The title insurance industry has been hit hard by the housing market slump, particularly in local markets, according to industry professionals and a rating service.
Fitch Ratings, in its report on the sector yesterday, said title insurers' operating results were continuing to deteriorate at the close of the third quarter, showing no near-term relief from the current market downturn.
Title insurance revenue, for the universe of six publicly-traded firms Fitch studies, for the first nine months of 2007 fell 9 percent from the same period in 2006, but the rating firm said the decline was more pronounced comparing third-quarter revenue from 2007 to 2006.
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