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ASB economists say they detect increased concern among borrowers about the impact of rising mortgage rates. |
An increase in mortgage rates by one percentage point would result in about $ 3 billion a year for households indebted to mortgage loans, with first-time buyers being the hardest hit, said Mike Jones, senior economist at ASB. |
Some new homeowners could even find themselves spending more than half of their income on mortgage repayments if mortgage rates rise to 5%. |
But with mortgage rates currently at very low levels, Jones said most borrowers have a reasonable reserve to deal with the increases. |
READ MORE: |
* House price expectations hit record high |
* The real estate boom could get worse, warns an economist |
* What type of mortgage should first-time buyers be looking for? |
“People are starting to worry about the impact of the possibly higher mortgage rates over the next two years,” Jones said. |
Concerns have arisen from high household debt, both as people borrow to buy new homes, but also because many have chosen to borrow to renovate their existing homes. |
Liz McDonald / Stuff |
House prices have reached very high levels and some new borrowers have taken on very high debt relative to their income. |
“Mortgage loans have gone crazy. Ever higher real estate prices mean more debt has been required to enter the real estate ladder or to move up, ”Jones said. |
New mortgages written in the past 12 months have increased by approximately 45% over the previous 12 months. |
But despite the huge amount that rising mortgage rates could suck into households, Jones said ASB tests indicated households, on the whole, had a reasonable amount of buffer to make. face. |
“Rates should rise fairly before incomes are unduly stressed,” he said. |
“On our calculations, the aggregate debt service costs and housing debt levels are at the lowest levels on record,” Jones said. |
This was the result of falling interest rates to the point that central banks around the world cut official cash rates to boost economies ravaged by Covid. |
But, Jones said, some borrowers were more exposed to rising home rates than others. |
Data from the Reserve Bank showed that many buyers over the past 12 months had taken on debt of at least six times their income. |
“New entrants to the housing market generally have less equity and a simple stress test shows that debt servicing costs for these borrowers could exceed 50% of disposable income if mortgage rates really rise,” a- he declared. |
“They will generally have lower equity and may not have budgeted for the risk of ‘old-fashioned’ yield and interest rates rising instead of falling,” he said. |
JASON DORDAY / Stuff |
People who have bought houses in Auckland in the past 12 months have paid prices described as “obscene” by some economists. |
“A household with an average disposable income that bought a median house in Auckland a month ago for $ 1.12 million with a 20% deposit would have a debt service rate of around 42% at d current interest, including principal repayments. It’s already up there. |
“A scenario in which mortgage rates rise to around 5% would see debt service charges rise to 53% of income, all other things being equal. It’s on the upper limit of what’s considered manageable, ”Jones said. |
But, he said: “With the starting point of debt servicing very low, households should be able to tolerate reasonable increases in mortgage rates without undue strain on budgets. |
“Our forecasts, both for official interest rates and mortgage interest rates, show only a gradual increase from here on out. Households have the time, ”he said. |
“But securing more of your mortgage seems prudent for those worried about rising interest rates over the next few years. Mortgage rates for longer terms are higher than for shorter terms. But they are still very low compared to history and could be worth it given that a borrower will be protected for longer from the higher rates. “ |
He said 77% of all mortgage debt was fixed rate for less than a year. |
The colossal household indebtedness could help curb the central bank rate hike. |
“At the macro level, higher leverage will give the Reserve Bank more bang for its buck when the time comes to raise interest rates,” Jones said. |
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Investing: How to invest in a low interest rate environment – money ‘works against the British’ | Personal Finances | Finance<eot>7 Things Truckers Should Do In Case of an Accident - Hotshot Warriors |
Posted by Hotshot Warriors | Jan 26, 2020 | Hotshot Trucker Tips | 0 | |
According to the U.S. Department of Transportation, nearly 6.2 million police-reported motor vehicle crashes occurred on the U.S highways in 2005, that is one every 5 seconds. With such numbers, we couldn't help but worry that we might be next, considering the nature of hotshot trucking. |
Since accidents are inevitable, it would be good to stay prepared and know what you should do when involved in an accident. |
1. Stop your vehicle and remain calm |
If you get involved in a minor accident and you did not suffer any serious injuries, move your vehicle and trailer to the safe side of the road. If this is not possible, make sure that other drivers can see you by putting cones around your vehicle and trailer, turning on hazard lights and lighting road flares if needed. Doing so will prevent another accident. |
Remain as calm as possible and do not react in anger, particularly when confronting the other driver as this will just worsen the situation. |
Whether you are seriously injured or not, it is important to seek medical attention after an accident. You may not immediately notice any injury or feel pain due to adrenaline but to be sure, it's a good idea to seek medical attention. If you do not receive it at the scene, visit your doctor as soon as possible to determine if you need to receive treatment. |
Moreover, having checked by a doctor after an accident can help you seek compensation for injuries if you are not at fault. |
