Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related fields of housing economics is narrower in scope, concentrating on residential real estate markets as does the research of real estate trends focus on the business and structural changes impacting the industry. Both draw on partial equilibrium analysis (supply and demand), urban economics, spatial economics, extensive research, surveys and finance.

Overview of real estate markets

The main participants in real estate markets are:

Owner/User - These people are both owners as well as tenants. They purchase houses or commercial property as an investment and also to live in or utilize as a business.

Owner - These people are pure investors. They do not consume the real estate that they purchase. Typically they rent out or lease the property to someone else.

Renter - These people are pure consumers.

Developers - These people prepare raw land for building which results in new product for the market.

Renovators - These people supply refurbished buildings to the market.

Facilitators - This includes banks, Real Estate Brokers lawyers, and others that facilitate the purchase and sale of real estate.

The owner/user, owner, and renter comprise the demand side of the market, while the developers and renovators comprise the supply side. In order to apply simple supply and demand analysis to real estate markets a number of modifications need to be made to standard microeconomic assumptions and procedures. In particular, the unique characteristics of the real estate market must be accommodated. These characteristics include:

Durability - Real estate is durable. A building can last for decades or even centuries, and the land underneath it is practically indestructible. Because of this, real estate markets are modeled as a stock/flow market. About 98% of supply consists of the stock of existing houses, while about 2% consists of the flow of new development. The stock of real estate supply in any period is determined by the existing stock in the previous period, the rate of deterioration of the existing stock, the rate of renovation of the existing stock, and the flow of new development in the current period. The effect of real estate market adjustments tend to be mitigated by the relatively large stock of existing buildings.

Heterogeneous - Every piece of real estate is unique, in terms of its location, in terms of the building, and in terms of its financing. This makes pricing difficult, increases search costs, creates information asymmetry and greatly restricts substitutability. To get around this problem, economists (beginning with Muth (1960)) define supply in terms of service units, that is, any physical unit can be deconstructed into the services that it provides. Olsen (1969) describes these units of housing services as ''an unobservable theoretical construct''. Housing stock depreciates making it qualitatively different from a new building. The market equilibrating process operates across multiple quality levels. Further, the real estate market is typically divided into residential, commercial, and industrial segments. It can also be further divided into subcategories like recreational, income generating, area, historical/protected, etc.

High Transaction costs - Buying and/or moving into a home costs much more than most types of transactions. These costs include search costs, real estate fees, moving costs, legal fees, land transfer taxes, and deed registration fees. Transaction costs for the seller typically range between 1.5 - 6% of the purchase price. In some countries in Continental Europe, transaction costs for both buyer and seller can range between 15 - 20%.

Long time delays - The market adjustment process is subject to time delays due to the length of time it takes to finance, design, and construct new supply, and also due to the relatively slow rate of change of demand. Because of these lags there is a great potential for disequilibrium in the short run. Adjustment mechanisms tend to be slow, relative to more fluid markets.

Both an investment good and a consumption good - Real estate can be purchased with the expectation of attaining a return (an investment good), or with the intention of using it (a consumption good), or both. These functions can be separated (with market participants concentrating on one or the other function) or can be combined (in the case of the person that lives in a house that they own). This dual nature of the good means that it is not uncommon for people to over-invest in real estate, that is, to invest more money in an asset than it is worth on the open market.

Immobility - Real estate is locationally immobile (save for mobile homes, but the land underneath them is still immobile). Consumers come to the good rather than the good going to the consumer. Because of this, there can be no physical market-place. This spatial fixity means that market adjustment must occur by people moving to dwelling units, rather than the movement of the goods. For example, if tastes change and more people demand suburban houses, people must find housing in the suburbs, because it is impossible to bring their existing house and lot to the suburb (even a mobile home owner, who could move the house, must still find a new lot). Spatial fixity combined with the close proximity of housing units in urban areas suggest the potential for externalities inherent in a given location.

Demand for housing

The main determinants of the demand for housing are demographic. However other factors like income, price of housing, cost and availability of credit, consumer preferences, investor preferences, price of substitutes and price of complements all play a role.

