I'm still waiting for a better price. When this housing boom unwinds, times will be grim throughout the real estate industry.
When the last housing boom unwound in the early '90s, everybody in the industry started suing each other and filing insurance claims. ITIC's earnings fell 50% from 1990 to 1991. In 1992, the company lost money. The share price didn't get back up to liquid assets until 1995, four years after the boom started dying.
Right now ITIC's liquid assets are $38.50 a share. Over the past 20 years, the share price rarely went 10% higher than liquid assets. But it frequently went 30% lower.