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Current Events
Americans Struggle to Afford Housing
An annual income of about $85,000 is needed to afford median-priced homes; salaries have not seen modest gains, according to a study.
CHICAGO (Reuters) -- U.S. home prices may have dipped over the past year, but many American workers would still struggle to afford a median-priced home in major cities, a new study said Wednesday.
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"American workers are really not gaining ground and they're so far behind in the first place," said Barbara Lipman, research director for the nonprofit Center for Housing Policy, which conducted the study.
While the median home price in the 202 largest metropolitan areas declined 2 percent from a year ago to $248,000 in the third quarter of 2006, mortgage rates rose enough over the year that homes actually became less affordable as pay did not keep pace.
"The real story is what happened to salaries," Lipman said. "Lower-paid occupations -- such as in retail, or home health workers - their salaries went up only about 3 percent."
The study found an annual income of nearly $85,000 was needed to afford the median-priced U.S. home.
In the New York metropolitan area, a $500,000 median-priced home required a $171,000 annual salary. The median-priced home in San Francisco, the most expensive U.S. market, was $759,000, requiring income of $260,000. In less-expensive Chicago, the median-priced home cost $254,000, requiring an $87,000 salary.
On the opposite end of the spectrum, Mansfield, Ohio, homes cost a median $85,000, requiring $29,118 in income.
The study assumed home buyers needed a 10 percent down payment and could afford to pay 28 percent of their income on mortgage payments, property taxes and home insurance.
In reality, many households expend a much higher percentage of their incomes on mortgage payments, Lipman said. To afford that, consumers cut other expenses such as for health care and transportation, she said, citing research showing unaffordable housing is the major reason families lack health insurance.
Other ways families cope with high housing expenses is to work longer hours or extra jobs, or by crowding in more income producers, she said.
An October 2006 survey by the group found families who seek to buy less-expensive homes in further-out suburbs -- adding to urban sprawl -- pay so much more for transit that it eliminates the savings.
While home prices range widely across the country, wages for low-wage jobs -- from teachers to janitors -- are about the same no matter where they are located, Lipman said.
The report cited housing aid programs offered by some big-city hospitals that have plenty of modestly-paid workers.
"For the low- to moderate-income individuals that we're talking about, they're not going to be helped by marginal declines in home prices," Lipman said. "The only way to address the problem is to create more affordable units [homes] -- which may mean higher density units, townhouses and condos."
Breaking News: September, 2007
Thailand leaps as top destination
(BangkokPost.com) - Thailand has jumped from No 7 to No 3 among all-time favourite destination by world travellers.
A survey of 30,000 readers of luxury travel bible Conde Nast Traveller put Thailand in third place for
favourite overseas country, behind only India and Italy.
India made the jump from No 4 last year, while Italy fell from the top position to second.
Thailand leapt over Australia (this year's No 4, last year's No 3), New Zealand (second last year, fifth today), South Africa (which fell from fifth to sixth) and France, now in 8th place behind Spain.
In the favourite-city category, however, Sydney took the No 1 spot, with Bangkok ranked only 11th. Last year, Bangkok did not even make it into the Top 20, so maybe things are looking up.
Surprisingly to some, Phuket only maintained its No 11 ranking as most-favourite island, with the Maldives taking top spot.
Thai Airways International fell one spot in the airline rankings, from No 7 to eighth-best in the world.
NOT surprisingly, Suvarnabhumi did not make it into the Top 10 world-favourite airports.