The core demographic variables are population size and population growth: the more people in the economy, the greater the demand for housing. But this is an oversimplification. It is necessary to consider family size, the age composition of the family, the number of first and second children, net migration (immigration minus emigration), non-family household formation, the number of double family households, death rates, divorce rates, and marriages. In housing economics, the elemental unit of analysis is not the individual as it is in standard partial equilibrium models. Rather, it is households that demand housing services: typically one household per house. The size and demographic composition of households is variable and not entirely exogenous. It is endogenous to the housing market in the sense that as the price of housing services increase, household size will tend also to increase.

Income is also an important determinant. Empirical measures of the income elasticity of demand in North America range from 0.5 to 0.9 (De Leeuw, F. 1971). If permanent income elasticity is measured, the results are a little higher (Kain and Quigley 1975) because transitory income varies from year-to-year and across individuals so positive transitory income will tend to cancel out negative transitory income. Many housing economists use permanent income rather than annual income because of the high cost of purchasing real estate. For many people, real estate will be the most costly item they will ever buy.

The price of housing is also an important factor. The price elasticity of the demand for housing services in North America is estimated as negative 0.7 by Polinsky and Ellwood (1979), and as negative 0.9 by Maisel, Burnham, and Austin (1971).

An individual household’s housing demand can be modeled with standard utility/choice theory. A utility function, such as U=U(X1,X2,X3,X4,...Xn), can be constructed in which the households utility is a function of various goods and services (Xs). This will be subject to a budget constraint such as P1X1+P2X2+...PnXn=Y, where Y is the households available income and the Ps are the prices for the various goods and services. The equality indicates that the money spent on all the goods and services must be equal to the available income. Because this is unrealistic, the model must be adjusted to allow for borrowing and/or saving. A measure of wealth, lifetime income, or permanent income is required. The model must also be adjusted to account for the heterogeneousness of real estate. This can be done by deconstructing the utility function. If housing services (X4) is separated into the components that comprise it (Z1,Z2,Z3,Z4,...Zn), then the utility function can be rewritten as U=U(X1,X2,X3,(Z1,Z2,Z3,Z4,...Zn)...Xn) By varying the price of housing services (X4) and solving for points of optimal utility, that household's demand schedule for housing services can be constructed. Market demand is calculated by summing all individual household demands.

Supply of housing

Housing supply is produced using land, labor, and various inputs such as electricity and building materials. The quantity of new supply is determined by the cost of these inputs, the price of the existing stock of houses, and the technology of production. For a typical single family dwelling in suburban North America, approximate percentage costs can be broken down as: acquisition costs 10%, site improvement costs 11%, labour costs 26%, materials costs 31%, finance costs 3%, administrative costs 15%, and marketing costs 4%. Multi-unit residential dwellings typically break down as: acquisition costs 7%, site improvement costs 8%, labour costs 27%, materials costs 33%, finance costs 4%, administrative costs 17%, and marketing costs 5%. Public subdivision requirements can increase development cost by up to 3% depending on the jurisdiction. Differences in building codes account for about a 2% variation in development costs. However these subdivision and building code costs typically increase the market value of the buildings by at least the amount of their cost outlays. A production function such as Q=f(L,N,M) can be constructed in which Q is the quantity of houses produced, N is the amount of labour employed, L is the amount of land used, and M is the amount of other materials. This production function must, however, be adjusted to account for the refurbishing and augmentation of existing buildings. To do this a second production function is constructed that includes the stock of existing housing, and their ages, as determinants. The two functions are summed yielding the total production function. Alternatively an hedonic pricing model can be regressed.

The long-run price elasticity of supply is quite high. George Fallis estimates it as 8.2 (Fallis, G. 1985), but in the short run supply tends to be very price inelastic. Supply price elasticity depends on the elasticity of substitution and supply restrictions. There is significant substitutability both between land and materials, and between labour and materials. In high-value locations, multi-story concrete buildings are typically built to reduce the amount of expensive land used. As labour costs increased since the 1950s, new materials and capital intensive techniques have been employed to reduce the amount of relatively expensive labour used. However supply restrictions can significantly affect substitutability. In particular the lack of supply of skilled labour (and labour union requirements), can constrain the substitution from capital to labour. Land availability can also constrain substitutability if the area of interest is delineated (that is, the larger the area, the more suppliers of land, and the more substitution that is possible). Land use controls such as zoning bylaws can also reduce land substitutability.

