Title Searches Fall

The AFS Title Search Index fell 3.0% to 209.2 for the week ended July 31 from 215.8 the previous week, according to Advance Factor Service.The index averaged 215.7 over the previous four weeks, up 2.4 points from the prior week's four-week moving average. A year ago, the index stood at 165.3, 79.0% of the current level. "Attractive mortgage rates continue to bolster the AFSTSX at levels twice what would be expected if no refinance incentive were present," said AFS manager Paul Descloux. "Expect little deviation in the current momentum given the present interest rate structure. A new trigger in the form of lower rates will be necessary to have the pace of title searches jump significantly from current levels. Given the depths of the Asian crisis and resultant global economic deceleration, that trigger may be here sooner rather than later." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.