APRIL 2023 ISSUE

FIDELITY NATIONAL FINANCIAL NAMED #2 IN NEWSWEEK'S

MOST TRUSTWORTHY COMPANIES IN AMERICA!

Chicago Title Insurance and all the subsidiaries under the Fidelity National Financial family of companies are proud to be named one of the most trustworthy companies in America in 2023. We share this honor with you, our customers, because it's you that has entrusted us to be your title provider!

You can read more about these accolades at the link below:

https://www.newsweek.com/rankings/most-trustworthy-companies-america-2023

Disclaimer: Newsweek is a registered trademark of Newsweek, LLC. Newsweek is not affiliated with, and does not endorse products or services of, Fidelity National Financial or its subsidiaries.

DID YOU KNOW??

9 FUN FACTS ABOUT TITLE INSURANCE



1. Benjamin Franklin was the first person to come up with the concept of title insurance.
2. Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place.
3. Title insurance is available in several other countries (not just the States). For example, it is used in Northern Ireland, Canada, Mexico, New Zealand, Australia, China, Korea, United Kingdom, and the rest of Europe.
4. Title searches were first guaranteed for accuracy starting in 1868.
5. Pennsylvania was the first state to instate a law allowing title insurance.
6. Title insurance is regulated by state insurance agencies.
7. The first title company, established in Pennsylvania, was called The Law Property Assurance and Trust Society.
8. The job title for individuals who first performed title abstracts was "conveyancer".
9. The very first title insurance policy was issued in 1871.

HOUSING MARKET DATA SUGGESTS SECTOR'S

DOWNTURN 'COMING TO AN END'

via Yahoo Finance, by Dani Romero, April 8, 2023

Housing market data in recent weeks has offered some signs of stabilization as the spring selling season begins to ramp up.

Mortgage rates are on the downswing, with the average 30-year fixed mortgage dipping to 6.28% from 6.32% the week prior, according to Freddie Mac. This marked the fourth straight weekly drop as the bank crisis that began four weeks ago has pressured Treasury rates.

The slide in rates also comes as the Federal Reserve raised interest rates by a quarter point in March as it continues its aggressive campaign to cool rapid inflation.

The yield on the 10-year Treasury note, which is closely tracked by the average 30-year mortgage rate, stood at 3.41% at the end of the week, down from 4% at the beginning of March.

"While access to commercial mortgage loans could become increasingly difficult, residential mortgage loans are expected to be more readily available," National Association of Realtors Chief Economist Lawrence Yun said in a press release.

Mortgage applications fell 4.1% during the week ending March 31, according to the latest data from the Mortgage Bankers Association out last week.

Before this drop mortgage applications had risen for four straight weeks.

"Mortgage rates no longer are rising, but they likely will remain elevated for some time," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a recent note to clients. "That leaves [home] prices to do the heavy lifting if affordability is to improve; prices have fallen by about 5% since the summer, but we look for a further 15% decline over the next year, restoring the pre-Covid price-to-income ratio."

Here's a roundup of where major housing data stands through the first few months of 2023.

Pending Home Sales

Signed contracts to buy existing homes in the U.S. rose in February, the third-straight monthly increase, according to data released March 29 by the National Association of Realtors.

Contract signings increased in all regions of the country except for the West. Pending sales jumped 6.5% from last month in the Northeast, notched a 0.4% gain in the Midwest, and a 0.7% increase in the South; out West pending home sales fell 2.4%.

"The affordable U.S. regions — the Midwest and South — are leading the recovery," Yun said.

Home Builder Sentiment

Confidence among U.S. home builders rose slightly in March, the third-straight month builders have increased their optimism about the U.S. housing market.

The National Association of Home Builders/Wells Fargo's index of builder sentiment increased 2 points to 44, figures released March 15 showed. Analysts had expected this index to come in at a reading of 40.



To continue reading, please click the link below for the Full Yahoo! story:

https://finance.yahoo.com/news/housing-market-data-suggests-sectors-downturn-coming-to-an-end-202631499.html?soc_src=social-sh&soc_trk=ma

Parents purchased a property in La Quinta, California, for their son and wife to live in while they worked as professors at a nearby college. The son and his wife lived in the home for years but moved when they were offered higher paying positions in San Diego County.

The parents decided to retain ownership of the home and offer it on an online site as a short-term rental. They were lucky to have great tenants (such as traveling nurses during COVID), until they were not. 

In October 2022, an offer to rent the property came in from a husband and wife for short term housing, "while they looked to purchase a home." The property owners explained they already had the home reserved beginning in January 2023, but they could rent it for the next 60 days. 

The potential renters had just joined the online rental site, so there were no reviews on them. The owners of the property were not concerned since the online rental site claimed to "vet" members when setting up an account — or so they thought! 

Immediately upon moving in, neighbors reported loud noises, lights on at all hours and lots of arguing. Police were called to the property on three separate occasions for disturbing the peace, drunk and disorderly conduct, and domestic violence. 

After living in the home for 31 days, the owner sent the police to evict them for violations of their short-term rental agreement. The police, however, were not able to evict them after the renters presented the police with a short-term agreement showing they had prepaid and had rights to the property until December 29, 2022. The owner could not remove them from the property without a court order since they had been there for more than 30 days. 

Due to a backlog in the courts, the property owners were advised the eviction could take about six months. The property is in Riverside County. The property owners received the water and electricity bills which were astronomically higher than they had previously been. 

Fearing a water leak, the property owners sent a 24 hours' notice to the occupants letting them know a plumber would be sent to the property. Upon the plumber's arrival, he was denied access by the renters claiming no notice was ever given to them. 

The property owners then had the Sheriff meet them at the property. The property owners showed the notice to the Sheriff but... 

To continue reading this article, click the link below:

https://fraudinsights.fnf.com/vol18iss04/article1.htm