The adjustment mechanism

The basic adjustment mechanism is a stock/flow model to reflect the fact that about 98% the market is existing stock and about 2% is the flow of new buildings. In the diagram to the right, the stock of housing supply is presented in the left panel while the new flow is in the right panel. There are four steps in the basic adjustment mechanism. First, the initial equilibrium price (Ro) is determined by the intersection of the supply of existing housing stock (SH) and the demand for housing (D). This rent is then translated into value (Vo) via discounting cash flows. Value is calculated by dividing current period rents by the discount rate, that is, as a perpetuity. Then value is compared to construction costs (CC) in order to determine whether profitable opportunities exist for developers. The intersection of construction costs and the value of housing services determine the maximum level of new housing starts (HSo). Finally the amount of housing starts in the current period is added to the available stock of housing in the next period. In the next period, supply curve SH will shift to the right by amount HSo.

Adjustment with depreciation

The diagram to the right shows the effects of depreciation. If the supply of existing housing deteriorates due to wear, then the stock of housing supply depreciates. Because of this, the supply of housing (SHo) will shift to the left (to SH1) resulting in a new equilibrium demand of R1 (since the amount of homes decreased, but demand still exists). The increase of demand from Ro to R1 will shift the value function up (from Vo to V1). As a result, more houses can be produced profitably and housing starts will increase (from HSo to HS1). Then the supply of housing will shift back to its initial position (SH1 to SHo).

Increase in demand

The diagram on the right shows the effects of an increase in demand in the short run. If there is an increase in the demand for housing, such as the shift from Do to D1 there will be either a price or quantity adjustment, or both. For the price to stay the same, the supply of housing must increase. That is, supply SHo must increase by HS.

Increase in costs

The diagram on the left shows the effects of an increase in costs in the short-run. If construction costs increase (say from CCo to CC1), developers will find their business less profitable and will be more selective in their ventures. In addition some developers may leave the industry. The quantity of housing starts will decrease (HSo to HS1). This will eventually reduce the level of supply (from SHo to SH1) as the existing stock of housing depreciates. Prices will tend to rise (from Ro to R1).

Real estate financing

There are different ways of real estate financing: governmental and commercial sources and institutions. A home buyer or builder can obtain financial aid from savings and loan associations, commercial banks, savings banks, mortgage bankers and brokers, life insurance companies, credit unions, federal agencies, individual investors, and builders.

Savings and loan associations

''Main article'': Savings and loan association

The most important purpose of these institutions is to make mortgage loans on residential property. These organizations, which also are known as savings associations, building and loan associations, cooperative banks (in New England), and homestead associations (in Louisiana), are the primary source of financial assistance to a large segment of American homeowners. As home-financing institutions, they give primary attention to single-family residences and are equipped to make loans in this area.

Some of the most important characteristics of a savings and loan association are:

# It is generally a locally owned and privately managed home-financing institution. # It receives individuals' savings and uses these funds to make long-term amortized loans to home purchasers. # It makes loans for the construction, purchase, repair, or refinancing of houses. # It is state or federally chartered.

Commercial banks

''Main article'': Commercial bank

Due to changes in banking laws and policies, commercial banks are increasingly active in home financing. In acquiring mortgages on real estate, these institutions follow two main practices:

# First, some of the banks maintain active and well-organized departments whose primary function is to compete actively for real estate loans. In areas lacking specialized real estate financial institutions, these banks become the source for residential and farm mortgage loans. # Second, the banks acquire mortgages by simply purchasing them from mortgage bankers or dealers.

In addition, dealer service companies, which were originally used to obtain car loans for permanent lenders such as commercial banks, wanted to broaden their activity beyond their local area. In recent years, however, such companies have concentrated on acquiring mobile home loans in volume for both commercial banks and savings and loan associations. Service companies obtain these loans from retail dealers, usually on a nonrecourse basis. Almost all bank/service company agreements contain a credit insurance policy that protects the lender if the consumer defaults.

Savings banks

''Main article'': Savings bank

These depository financial institutions are federally chartered, primarily accept consumer deposits, and make home mortgage loans.

Mortgage bankers and brokers

''Main article'': Mortgage broker

Mortgage bankers are companies or individuals, who originate mortgage loans, sell them to other investors, service the monthly payments, and may act as agents to dispense funds for taxes and insurance.