Call the police or instruct someone to do so. It's your best course of action especially if you are dealing with someone who is angry or behaving irrationally. The police could also address the traffic situation and make an official report. |
Do not discuss the details of the accident with anyone except the police. Don't assume blame or make any statement that will cause the other party to believe that you are admitting fault. |
Having a disposable camera comes in handy in case of an accident as it does not run out of power, unlike a mobile phone. Take photos of your vehicle and that of the other vehicle. Also include photos that will show the context of the accident including the road condition, lights and traffic signs among others. |
Moreover, don't forget to get your notepad and pen to record the following information: |
Data and time of the accident |
Exact location of the scene |
Any information of your vehicle's functioning prior to the accident |
Information about the other parties involved including the driver's name, license number, contact details, insurance company and policy information |
Information about the responding police officers and where to get a copy of their police report |
It is important to get the above information at the scene of the accident. Once the other parties leave, it can be difficult to track them down. It will be easier to seek compensation if you have complete details. |
Check if there are witnesses of the accident and get their names and contact details. They may be called to testify in court. |
7. Mind what you say |
After the accident, an insurance adjuster will contact you to get more information about the accident. An insurance adjuster or claims handler is responsible for investigating insurance claims by interviewing the claimant, police, witnesses and getting other relevant information. You need to be extra careful about what you should and should not say as it can be used against you. |
It is against the law to lie to your insurance company but be mindful as well of the information you provide. Just relay the facts and let the insurance company and the police determine who is at fault. If you are not sure what to say, it is best to consult your attorney. |
We don't want to be involved in a truck accident but we don't know when it will happen. No matter how careful you are in driving, you may cross paths with an irresponsible driver, ending up in an accident. |
The steps we listed above can help protect your rights following an accident and regardless of who is at fault.<eot>Gates Foundation Teams With Coil On Blockchain | PYMNTS.com |
Posted on October 19, 2018 October 19, 2018 6:46 am |
A British man who reportedly threatened to sell the personal details of 319 million iCloud users has been charged in a London court with blackmail and two counts of unauthorized acts with intent to impair the operation of a computer. According to Cult of Mac, 21-year-old IT analyst Kerem Albayrak allegedly filmed himself accessing people's accounts and putting the footage online. He then demanded that Apple pay him $174,000 worth of bitcoin and $1,100 in iTunes vouchers or he'd sell the data. |
"Mr. Karem Albayrak is accused of sending emails to Apple, making financial demands for downloading database iCloud accounts and factory resetting those iCloud accounts. He entered into the accounts of the alleged victims and posted a video of his hack onto YouTube," said the prosecutor. |
Albayrak has yet to enter his pleas. He was granted unconditional bail until a preliminary hearing, which will take place on Nov. 14. |
In other news, the U.S. Securities and Exchange Commission (SEC) announced the launch of it's Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a source for public engagement on the agency's FinTech-related issues and initiatives, including distributed ledger technology (DLT), automated investment advice, digital marketplace financing and artificial intelligence (AI)/machine learning (ML). |
"The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure and financial services, with an eye toward enhancing, and in no way reducing, investor protection," said SEC Chairman Jay Clayton in a press release. "The FinHub provides a central point of focus for our efforts to monitor and engage on innovations in the securities markets that hold promise, but which also require a flexible, prompt regulatory response to execute our mission." |
The Bill and Melinda Gates Foundation has partnered with blockchain startup Coil to move its mission forward in providing payment services for the unbanked. According to CoinDesk, a tweet from Miller Abel, the foundation's deputy director and principal technologist, noted that the partnership will work to implement the Interledger Protocol and explore ways to support "pro-poor payment systems." |
Related Items:Apple, Bitcoin, bitcoin daily, Blockchain, cryptocurrency, dlt, FinTech, iCloud, Innovation, Investments, News, Partnership, payments, SEC, What's Hot<eot>Pass4sure Promo Code & Coupons 2022 | NHS Discount Code |
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Don't miss out on any of our January 2022 sales and get the best deals on various products! Online shopping at store name is a breeze that makes sure your pocket doesn't get hurt. Here we even provide Pass4sure NHS discount code offers, student discounts, voucher codes and free delivery! So, what are you waiting for? Hop on and avail the best discounts today!<eot>Yto Barrada: I became interested in photography in an absolutely accidental way. I was studying political science; I was living in the West Bank working on roadblocks, and the strategies of people who tried to cross in negotiating with the Israeli police, military police, and I started documenting my work with photographs. And as my work evolved I started taking more photographs than notes, and then it completely shifted. The main part of my way of describing what I was interested in became through photographs, because I discovered that it was less restrictive than only my dissertation in political science. I started to be interested in art and all the possibilities it gave me to introduce the political situation. |
