pj & astral:
I bot some ORI which has a title business but it is not the major part of ORI's business. Anyway, in ORI's recent 2nd quarter, it indicated that the title business did pretty well. You may want to read that part of ORI's report.
I doubt that the bear could be as greedy as many ceos. Most animals only kill what they are going to eat with a little waste for the scavangers. Ceos want to have more than they could possibly spend in 1000 years of extravagant living, at a minimum.
I have made an offer to buy a house in the Del Webb Sun City in the Aliante section of North Las Vegas. The house is a "short sale" meaning that the owner owes more than the market value of the house. The owner has approved the the sale and now I have to wait for the bnk to approve it. If it happens, I could be moving in late October.
I assume the bear's ego is bruised, if not his body.
I was in North Las Vegas last week looking at houses. I made an offer on one in the Sun City development in the Aliante area. It is a "short sale" and the owner had just left for Florida by car, so I have not heard if my offer has been presented or accepted yet. If it is approved by the buyer, I will still have to get approval by the lender. I have my fingers crossed.
Thank you for the lead on ORI's title results. Maybe ITIC will have a good Q2... (?)
"Second quarter operating results were enhanced mostly by lower production and operating expenses in Old Republic’s mortgage guaranty line and much stronger revenue growth in its title insurance segment."
Title insurance operating revenues:
quarter ending 06/30/2009: $219,000,000
quarter ending 06/30/2008: $179,300,000
6 mos. ending 06/30/2009: $379,300,000
6 mos. ending 06/30/2008: $346,400,000
Title insurance pre-tax operating income (loss):
quarter ending 06/30/2009: $5,600,000
quarter ending 06/30/2008: ($4,500,000)
6 mos. ending 06/30/2009: ($3,400,000)
6 mos. ending 06/30/2008: ($17,200,000)
"Old Republic’s title insurance business registered a quarterly operating gain for the first time since the second quarter of 2007. Key operating performance indicators are shown in the following table:
<here would appear the table, but it looks terrible when pasted in a yahoo message--see original document>
Growth in net premiums and fees resulted from a surge in refinance activity and the benefit of market share gains stemming from title industry dislocations and consolidations. Claims costs rose at a quicker pace however, as the Company added moderately to reserve provisions to address recent loss emergence trends. Production and general operating expenses, while relatively lower as a percentage of premium and fees revenues, rose dollar-wise in reflection of greater personnel and other production costs related to the higher revenues attained and anticipated."