Here are the rankings:
Favourite Countries
1. India (last year’s ranking - 4)
2. Italy (1)
3. Thailand (7)
4. Australia (3)
5. New Zealand (2)
6. South Africa (5)
7. Spain (8)
8. France (6)
9. Brazil (9)
10. Mexico (11)
11. Greece (16)
12. Switzerland (10)
13. Argentina (new entry)
14. Chile (new entry)
15. Sri Lanka (13)
16. Japan (new entry)
17. Canada (14)
18. Vietnam (new entry)
19. USA(15)
20. Egypt (new entry)
Favourite Cities
1. Sydney (3)
2. New York (4)
3. Paris (5)
4. Rome (1)
5. Barcelona (2)
6. Venice (6)
7. San Francisco (new entry)
8. Cape Town (17)
9. Singapore (5)
10. Hong Kong (18)
11. Bangkok (new entry)
12. Amsterdam (15)
13. Florence (8)
14. Istanbul (16)
15. Vancouver (new entry)
16. Buenos Aires (new entry)
17. Madrid (11)
18. Marrakech (20)
19. Dubai (9)
20. Berlin (new entry)
Favourite Islands
1. Maldives (1)
2. Greek Islands (=4)
3. Balearic Islands (new entry)
4. Mauritius (3)
5. Barbados (7)
6. Seychelles (2)
7. Bali (new entry)
8. Zanzibar (new entry)
9. St Lucia (10)
10. Great Barrier Reef Islands (new entry)
11. Hong Kong (new entry)
11. Phuket (11)
13. Cuba (new entry)
14. Koh Samui ((6)
15. Capri (13)
16. Sicily (=4)
17. Langkawi (18)
18. St Barts (8)
19. Bahamas (new entry)
20. Sardinia (16)
Favourite hotels in Australasia & South Pacific
1. Henry Jones Art Hotel, Hobart, Tasmania
2. Angsana Resort & Spa Great Barrier Reef, Australia
3. Longitude 131, Uluru, Australia
4. Lilianfels Blue Mountains Resort & Spa, New South Wales
5. Huka Lodge, Taupo, New Zealand
6. The Observatory Hotel, Sydney
7. Cradle Mountain Lodge, Tasmania
8. Hayman, Queensland
9. Sails in the Desert Hotel, Uluru, Australia
10. Cape Lodge, Western Australia
Favourite Airports
1. Hong Kong International (2)
2. Changi, Singapore (3)
3. Dubai International (1)
4. Schiphol, Amsterdam (6)
5. Madrid (new entry)
6. Vancouver (new entry)
7. Tokyo Narita (13)
8. Sydney (10)
9. Munich (8)
10. Zurich (7)
Favourite Long-haul Airlines
1. Virgin Atlantic (2)
2. Air New Zealand (6)
3. Emirates (3)
4. Singapore Airlines (5)
5. British Airways (4)
6. Cathay Pacific (1)
7. Qantas (9)
8. Thai Airways (7)
9. South African Airways (new entry)
10. Qatar Airways (new entry)
BREAKING NEWS
Norwegian tourists love Thailand
Jan. 2007
(TNA) Thailand has been voted as the World Best Tourist Country in the Norwegian Grand Travel Awards 2007 held in Oslo, Norway earlier this month, according to the Thai Ministry of Foreign Affairs.
The Ministry said that the Thai Embassy in Oslo reported that it is the fourth consecutive year Thailand won the annual award organised by Travel News Magazine of Norway.
Greece, Denmark and Italy ranked second, third and fourth respectively.
Meanwhile, Thai Airways International was also voted Best International Airlines in the airline category.
Norway's Travel News Magazine sponsors the Grand Travel Awards annually, this year being its 12th yearly event.
The awards were divided into 17 categories.
The award granted to Thailand resulted from an opinion poll of more than 300 tourism industry-related companies in Norway.
In a related development, the Chicago Tribune newspaper in the United States on January 7 ranked
Thailand as first among the top ten Top Value For-Money Countries under the Country Brand Index 2006 rankings.
To complete the top ten list, Indonesia, the United States, Turkey, Spain, India, Vietnam, Singapore, Greece and Hungary are included in the rankings.
BREAKING NEWS
PM reassures foreign investors
(Bangkokpost.com from Agencies)
Jan. 2007
Prime Minister Surayud Chulanont hailed 2007 as the year of "great reforms," seeking to assure foreign investors Wednesday that the country remains politically and economically stable.
