He said existing homeowners had found it slightly easier to repay their mortgages in the last quarter of 2007 - the first improvement since early 2006 - thanks to stable interest rates and wage increases.

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"I believe that as we increase our dependency on Internet of Things, and because it is not a fully stable technology per se, the probability of having problems increases, " says Evangeis Ouzounis, the head of the secure infrastructure and services unit at the European Network and Information Security Agency.

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Reformers have called for a repeal of the state law, passed after a taxpayer revolt in 1978, that severely curtails increases in property taxes, which might bring in more stable revenues.

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In general, after high-loss years, reinsurers are able to push for rate increases, but because overall losses were moderate in 2012, rates are expected to remain largely stable when the annual contracts come up for renewal this year, reinsurers themselves have cautioned.

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