Philadelphia Exisiting Home Sales Statistics

Here's a quick summary of the key statistics being reported in Philadelpia

Some housing sales statistics better in Phila., some worse - Philadelphia Business Journal:

The median sale price of houses in the Philadelphia area was down less than 1 percent in June compared to June 2007, according to the latest Prudential Fox & Roach HomExpert Market Report, but the number of sales was down considerably, and the number of days houses spent on the market was up.

In the Philadelphia area, including South Jersey, the median sale price was $239,900 in June, down a half percent from $241,000 in June 2007, according to the HomExpert report. In May 2008 the median was $228,000. The number of homes sold was down 28 percent to 6,257. In May 5,385 houses were sold. Average number of days on the market was up 16 percent, from 59 to 69.

Land America put on a Negative Credit Watch

Land America received a not-so-welcome gift from S&P late Friday (S&P places LandAmerica ratings on negative watch):

NEW YORK (Associated Press) - Credit ratings agency Standard & Poor's on Friday placed the counterparty credit of LandAmerica Financial group Inc. and its title insurance's counterparty credit and financial strength ratings on a negative watch.

LandAmerica's title insurance unit is currently rated "A-" for both counterparty credit and financial strength by S&P. The ratings are considered investment-grade.

LandAmerica's counterparty credit rating is currently "BBB-." That rating is the considered the lowest investment-grade rating.

A negative watch means there is a 50 percent chance the ratings could be cut in the next three months.

The review is based on deterioration in profitability in the greater title insurance sector and macroeconomic factors weighing on the industry right now, such as declining mortgage originations, S&P said in a statement.

Old Republic Posts a Q2 Loss

Old Republic Int'l falls to 2nd-quarter loss - Forbes.com

Old Republic International Corp. said Thursday that it moved to a loss in the second quarter, missing Wall Street's estimates, due to continued weakness in the insurer's mortgage guaranty and title insurance lines.

For the period ended June 30, the company reported a loss of $45.4 million, or 20 cents per share, compared with a profit of $115.1 million, or 49 cents per share, in the year-ago period.

Fidelity Q2 Profit Plummets 92%

Fidelity National 2nd-qtr profit falls 92 pct Markets Bonds News Reuters

Fidelity National Financial Inc (FNF.N) which controls one of the largest U.S. title insurers, said on Wednesday second-quarter profit tumbled 92 percent as the housing slump cut into home sales and refinancings.