In 2023, the housing market experienced a significant downturn, with existing home sales plummeting to their lowest level in nearly 30 years. This decline had a ripple effect on the title insurance industry, which saw a sharp decrease in premium volume. According to the American Land Title Association’s Market Share Analysis released recently, the title insurance industry generated $15.1 billion in premiums in 2023, reflecting a dramatic 31% annual drop.

Key points from the text include:
– Existing home sales hit a near three-decade low in 2023
– Title insurance industry experienced a significant decrease in premium volume
– The American Land Title Association’s Market Share Analysis reported $15.1 billion in premiums generated in 2023, reflecting a 31% annual drop.

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