Also on Morocco in openDemocracy: |
Ivan Briscoe, "Dreaming of Spain: migration and Morocco" (May 2004) |
Nelcya Delanoe, "Morocco and Spain: united by tragedy?" (March 2004) |
Nelcya Delanoe, "Morocco: a journey in the space between monarchy and Islamism" (February 2003) |
Rashi Khilnani, "How Morocco's free media is silenced" (April 2006) |
Saeed Taji Farouky, ""Deserted in Western Sahara" (March 2006) |
Yto Barrada "The Strait Project" The small picture (October 2005) |
Saeed Taji Farouky, "I See The Stars At Noon: filming Morocco's emigration hunger" (October 2005) |
Charlotte Collins: Was it that way of coming to it, through photographing borders and barriers in the West Bank, that made you interested in this particular project the Strait of Gibraltar? |
Yto Barrada: No, no, not at all. I was just working on what was my dissertation and I felt a little frustrated because I couldn't use their stories, personal stories; there's personal experiences, there's coincidences, there's lots of material you can't use in a dissertation, so I was sort of overwhelmed by collecting stories, found things, objects people lost on the checkpoint. I started to have strange photographs of people a series of people carrying television sets across the border |
There were lots of things with humour, poetry what do you do with that in a dissertation? You're supposed to get rid of it! I tried to mix all these, and then I went to study art. The fact that I'm working on another border today, which is the Strait of Gibraltar, is a coincidence. I just went home. |
Charlotte Collins: So what exactly inspired you to do this body of work about the Strait of Gibraltar? |
Yto Barrada: What inspired me is I looked through my window and that's what you see. You see a border, you see all these discussions about the Mediterranean Sea, the mother of all seas, the fact that we all come from the same place, all these discourses about love and sharing, and the actual situation is much more violent. That space is a border, it's a closed border; the announced goal for Morocco for 2010 is to have ten million tourists come to the country that's a one-way street! Everyone's coming over guess what? We can't move! Legally, nobody can get out of the country "nobody" meaning a big, big majority. |
I'm a privileged kid with dual citizenship and that's why I can move as I wish from one place to the other. And the biggest paradox for me was that with my Moroccan passport I can't go to any Arabic country without a visa. And when I use my French nationality because I was born in France when my parents were students, so I have a French identity too if I used my French passport I didn't need a visa. So I'm a very particular case; you don't have many people in my situation. |
The actual situation of the border that I live on is that since 1991 and the developing of the Schengen agreements it's a closed border, and the coincidence is that when the border closed in 1991 the satellite dishes were all over the place with images from the West. Before we had only two channels, one channel in Morocco there's only one channel, and you could sometimes see Gibraltar and one channel in Spain. All of a sudden you had forty, fifty, a hundred-and-fifty channels from all around the world, and that's when the border closed. |
Charlotte Collins: And what effect do you see all these events, this situation, having on the people in Tangier? |
Yto Barrada: The fact that the border is closed creates this situation of longing, desire to cross, and the violence of that desire is that it's confronted to a wall. What I try to describe in my images is that state, that situation. The imaginary place that the Strait of Gibraltar becomes, because since the border is closed many people, all the time more than 30,000 over the last ten years these are the figures of people who were caught, you don't know how many people made it on the other side. People try to cross illegally, on little boats. |
There's a whole new vocabulary that's invented around this "to cross" is called "to burn" because you burn your past, your identity, your papers, because if you're caught on the other side if you're from Algeria you may get permission to stay, because of the political situation; if you're from Morocco you're sent back right away. So there's this obsession to get on the other side where the grass is greener that animates the streets of the city of Tangier, that governs everything you do from the morning to the night. |
People are standing there thinking all day how you're going to make enough money to be able to cross, to pay your passage through, if you're an adult; if you're a child ... and sometimes very small children can smuggle themselves in trucks that go on ferry boats to the other side, container boats, or trucks, a merchandise truck where the wheels are there's a place they can hide. That state that I've described in my body of work creates a sort of floating figure, and these are the portraits that I'm making, of people you see in the streets who are just waiting for their turn. |
Girl in red playing jacks, Tangier 1999, A Life Full of Holes: the Strait Project © Yto Barrada |
Part 2: the photographs |
Listen to part two (4.16mins) |
High bandwidth: 128kbps |
Charlotte Collins: You have quite a lot of people in the photographs who've got their backs turned towards the observer or who are just standing there staring into space, for example the lavatory attendants in one photo, two men embracing in another, you don't see their faces at all is that because they're turning away, or is that because you didn't want to confront them? |
Yto Barrada: That's exactly what the metaphor is: since when you spend your time on the edge, on the jumping-off place of Africa, trying to get on the other side, you're as a consequence turning your back on whatever's happening where you are, so you're not invested in what you're doing for your own country. |
More audio features on openDemocracy: |
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