Did you see the good news? Title insurance giants First American Corp. and Fidelity National Financial Inc. reported great news on the average number of title insurance orders per day. Fidelity saw orders leap from 5,000 orders per day in October and November to 14,200 title insurance orders per day in January. First American said that orders jumped from around 5,500 orders per day to 10,000 per day in January. Fidelity said that the second week in January was especially good with orders of about 16,000 per day.
How good is business for these two title insurance giants? Fidelity has already received permission to raise its rates by 10% in California and First American is right behind them asking for a 10% increase in the golden state. Fidelity Chairman William Foley told a conference call that the company has already revised its rates in 21 states with some being increased by as much as 20%.
Are increased orders per day from 5,000 to 14,200 or by 184% evidence of a bottom? Are increases in rates between 10% and 20% evidence of a bottom? Every investor has to decide for themselves, but it is great to get good news for a change.