proactive approach not only boosts confidence during the lending process but also fosters stronger relationships with financial institutions. Being prepared allows borrowers to present themselves as low-risk candidates, ultimately enhancing their chances of securing favorable terms despite the prevailing climate indicated by the MCAI.
"Understanding the intricacies of the MCAI and personal preparation can transform financial possibilities into reality for many potential homeowners."
Through these strategies, overshadowed only by the knowledge reflected in the MCAI, borrowers can make informed choices, leading to favorable outcomes in their quest for homeownership.
Influence on Lenders
The Mortgage Credit Availability Index (MCAI) serves as a compass for lenders, guiding their strategies, policies, and risk assessments in an ever-changing financial landscape. This section dives into how the MCAI influences lenders, emphasizing both lending policies and market positioning.
Lending Policies
When lenders assess their lending policies, the MCAI acts as a crucial reference point. It reflects the overall credit availability in the mortgage market, helping institutions decide when to tighten or loosen their lending standards. For instance, a rising MCAI indicates increased availability, suggesting a favorable environment where lenders may feel emboldened to offer more generous terms.
- Risk Management: Every lender must navigate the fine line between facilitating loans and managing risk. By observing shifts in the MCAI, lenders can adjust their policies to mitigate potential defaults. A higher index could lead to relaxed policies such as lower down payment requirements or more lenient credit score assessments.
- Competitive Edge: Institutions keeping watch on the MCAI can gain an edge over competitors by aligning their offerings with market trends. If the index shows a notable increase, lenders may seize the opportunity to expand their reach—targeting demographics previously sidelined due to stringent regulations.
- Regulatory Compliance: Regulatory changes often prompt a review of lending policies. The MCAI assists lenders in staying aligned with such shifts, as lapses in compliance can lead to penalties or reputational damage.
Understanding these factors allows lenders to craft responsive policies that not only safeguard their interests but also promote market stability.
Market Positioning
Beyond lending policies, the MCAI plays a pivotal role in influencing a lender’s market positioning. In a competitive marketplace, understanding where one stands relative to others can define success or failure.
- Marketing Strategy: Lenders can tailor their marketing approaches based on MCAI insights. If the index points to an expanding credit market, financial institutions may choose to highlight that in their marketing campaigns, drawing potential borrowers in with appealing messaging around easier access to loans.
- Targeting Specific Markets: The MCAI reveals regional differences in credit availability. Lenders can capitalize on this intelligence to identify promising markets that align with their products. For example, if the MCAI indicates that urban areas are booming while rural regions lag behind, lenders might focus resources and promotional efforts where demand is anticipated to surge.
- Consumer Sentiment Response: Changes in the MCAI can also signal shifts in consumer sentiment towards borrowing. For instance, a high index could mean consumers are feeling confident about taking on mortgages. Lenders can leverage this knowledge to further promote their offerings, timing their communications to align with market sentiments.
Each of these considerations underscores the MCAI's significance as a not just a statistical tool, but as a strategic asset for lenders. Observing trends in the index helps them shape their business models and react proactively to the market's pulse, ultimately leading to better outcomes not just for themselves but for the wider economic sphere.
The MCAI and Real Estate Markets
The link between the Mortgage Credit Availability Index (MCAI) and real estate markets cannot be overstated. The MCAI gives a snapshot of how accessible mortgage credit is at any given time. When credit availability shifts, it doesn’t merely ripple through the financial ecosystem; it creates waves that affect home sales, property values, and overall market stability. An increase in the MCAI usually suggests that lenders are willing to provide more loans to more borrowers, which can result in a surge in home sales. Conversely, a reduction can make potential buyers jittery, causing them to think twice before sealing the deal. This push-and-pull relationship highlights the vital role MCAI plays in understanding market dynamics.
Correlation with Home Sales
The correlation between the MCAI and home sales is a direct reflection of buyer sentiment and market confidence. When the MCAI increases, it indicates that lenders have relaxed their standards. This shift often leads to more approvals for first-time homebuyers, ultimately driving up home sales. If we look back at periods of market growth, such as post-recession recovery phases, a rising MCAI often precedes a spike in sales. Understanding this relationship affords investors vital insights into when to enter the market.
Home sales aren't just numbers on a board; they reflect significant emotional and financial decisions by consumers. During times of high MCAI, people feel more secure about their financial standing, which encourages them to invest in property. On the flip side, a stagnant or declining MCAI can spell trouble. It causes potential buyers to hesitate, fearing that financial constraints may hinder their home ownership dreams.
Regional Variations
Regional variations play a crucial role in how the MCAI affects real estate markets. Different geographic areas exhibit unique characteristics that can influence demand and supply. Understanding these variances can provide deeper market insights for investors.
Urban Areas
Urban areas, with their bustling economies and job opportunities, often attract a diverse group of homebuyers. The robust job market is a significant driver of demand, contributing greatly to the MCAI. A high MCAI in these regions typically suggests a strong possibility of securing mortgage loans, making it easier for residents to navigate home purchases.
What makes urban areas particularly appealing is their potential for growth. City living comes with advantages like proximity to work, amenities, and social activities. However, this demand often runs into the challenges of limited inventory and rising property prices. Investors must be cautious, as while the MCAI may suggest favorable lending conditions, the actual affordability in urban locations can be an uphill battle.
