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According to a report from the ""American Land Title Association"":http://www.alta.org (ALTA), title insurance premiums written during the second quarter of 2010 decreased 8.5 percent to an industry total of $2.3 billion. That's down from $2.5 billion in Q2 2009.
The industry reported $4.4 billion in title insurance in the first half of 2010, a decline of 2.9 percent from the period a year prior.
[IMAGE] [COLUMN_BREAK]""The latest market share analysis reflects an on-going recession in the housing market with further downward pressure on home prices,"" said Kurt Pfotenhauer, ALTA CEO. ""With mortgage rates at record lows, we noticed a shift in more refinance transactions toward the latter part of the quarter. While an abundance of affordable homes and low interest rates make the market attractive, people need jobs to obtain credit and purchase homes.""
In contrast, five states, including Texas and New York, and the District of Columbia saw increases in title insurance premiums in Q2 2010 when compared to 2009.
""The varying results demonstrate real estate is a local business and each market performs differently depending on local economic conditions,"" Pfotenhauer said.
ALTA, which expects to release its third-quarter market share analysis around the first of December, is a national trade association based in Washington, D.C., that represents title insurance companies, title agents, independent abstracters, title searchers, and attorneys. ALTA members conduct title searches, examinations, and closings, as well as issue title insurance.
