Refinance Boom Decreasing Fraud Risk, According to First American’s Loan Application Defect Index - Seite 3

July 2019 State Highlights

• The five states with a year-over-year increase in defect frequency are: Nebraska (+34.8 percent), Iowa (+25.0 percent), New York (+19.7 percent), Rhode Island (+13.4 percent), and Pennsylvania (+13.3 percent).
• The five states with a year-over-year decrease in defect frequency are: Florida (-11.2 percent), Vermont (-9.9 percent), Arkansas (-7.7 percent), Arizona (-6.8 percent), and Texas (-6.3 percent).

July 2019 Local Market Highlights

• Among the largest 50 Core Based Statistical Areas (CBSAs), the five markets with the greatest year-over-year increase in defect frequency are: Buffalo, N.Y. (+20.3 percent), Pittsburgh (+15.5 percent), Kansas City, Mo. (+12.5 percent), San Jose, Calif. (+11.9 percent), and New York (+11.8 percent).
• Among the largest 50 Core Based Statistical Areas (CBSAs), the three markets with a year-over-year decrease in defect frequency are: Houston (-19.1 percent), Jacksonville, Fla. (-17.0 percent), Orlando, Fla. (-16.5 percent), San Diego (-16.5 percent), and Tampa, Fla. (-14.0 percent).

Next Release

The next release of the First American Loan Application Defect Index will take place the week of September 23, 2019.

Methodology

The methodology statement for the First American Loan Application Defect Index is available at http://www.firstam.com/economics/defect-index.

Disclaimer

Opinions, estimates, forecasts and other views contained in this page are those of First American’s chief economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. 2019 by First American. Information from this page may be used with proper attribution.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $5.7 billion in 2018, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2019, First American was named to the Fortune 100 Best Companies to Work For list for the fourth consecutive year. More information about the company can be found at www.firstam.com.

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