Title Searches Jump

The AFS Title Search Index jumped 10.5% to 220.5 for the week ended July 10 from a holiday-adjusted 199.6 for the previous week, according to Advance Factor Service.The index averaged 208.4 over the previous four weeks, up 0.2 points from the prior week's four-week moving average. A year ago, the index stood at 151.6, 68.7% of the current level. "This past week's surge in the AFSTSX may be the first tangible sign that consumers are being moved by the recent lows in mortgage rates," said AFS manager Paul Descloux. "However, some of the increase in activity could be attributable to the shift in title applications from the holiday-shortened week ending July 3 to this past week with its regular five business days. The bottom line on recent title activity is that prepayments will remain elevated for the balance of the summer." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com