Mortgage brokers present the consumer home buyer with the best loan from a variety of loan sources. Their income comes from the lender making the loan, just like with any other bank. Because they can tap a variety of lenders, they can shop on behalf of the borrower and achieve the best available terms. Despite legislation enacted that could favor the major banks, mortgage bankers and brokers keep the market competitive so the largest lenders must continue to compete on price and service. According to Don Burnette of Brightgreen Homeloans in Port Orange, Florida, "The mortgage banker and broker conduit is vital to maintain competitive balance in the mortgage industry. Without it, the largest lenders would be able to unduly influence rates and pricing, potentially hurting the consumer. Competition drives every organization in this industry to constantly improve on their performance, and the consumer is the winner in this scenario."

Life insurance companies

Life insurance companies are another source of financial assistance. These companies lend on real estate as one form of investment and adjust their portfolios from time to time to reflect changing economic conditions. Individuals seeking a loan from an insurance company can deal directly with a local branch office or with a local real estate broker who acts as loan correspondent for one or more insurance companies.

Credit unions

''Main article'': Credit union

These cooperative financial institutions are organized by people who share a common bond — for example, employees of a company, a labor union, or a religious group. Some credit unions offer home loans in addition to other financial services.

Federally supported agencies

Under certain conditions and fund limitations the Veterans Administration makes direct loans to creditworthy veterans in housing credit shortage areas designated by the VA's administrator. Such areas are generally rural areas and small cities and towns not near the metropolitan or commuting areas of large cities — areas where GI loans from private institutions are not available.

The federally supported agencies referred to here do not include the so-called second-layer lenders who enter the scene after the mortgage is arranged between the lending institution and the individual home buyer.

Real estate investment trusts

''Main article'': Real estate investment trust

Real estate investment trusts (REITs), which began when the Real Estate Investment Trust Act became effective January 1, 1961, are available. REITs, like savings and loan associations, are committed to real estate lending and can and do serve the national real estate market, although some specialization has occurred in their activities.

In the U.S., REITs generally pay little or no federal income tax, but are subject to a number of special requirements set forth in the Internal Revenue Code, one of which is the requirement to annually distribute at least 90% of their taxable income in the form of dividends to shareholders.

Other sources

''Main article'': Creative real estate investing

Individual investors constitute a fairly large but somewhat declining source of money for home mortgage loans. Experienced observers claim that these lenders prefer shorter term obligations and usually restrict their loans to less than two-thirds of the value of the residential property. Likewise, building contractors sometimes accept second mortgages in part payment of the construction price of a home if the purchaser is unable to raise the total amount of down payment above the first mortgage money offered.

In addition, homebuyers or builders can save their money using FSBO in order not to pay extra fees.

See also

British housing market

Housing bubble

Investment Rating for Real Estate

Real estate trends

Short sale (real estate)

Effective gross income

Notes

References

Bourne, L.S. and Hitchcock, J.R. editors., (1978) ''Urban Housing Markets :Recent directions in research and policy'', University of Toronto Press, Toronto, 1978.

De Leeuw, F. (1971) The demand for housing, A review of the cross-sectional evidence, ''Review of Economics and Statistics'', vol. 53, no. 1, pp. 1–10.

Fallis, G. (1985) ''Housing Economics'', Butterworth, Toronto, 1985.

Kain J.F. and Quigley J.M. (1975) ''Housing Markets and Racial Discrimination'', National Bureau of Economic Research, New York.

Maisel S.J., Burnham J.B., and Austin J.S. (1971) The demand for housing, ''Review of Economics and Statistics'', Vol. 53, pp. 410–413.

Muth, R. (1960) “The demand for non-farm housing”, in A.C.Harberger, ed., ''The demand for durable goods'', University of Chicago Press, Chicago, 1960.

Olsen, E.O. (1969) “A competitive theory of the housing market”, ''American Economic Review'', Vol. 59, pp. 612–622.

Polinsky A. M. and Ellwood D.T. (1979) An empirical reconciliation of micro and group estimates of the demand for housing, ''Review of Economics and Statistics'', vol. 61, pp. 199–205.