"Through our actions in 2007, I fully expect Thailand will become a better place in which to invest and do business," Gen Surayud told a gathering of diplomats and members of the Joint Foreign Chambers of Commerce in Thailand.
The JFCCT has been one of the loudest critics of government's new restrictions on foreign investors, including capital controls and limits on foreign ownership of Thai companies.
Gen Surayud also reiterated the amendments to the Foreign Business Act were part of the government's effort to strengthen the rule of law. The revision restricts - in a limited number of sectors - the use of nominees by foreign shareholders to retain majority voting rights in companies Thai companies.
"The amended act is expected to strengthen our oversight capacity, address previous loopholes while avoiding the creation of unnecessary obstacles to FDI (Foreign Direct Investment)," he said.
Gen Surayud, however, said the government will examine whether to "liberalize" some of the restrictions on foreign ownership in Thai companies but he gave no details or timeframe.
Gen Surayud added that the government was "confident" the economy will expand by between 4 percent and 5 percent this year, maintaining the growth rate from 2006.
"If 2007 is to be the year of great reforms, this also means putting the economy on a sustainable track," he said.
New visa rules
As of the 1st October 2006 new rules regarding the use of the 30 day visa exemption stamp came into force
The new rules state that the 30 day stamp can only be used back to back for a maximum of 90 days, after which no more will be issued for another 90 days.
This means anyone using the 30 day visa exemption , and therefore doing the visa run every 30 days, to stay long term in Thailand, now need to find another way to stay long term.
It seems so far that a person can leave and enter as many times as they like within that 90 day period, but after 90 days of getting back to back entries using this method, people will be refused another 30 day visa exemption .
So, what to do ?
The rules only apply to those using the 30 day stamp to stay long term. Anyone who has a visa issued at an embassy or consulate outside of Thailand will not be affected.
So the answer is clear, If you are staying or plan to stay in Thailand long term, or an extended time, you will need to apply for the appropriate visa in your home country before travelling. Tourist visas can easily be obtained in countries neighbouring Thailand, but the consulates seem to be only issuing the single entry type, but for those with no other choice it's a good option.
United Nations House, Elizabeth Rose International Conference Centre
Tokyo, Japan
March 14–16, 2007
Event Info
United Nations House
Elizabeth Rose International Conference Centre
53-70, Jingumae 5-chome, Shibuya-ku, Tokyo 150-8925, Japan
Contact Us
Contact AARP Global Aging Program at: intlaffairs@aarp.org
  
AARP will hold an international conference in Tokyo, Japan, from March 14–16, 2007, to explore how Asian societies are dealing with issues related to retirement, aging populations, and quality of life for retirees and older workers. “Reinventing Retirement Asia: Enhancing The Opportunities Of Aging” will be the third in a series of symposia examining how different countries are confronting and addressing retirement and the needs and talents of their older citizens.
For the conference AARP is being supported by National Host— JANCA (Japan NGO Council on Aging). The conference will be held at the United Nations University building in central Tokyo, which also houses the United Nations Population Fund.
“Reinventing Retirement Asia: Enhancing The Opportunities Of Aging” will bring together leading decision and opinion makers in government, NGOs, academia, and business from throughout Asia, including high-level representatives from China, India, South Korea, Australia, New Zealand, Japan, and the United States, among other countries. Through a series of panel discussions and workshops, including technology demonstrations and other interactive activities, participants will explore:
- Tapping the Vast Human Capital of Older Workers
- Integrating Retirees Into Community Involvement
- Retirement Income Balancing Act: the State, Employer, and Individual
- Family Ties: Changing Role of the Family Structure for Older People
- Ensuring Access and Affordability of Healthcare
- The Power of the Silver Market: Choice & Empowerment for Older Consumers
AARP hopes the conference will serve as a catalyst for regional cooperation and increase the exchange of ideas and best practices between the United States and some of the most dynamic and fastest growing (and aging) societies in the world.
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