First American index: R.I. among states to have decrease in title order cancellation rates

SANTA ANA, Calif. – First American Financial Corp. last week released its fourth-quarter Real Estate Sentiment Index, which measures title agent sentiment on a variety of key market metrics and industry issues, including reasons for title policy order cancellations.
According to a news release, the fourth-quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year, followed by a higher purchase offer being received and unresolved title issues. The five states with the highest expectation for an increase in cancellation rates are New Mexico, Washington, Arkansas, Missouri and Nebraska. The five states with the highest expectation for a decrease in cancellation rates are Kentucky, Minnesota, Oklahoma, Maine and Rhode Island.
First American Financial Corp. is a global provider of title insurance, settlement services and risk solutions for real estate transactions.

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