External links

Humboldt Real Estate Economics Page

Grant Thornton IBR 2008 Construction and real estate industry focus

Residential Property Economics - allows calculation of real estate indexes worldwide and allows data analysis and extraction

Southern California's Boom of the Eighties

Housing Bubble Detection Methods, by J F Bellod

Category:Urban economics Category:Real estate

nl:Vastgoedeconomie ru:Рынок недвижимости sv:Bostadsmarknad zh:房地產經濟學

name	The Edge
background	solo_singer
birth name	David Howell Evans
birth date	August 08, 1961
Birth place	Barking, Essex, England, United Kingdom
origin	County Dublin, Ireland
instrument	Guitar, vocals, keyboards, piano, bass guitar
genre	Rock, post-punk, alternative rock
occupation	Musician, songwriter, activist
years active	1976–present
label	Island, Mercury
associated acts	U2, Passengers
website
notable instruments	Gibson ExplorerFender StratocasterGibson Les PaulFender TelecasterGretsch Country GentlemanGretsch White FalconRickenbacker 330/12 }}

David Howell Evans (born 8 August 1961), more widely known by his stage name The Edge (or just Edge), is a musician best known as the guitarist, backing vocalist, and keyboardist of the Irish rock band U2. A member of the group since its inception, he has recorded 12 studio albums with the band and has released one solo record. As a guitarist, The Edge has crafted a minimalistic and textural style of playing. His use of a rhythmic delay effect yields a distinctive ambient, chiming sound that has become a signature of U2's music.

The Edge was born in England to a Welsh family, but was raised in Ireland after moving there as an infant. In 1976, at Mount Temple Comprehensive School, he formed U2 with his fellow students and his older brother Dik. Inspired by the ethos of punk rock and its basic arrangements, the group began to write its own material. They eventually became one of the most popular acts in popular music, with successful albums such as 1987's ''The Joshua Tree'' and 1991's ''Achtung Baby''. Over the years, The Edge has experimented with various guitar effects and introduced influences from several genres of music into his own style, including American roots music, industrial music, and alternative rock. With U2, The Edge has also played keyboards, co-produced their 1993 record ''Zooropa'', and occasionally contributed lyrics. The Edge met his second and current wife, Morleigh Steinberg, through her collaborations with the band.

As a member of U2 and as an individual, The Edge has campaigned for human rights and philanthropic causes. He co-founded Music Rising, a charity to support musicians affected by Hurricane Katrina. He has collaborated with U2 bandmate Bono on several projects, including songs for Roy Orbison and Tina Turner, and the soundtracks to the musical ''Spider-Man: Turn Off the Dark'' and the Royal Shakespeare Company's London stage adaptation of ''A Clockwork Orange''. In 2011, ''Rolling Stone'' magazine placed him at number 38 on its list of "The 100 Greatest Guitarists of All Time".

Personal life

David Howell Evans was born at the Barking Maternity Hospital, Essex, England to Welsh parents Garvin and Gwenda Evans. When he was one, his family moved to County Dublin, Ireland where he attended St Andrew's National School. He received piano and guitar lessons and often performed with his brother Dik Evans before they both answered an advertisement posted by Larry Mullen, Jr. at their school, Mount Temple Comprehensive School, seeking musicians to form a band. The band accepted both of them. This band went through several incarnations before emerging as U2 in March 1978 (Dik Evans left the band just before the name change). U2 began performing in various venues in Ireland and eventually began developing a following. Their debut album, ''Boy'', was released in 1980.

In 1981, leading up to the October tour, Evans came very close to leaving U2 for religious reasons, but he decided to stay. During this period, he became involved with a group called Shalom Tigers, in which bandmates Bono and Larry Mullen Jr. were also involved. Shortly after deciding to remain with the band, he wrote a piece of music that later became "Sunday Bloody Sunday". The Edge married his high school girlfriend Aislinn O'Sullivan on 12 July 1983. The couple had three daughters together: Hollie in 1984, Arran in 1985 and Blue Angel in 1989. The couple separated in 1990, but were unable to get officially divorced because of Irish laws regarding marriage annulment; divorce was legalised in 1995 and the couple were legally divorced in 1996.

