Title Insurers’ Crazy 2020 Year
It should come as no surprise to escrow and title officers – 2020 was an incredibly busy time for the title industry.
According to a recent report from the American Land Title Association, title insurers wrote $19.2 billion in premiums. That’s nearly a 22% increase from $15.8 billion in 2019. They do, however, predict that 2021 will slow down due to low inventory.
ALTA Chief Executive, Diane Tomb, explains, “Do not expect the same level of refinance activity this year, even though the residential purchase market appears to be holding steady as the calendar approaches to May. The true test of whether 2020 volume represents a unique event will be whether the historically low inventory of homes for sale continues into the summer.”
It seems, so far, that 2021 is still a bit hectic for buyers, sellers, agents, and lenders. The hope was that low inventory would work its way back to higher levels before the summer, but builders are still struggling to keep up with demand.
For more real estate and title news, stop by Alliance Title’s Blog.