Rural Areas
On the other hand, rural areas offer a different story when it comes to the MCAI. While these places often list lower home prices, they may struggle with accessibility to mortgage credit. The MCAI could reflect tighter lending as lenders may perceive higher risks in less populated areas. If the MCAI indicates lower availability in rural settings, it can significantly impact home sales.
Nevertheless, these regions boast increased space and potentially lower cost of living, attracting a specific type of buyer. Rural areas may be an attractive choice for those seeking tranquility away from hectic city life. However, investors might face challenges like lower appreciation rates, which can be a downside when analyzing long-term investment viability.
In essence, geographical disparities underscore the importance of careful analysis. Discerning where to focus investment strategies based on MCAI data, alongside knowing the regional characteristics, can empower investors to make informed decisions in the complexity of real estate markets.
Future Projections
Future projections regarding the Mortgage Credit Availability Index (MCAI) are crucial for both lenders and borrowers. Keeping an eye on these projections sheds light on how the credit landscape might evolve, allowing stakeholders to strategize effectively. This section will cover predicted trends, focusing on how upcoming shifts can impact the overall mortgage market. Likewise, evaluating potential challenges will inform readers about the pitfalls they may face as the market continues to shift.
Predicted Trends
Interest in the MCAI is growing, especially as economic conditions diverge across regions. One significant trend to watch is the increase in demand for adjustable-rate mortgages. With interest rates fluctuating, many borrowers might opt for such loans, betting on future decreases in rates.
Moreover, we could see lenders adapting their policies in response to shifts in the MCAI. For instance, if the index indicates a broader availability of credit, lenders may relax their underwriting standards, resulting in a surge of applicants. Conversely, tightening conditions reflected in the MCAI might push lenders to adopt a more cautious stance. This duality in responses can alter the pace at which buyers enter the market, dynamically influencing home sales and property values.
Potential Challenges
Despite the valuable insights that MCAI projections offer, several challenges loom on the horizon, focusing on the instability of market conditions and changes in regulatory frameworks.
Market Volatility
Market volatility can be a double-edged sword in the mortgage landscape. On one hand, it can lead to lucrative opportunities as lenders adjust to changing scenarios, offering various products that might cater better to borrowers. However, on the flip side, it can cause uncertainty, making potential homebuyers think twice before committing. Think of any time the stock market took a nosedive; it invariably sends ripples through adjacent sectors, mortgage lending included.
This volatility isn't just an aspect—it's a key characteristic of the financial ecosystem. It can create a quicksand scenario for both lenders and borrowers, where caution might lead to missed opportunities while reckless decisions could spell disaster. Lenders must balance the urge to innovate with the need for sound risk management.
Regulatory Shifts
Regulatory shifts represent another facet of potential challenges in projecting the MCAI's future. Changes in legislation—such as new guidelines from the Federal Housing Administration—can radically impact mortgage availability.
These shifts often emerge due to economic developments or public sentiment about homeownership. For instance, during times of economic uncertainty, regulators might tighten the reins to shield the overall economy. However, more lenient measures could arise if there's a march towards increasing homeownership rates.
It's essential to keep a close eye on these regulatory tendencies. Changes can significantly affect availability, thereby making the MCAI a moving target that requires constant vigilance from stakeholders. Understanding the interplay between market conditions and regulatory frameworks is vital for navigating the future mortgage landscape effectively.
"Knowing where the winds are headed can be the difference between smooth sailing and choppy waters."
Ending
In wrapping up the discussion on the Mortgage Credit Availability Index, it’s vital to undersand its significance in shaping the mortgage landscape. The MCAI acts as a barometer, reflecting not just the availability of credit, but also hinting at the general health of the economy. For lenders and borrowers alike, comprehending how this index operates can shape financial decisions and strategies.
Summary of Key Points
- The MCAI provides insights into the level of mortgage credit available.
- It is widely influenced by various economic indicators and regulatory factors.
- The index can reveal trends in lending practices, thereby influencing how borrowers approach their home loans.
The importance of tracking the MCAI cannot be overstated; it allows individuals and institutions to anticipate shifts in the market. This understanding can guide strategic decisions, such as when to apply for a mortgage or how to adjust lending criteria. Additionally, being aware of the MCAI helps stakeholders stay one step ahead in their financial journeys, making informed choices in an ever-evolving economic environment.
The Importance of Monitoring the MCAI
Keeping an eye on the MCAI is not merely a numbers game; it’s about drawing lines between available credit and the ability of individuals to navigate the real estate market to their advantage. Suppose you notice a decline in the MCAI. In that case, it may be inferred that lenders are tightening their belts, which could hint at a future slowdown in home sales. Conversely, an uptick could suggest greater confidence in lending, which may translate into better borrowing conditions for potential homeowners.
"Monitoring the MCAI is akin to reading the tea leaves of the mortgage market; the insights gained can lead to strategic advantages for savvy investors."
Being aware of fluctuations in the MCAI can serve as a guide for various decisions ranging from timing a purchase to understanding when to rethink a loan strategy. In essence, the MCAI is not just a number; it is a comprehensive and insightful tool that reflects broader market trends and guides individuals through the complexities of the mortgage landscape.