In 1993, The Edge began dating Morleigh Steinberg, a professional dancer and choreographer employed by the band as a belly dancer during the Zoo TV Tour. They had a daughter, Sian (born 1997), and a son, Levi (born 25 October 1999), before marrying on 22 June 2002. He appeared in the 2009 music documentary film ''It Might Get Loud''. The Edge has been criticized for his efforts to build five luxury mansions on a 156 acre plot of land in Malibu, California. The California Coastal Commission voted 8-4 against the plans, with the project described by the commission's executive director, Peter Douglas, as "In 38 years...one of the three worst projects that I've seen in terms of environmental devastation...It's a contradiction in terms – you can't be serious about being an environmentalist and pick this location." The Santa Monica Mountains Conservancy agreed to remain neutral on the issue following a $1 million donation from The Edge and a commitment from The Edge to designate 100 acres of the land as open space for public footpaths.

Music style

Guitar playing

As a guitar player, The Edge has a sound typified by a low-key playing style, a chiming, shimmering sound (thanks in part to the sound of VOX AC-30s) that he achieves with extensive use of delay effects and reverb. The feedback delay is often set to a dotted eighth note (3/16 of a measure), and the feedback gain is adjusted until a note played repeats two or three times.

On 1987's ''The Joshua Tree'', The Edge often contributes just a few simple lead lines given depth and richness by an ever-present delay. For example, the introduction to "Where the Streets Have No Name" is simply a repeated six-note arpeggio, broadened by a modulated delay effect. The Edge has said that he views musical notes as "expensive", in that he prefers to play as few notes as possible. He said in 1982 of his style,

"I like a nice ringing sound on guitar, and most of my chords I find two strings and make them ring the same note, so it's almost like a 12-string sound. So for E I might play a B, E, E and B and make it ring. It works very well with the Gibson Explorer. It's funny because the bass end of the Explorer was so awful that I used to stay away from the low strings, and a lot of the chords I played were very trebly, on the first four, or even three strings. I discovered that through using this one area of the fretboard I was developing a very stylized way of doing something that someone else would play in a normal way."

Many different influences have shaped The Edge's guitar technique. His first guitar was an old acoustic guitar that his mother bought him at a local flea market for only a few pounds; he was nine at the time. He and his brother Dik Evans both experimented with this instrument. He said in 1982 of this early experimentation, "I suppose the first link in the chain was a visit to the local jumble sale where I purchased a guitar for a pound. That was my first instrument. It was an acoustic guitar and me and my elder brother Dik both played it, plonking away, all very rudimentary stuff, open chords and all that." The Edge has stated that many of his guitar parts are based around guitar effects. This is especially true from the ''Achtung Baby'' era onwards, although much of the band's 1980s material made heavy use of echos.

Vocals

The Edge also supplies the backing vocals for U2. U2's 1983 live album and video release, ''Under a Blood Red Sky'' and ''Live at Red Rocks: Under a Blood Red Sky'' are good reference points for his singing (as are the live DVDs from the Elevation Tour, ''U2 Go Home: Live from Slane Castle'' and ''Elevation 2001: Live from Boston''). For example, he sings the chorus to "Sunday Bloody Sunday" (Bono harmonizes on the final 'Sunday'). U2 used this tradeoff technique later in "Bullet the Blue Sky" as well. His backing vocals are sometimes in the form of a repeated cry; examples of songs that use this approach include "Beautiful Day", "New Year's Day" and "Stay (Faraway, So Close!)". Another technique he uses in his backing vocals is the falsetto, in songs such as "Stuck in a Moment You Can't Get Out Of", "Sometimes You Can't Make It on Your Own", "A Man and a Woman", "The Wanderer", live versions of "The Fly", and "Window in the Skies".

The Edge sings the lead vocal on "Van Diemen's Land" and "Numb", the first half of the song "Seconds", dual vocals with Bono in "Discotheque", and the bridge in the song "Miracle Drug". He also sings the occasional lead vocal in live renditions of other songs (such as "Sunday Bloody Sunday" during the PopMart Tour and "Party Girl" during the Rotterdam Zoo TV show when it was Bono's birthday). He also plays a solo acoustic version of the song "Love is Blindness" that is featured in the documentary film ''From the Sky Down''.

Other instruments

He has played piano and keyboards on many of the band's songs, including "I Fall Down", "October", "So Cruel", "New Year's Day", "Running to Stand Still", "Miss Sarajevo", "The Hands that Built America", and "Original of the Species" and others. He plays the organ on "Please". In live versions of "New Year's Day", "The Unforgettable Fire", "Your Blue Room", and "Moment of Surrender", he plays both the piano and guitar parts alternately. In most live versions of "Original of the Species," piano is the only instrument played during the song. Although The Edge is the band's lead guitarist, he occasionally plays bass guitar, including the live performances of the song "40" where The Edge and bassist Adam Clayton switch instruments.

