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.

ECONOMIST: California's budget