The American Land Title Association released financial results for the title industry for the first half of 2008 on October 9, 2008. ALTA reported an operating loss of $204.7 million, compared to an operating gain of $64.1 million for same period in 2007. The association indicated that losses were partially offset by a reduction in income taxes resulting in a net income of $33.9 million, an 87 percent decrease over the same period in 2007.

ALTA stated that industry losses were attributed to the continued decline in the housing market and sharp drop in title insurance transactions. But, the association stated that the title industry remains financially strong, with admitted assets of $10 billion including $8.5 billion in cash and invested assets.

According to ALTA, statutory reserves were in excess of $5.4 billion and statutory surplus was $2.8 billion, up more than $130 million from year-end 2007.