Solo recordings

In addition to his regular role within U2, The Edge has also recorded with such artists as Johnny Cash, B. B. King, Tina Turner, Ronnie Wood, Jay-Z, and Rihanna. The Edge connected with Brian Eno and Lanois collaborator Michael Brook (the creator of the infinite guitar, which he regularly uses), working with him on the score to the film ''Captive'' (1986). From this soundtrack the song "Heroine", the vocal of which was sung by a young Sinéad O'Connor was released as a single.

He also created the theme song for season one and two of ''The Batman''. He and fellow U2 member, Bono, wrote the lyrics to the theme of the 1995 James Bond film ''GoldenEye''. The Edge, along with bandmate Bono, recently composed a musical adaptation of Spider-Man. On May 25, 2011, a single titled ''Rise Above 1: Reeve Carney Featuring Bono and The Edge'' was released digitally. The music video was released on July 28, 2011.

Musical equipment

The Edge plays electric guitar, acoustic guitar, keyboards, piano, bass guitar (on "40" and "Race Against Time") and lap steel guitar. Compared to many lead guitarists, The Edge is known for using many more guitars during a show. According to his guitar tech Dallas Schoo, a typical lead guitarist uses four or five different guitars in one night, whereas The Edge takes 45 on the road, and uses 17 to 19 in one 2.5-hour concert. He is estimated to have more than 200 guitars in the studio.

Philanthropy

In 2005, The Edge along with Bob Ezrin and Henry Juszkiewicz co-founded Music Rising, a charity that helped provide replacement instruments for those that were lost in Hurricane Katrina. The instruments were originally only replaced for professional musicians but they soon realized the community churches and schools needed instruments as well. The charity's slogan is "Rebuilding the Gulf Region note by note" and has so far helped over a hundred musicians who were affected by Hurricane Katrina. The Edge also serves on the board of the Angiogenesis Foundation, a 501(c)(3) nonprofit organization dedicated to improving global health by advancing angiogenesis-based medicine, diets, and lifestyle.

See also

List of people on stamps of Ireland

Timeline of U2

References

;Footnotes

;Bibliography

External links

U2.com, official U2 site

Music Rising

The Edge – Album Credits

A Study of The Edge's Guitar Delay

The Edge: 'It's all about the vision'

Food Bank For New York City public service announcement

Comment on the mathematical analysis of The Edge's guitar sound

Category:Irish male singers Category:Irish rock guitarists Category:British male singers Category:British rock guitarists Category:Irish people of Welsh descent Category:People from County Dublin Category:People from Essex Category:People from Dalkey Category:Lead guitarists Category:Slide guitarists Category:Ivor Novello Award winners Category:Golden Globe Award winning musicians Category:Backing vocalists Category:U2 members Category:1961 births Category:Living people Category:Pseudonymous musicians Category:Rock songwriters

bg:Дейв "Едж" Евънс ca:The Edge cs:The Edge da:The Edge de:The Edge et:The Edge es:The Edge eu:The Edge fr:The Edge ga:The Edge gl:The Edge hr:The Edge is:The Edge it:The Edge he:דה אדג' ka:The Edge lv:The Edge lt:The Edge hu:The Edge nl:The Edge (U2) ja:ジ・エッジ no:The Edge pl:The Edge pt:The Edge ro:The Edge ru:Эдж sq:The Edge simple:The Edge sl:David Howell Evans fi:The Edge (muusikko) sv:The Edge tr:The Edge uk:Едж zh:The Edge

Position	Quarterback
Number	16, 12
Birth date	April 14, 1965Shreveport, Louisiana
Debutyear	1989
Finalyear	1997
Draftyear	1988
Draftround	6
Draftpick	159
College	Louisiana-Monroe
Teams	Washington Redskins (-) San Diego Chargers (-)
Stat1label	TD-INT
Stat1value	89-84
Stat2label	Yards
Stat2value	17,191
Stat3label	QB Rating
Stat3value	75.8
Nfl	HUM798051
Highlights	Super Bowl XXIX Appearance San Diego Chargers Hall of Fame San Diego Chargers 50th Anniversary All-Time Team }}

William Stanley "Stan" Humphries (born April 14, 1965) is a former professional American football quarterback. He played for the Washington Redskins and San Diego Chargers of the National Football League. He played college football at Northeast Louisiana (now named the University of Louisiana at Monroe). He was selected by the Redskins in the sixth round of the 1988 NFL Draft.

