WASHINGTON–(BUSINESS WIRE)–The American Land Title Association reported title insurance premiums
written during the third quarter of 2009 increased for the first time in
more than three years when compared to equivalent prior year quarters.

“While well short of a recovery, we are getting a clear signal that
market conditions are beginning to improve”

According to ALTA’s preliminary Third-Quarter Market Share Report, the
title insurance industry generated $2.51 billion in premiums during the
quarter. This is a 1.4 percent increase compared to the $2.48 billion
generated during the third quarter of 2008. The industry had endured 13
consecutive quarters in which title premiums written declined from the
prior year’s equivalent quarter.

“While well short of a recovery, we are getting a clear signal that
market conditions are beginning to improve,” said Kurt Pfotenhauer,
chief executive officer of ALTA. “Congress’ temporary tax incentives and
the Federal Reserve’s efforts to keep mortgage interest rates low have
brought more homebuyers to the table. We are hopeful that the extension
and expansion of the homebuyer tax credit will keep this momentum going
through 2010 and begin to drive activity beyond the first-time buyer
market.”

During the third quarter, 32 states experienced increases in title
insurance premiums, compared to the same period last year. In the
quarter, California generated the most title insurance premiums with
$396.3 million, compared to $349.6 million during the third quarter of
2008. Other top producing states include Texas ($270.7 million, down 9.9
percent from the same period a year ago); Florida ($178.5 million, down
16 percent); New York ($148.7 million, down 26.1 percent); and
Pennsylvania ($112.7 million, up 5.1 percent).

States in several regions of the country experienced significant
increases in title insurance premiums. Alaska enjoyed a 77 percent spike
as premiums improved to $11.6 million during the third quarter of this
year, compared to $6.6 million during the same quarter last year. On the
East Coast, Rhode Island and New Jersey each experienced large
increases. New Jersey’s title insurance premiums improved 36 percent to
$90 million during the third quarter of 2009 compared to last year’s
third quarter, while Rhode Island experienced a 57 percent increase to
$8.5 million. In the Great Plains, Colorado’s title insurance premiums
increased 40 percent to $54 million from third-quarter 2008 to
third-quarter 2009, while North Dakota improved 31 percent to $2.5
million.

“The scattered improvements illustrate real estate is still local. Each
market performs differently depending on local economic conditions,”
Pfotenhauer said. “The cyclicality of the industry is something
legislators and regulators must keep in mind when considering changes to
the title insurance industry, including new regulations, laws and rate
structures.”

About ALTA

The American Land Title Association, founded in 1907, is a national
trade association representing more than 3,000 title insurance
companies, title agents, independent abstracters, title searchers, and
attorneys. With more than 8,000 offices throughout the United States,
ALTA members conduct title searches, examinations, closings, and issue
title insurance that protects real property owners and mortgage lenders
against losses from defects in titles. ALTA member companies employ well
over 100,000 individuals and operate in every county in the U.S., and
several countries around the world.