Regional Briefs
Home Sales Down In January
News from the housing market still isn't getting any better. The Massachusetts Association of Realtors reports that January sales of single-family homes were down 28 percent from the same time last year.
The median price of single-family homes was also down 5.6 percent. Meanwhile, condominium sales fell 34 percent, but the median price for condos was up 3.5 percent.
The total number of single-family homes sold in January was 1,984, which represented a month-to-month drop of 22 percent from December. The median price for houses was down just 0.6 percent from December, to $321,000.
Mass. Businesses Grit Teeth As Confidence Wanes
The Associated Industries of Massachusetts Business Confidence Index hit 50.2 in February, its lowest reading since 2003.
However, AIM's Company Index hit 54, a gain of nearly a point, as businesses surveyed said they were prepared to deal with "a deteriorating economic climate." Also, manufacturers, especially those outside Greater Boston, were more confident than other businesses because the weak dollar has prompted increased exports, which has offset some of the weakness in the American market.
The index's overall 50.2 reading is considered neutral by AIM economists. The Current Index for business conditions at the time of the survey hit an even 50 and the Future Index, which asks respondents to consider business conditions six months ahead, hit 50.6.
Coakley: Plan UnFAIR To Homeowners
Attorney General Martha Coakley is contesting a rate hike for homeowners covered by the state's insurer of last resort, saying the proposed rates are inflated.
The FAIR Plan is intended to provide insurance in areas the private market does not cover. The proposed new rates would represent an average increase of 13.6 percent across the state, and a 25 percent hike for Cape Cod, New Bedford and Fall River. Rates for the Cape rose 25 percent last year.
In a brief filed with the state Division of Insurance, Coakley argues that the new rates are based on a model that predicts more severe hurricanes than Massachusetts has ever encountered. She also claims that the rates are intended to push the plan's prices above the rest of the market.
FAIR Plan was created by the state and is operated jointly by private insurers who sell homeowners coverage in the state. The Commissioner of Insurance oversees the rate-setting process.
Medical Society Warns Of 'Unintended Consequences'
The Massachusetts Medical Society says it supports the state Senate's proposed health care legislation, but argues that restricting drug company gifts to physicians could hurt doctors.
The Waltham-based society praised Senate Bill 2526 in general, especially its measures concerning health care costs, transparency and efficiency. But the society also said the bill as it's currently drafted could have unintended consequences for hospital workforces, technology, professional liability, medical malpractice and with regard to gifts to physicians.
The bill would restrict drug company gifts to doctors in order to prevent undue influence on prescriptions. The society argues that the measure would limit drug company support for medical education programs and curtail the distribution of scientifically accurate information in medical and scientific publications.
Mortgage Applications Fall
Mortgage applications declined again in the week ending March 7, according to a national survey by the Washington D.C.-based Mortgage Bankers Association.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis. The index was also down 3.4 percent from the same week last year.
Refinance mortgage applications decreased 4.7 percent over the week, while the Government Purchase Index, which largely measures FHA loans, increased 10 percent.
Interest rates rose during the week, with the average rate for a 30-year fixed-rate mortgage going from 5.98 to 6.37 percent.
Auto Insurers Race To Be Cheapest
Quincy-based Arbella Insurance Group, which has an office in Worcester, has joined the race for the lowest auto insurance rates with a series of discounts for everything from airbags to advanced driver training.
The state's new "managed competition" system allows auto insurers to set their own rates.
Arbella, the third-largest auto insurer in the state, said it could cut rates for policy holders with discounts including five percent for using Arbella for both auto and homeowners insurance; five percent for insuring more than one vehicle with Arbella and five percent for advanced driver training for young drivers, among other discounts.
The agency said it expects about 75 percent of its auto policy holders to get "significant rate cuts" through the system of discounts this year.
UMass Panel Approves Tuition Hike
Tuition and fees for in-state students at the University of Massachusetts' four undergraduate campuses will rise by 3.1 percent for the 2008-09 school year.
The finance panel of the university's board of trustees approved the increase, noting that the 3.1 percent average is well below the rate of inflation and keeps UMass less expensive than other large New England universities.
Once in place, the increase will bring tuition and fees for in-state students from the current $9,261 to $9,549.
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