College career

At Northeast Louisiana University (now Louisiana–Monroe), Humphries was quarterback on a team that won the I-AA National Championship in 1987. In two seasons, Humphries passed for 4,395 yards and 29 touchdowns. He still holds the record for 300-yard passing games with eight.

Professional career

He was selected by the Redskins in the sixth round of the 1988 NFL Draft. Humphries made his first pro start in 1990 in Phoenix against the Cardinals with regular starter Mark Rypien sidelined with an injury. Humphries went on to pass for 1,015 yards and three touchdowns in seven games in 1990. He was traded to the San Diego Chargers before the start of the 1992 season following a preseason injury to starting Chargers QB John Friesz. The two teams ran the same offense, allowing Humphries to quickly make an impact. He passed for 3,356 yards, which ranked fifth in the league in 1992, leading the Chargers, who were 4-12 in 1991, stumbled out to an 0-4 start to finish with an 11-5 record, winning the AFC West and ending the Chargers decade long playoff drought. To this day, the 1992 San Diego Chargers are the only NFL team to make the playoffs after an 0-4 start. He started for San Diego for six years, making 81 starts in 88 games while completing 1,431 of 2,516 passes for 17,191 yards and 89 touchdowns. San Diego was 47-29 in regular-season games and 3-3 in playoff contests he started from 1992 to 1997. He played with a separated left shoulder in the 1992 AFC Wild-Card Game, a 17-0 win over the Kansas City Chiefs, their first home playoff game since the 1980 AFC Championship game. Their season ended the next week in a 31-0 loss to the Miami Dolphins in the AFC Divisional Playoffs. The Chargers would win 62 percent of the games during the six years that he started.

In 1994, he led the Chargers with clutch performances through an impressive series of victories in the NFL Playoffs that started with the Chargers rallying from a 21-6 halftime deficit at home to defeat the Miami Dolphins (led by Hall of Fame quarterback Dan Marino) with a 22-21 victory in the AFC divisional playoffs, earning the Chargers a trip to the AFC Championship Game the next week at Pittsburgh. The Pittsburgh Steelers were favored by 10 points, and some Steeler players the week prior to the game had made a Super Bowl rap video, assuming they would be the ones going to the Super Bowl. In what would become one of pro football's all-time great upsets, the Chargers again rallied from a 13-3 deficit late in the 3rd quarter and held off a furious last-minute Pittsburgh drive with a goal-line stand to win the AFC championship 17-13 at Pittsburgh's Three Rivers Stadium. Thus the Chargers earned a trip to Miami & Super Bowl XXIX, the first and only Super Bowl appearance in franchise history. They were greeted by 70,000 fans at San Diego Jack Murphy Stadium upon arriving back from Pittsburgh. Despite losing Super Bowl XXIX to the San Francisco 49ers 49-26, more than 100,000 fans greeted the Chargers when they arrived back in San Diego after the game. In all, Humphries led the Chargers to three playoff appearances and the franchises only Super Bowl appearance. Humphries' toughness took its toll and in 1997, he was forced to leave the game after a series of concussions.

He was inducted into the San Diego Chargers Hall of Fame in 2002. In 2009, he was one of four quarterbacks named on the franchise's 50th anniversary all-time team.

In 2004, Humphries was also inducted by the San Diego Hall of Champions into the Breitbard Hall of Fame honoring San Diego's finest athletes both on and off the playing surface.

He is currently a commentator for college football. He was inducted into the Louisiana Sports Hall of Fame in 2007. He hosts his namesake celebrity golf tournament. The event has raised more than $1 million over the years for Rady Children's Hospital in San Diego.

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Category:1965 births Category:Living people Category:American football quarterbacks Category:Players of American football from Louisiana Category:Louisiana–Monroe Warhawks football players Category:Washington Redskins players Category:San Diego Chargers players

pt:Stan Humphries