First American Financial Corporation - FAF STOCK NEWS

First American Financial (NYSE: FAF) reported a net loss of $104 million, or $(1.00) per diluted share, in Q3 2024. Adjusted earnings were $1.34 per share. Total revenue decreased 5% to $1.4 billion, while adjusted revenue increased 4% to $1.7 billion. The company experienced significant net investment losses of $312 million due to portfolio rebalancing, which is expected to generate additional annual interest income of $67 million. Commercial revenues showed strong performance, up 19% to $190 million. The company maintained its dividend policy, raising it by 2% to $2.16 per share annually, and repurchased 293,155 shares for $16 million.

First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing that Houston-The Woodlands-Sugar Land home prices increased 1.6% year-over-year. The national HPI showed a 3.9% year-over-year increase, marking the slowest pace since summer 2023. Chief Economist Mark Fleming noted that while home prices reached a new record high in September, the growth rate is slowing.

Key findings for the Houston metro area include:

• Month-over-month HPI change (August-September 2024): +0.3%
• Year-over-year price changes by tier: Starter homes +0.5%, Mid-tier +2.7%, Luxury +3.2%

Fleming suggests that lower mortgage rates have improved affordability, potentially stimulating demand in the coming months. He warns that if housing supply doesn't increase to meet this demand, price appreciation could accelerate again.

First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing that Dallas-Plano-Irving home prices increased 1.8% year-over-year. The report tracks home price changes at national, state, and metropolitan levels, including price tiers for starter, mid, and luxury homes.

Key findings for the Dallas-Plano-Irving market:

• Month-over-month change (August-September 2024): +0.3%
• Year-over-year change (September 2023-September 2024): +1.8%

Nationally, the HPI showed a 3.9% year-over-year increase, with annual house price appreciation slowing for the ninth consecutive month. Chief Economist Mark Fleming noted that while home prices reached a new record high in September, the pace of growth continues to slow. He suggested that lower mortgage rates could stimulate demand in the coming months, potentially leading to accelerated price appreciation if housing supply doesn't increase.

First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing that Los Angeles-Long Beach-Glendale home prices increased 2.0% year-over-year. The national HPI showed a 3.9% year-over-year increase, marking the slowest pace since summer 2023. Chief Economist Mark Fleming noted that while home prices reached a new record high in September, the pace of growth continues to slow.

The report segments price changes into three tiers: starter, mid-tier, and luxury. In the Los Angeles-Long Beach-Glendale metro area, the mid-tier saw the highest appreciation at 3.3%, followed by the starter tier at 1.6%, and the luxury tier at 1.4%. Fleming highlighted strong demand from first-time home buyers facing inventory in the starter home price tier across many markets.

Among the highlighted metros, St. Louis led with a 10.5% increase in the starter tier HPI, while Anaheim, California topped the overall HPI increase at 7.0%. The report suggests that lower mortgage rates have improved affordability, potentially stimulating demand in the coming months.

First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing that Atlanta-Sandy Springs-Alpharetta home prices remained unchanged year-over-year. The national HPI showed a 3.9% increase from September 2023 to September 2024, marking the slowest annual appreciation pace since summer 2023.

Key findings for Atlanta-Sandy Springs-Alpharetta:

• Month-over-month change (August-September 2024): -0.7%
• Year-over-year change (September 2023-September 2024): 0.0%
• Price tier changes: Starter homes +0.1%, Mid-tier +1.3%, Luxury +2.5%

Chief Economist Mark Fleming noted that while home prices reached a new record high in September, growth continues to slow. He suggested that lower mortgage rates could stimulate demand in coming months, potentially leading to accelerated price appreciation if housing supply doesn't increase.

First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing the slowest annual house price appreciation since summer 2023. Key findings include:

- National house prices are 54.4% higher than pre-pandemic levels
- Annual price growth slowed for the ninth consecutive month
- 11 metros outpaced the national 3.9% annual increase
- Strong demand from first-time buyers in the starter home price tier

Chief Economist Mark Fleming noted that while home prices reached a new record high in September, growth continues to slow. He suggests that lower mortgage rates may stimulate demand in coming months, potentially leading to price acceleration if housing supply doesn't increase.

First American Title Insurance Company has launched a reimagined AgentNet® platform, providing title agents with a single, user-friendly interface for accessing essential products and services. The platform, designed based on agent feedback, features three main components:

1. AgentNet® Services: A digital storefront for streamlined title transactions, offering efficient order entry, flexible reporting, and real-time insights.

2. AgentNet® Knowledge: A comprehensive resource for underwriting guidance, education, and training courses.

3. AgentNet® Production: A new cloud-based title and escrow closing solution for simplified real estate closings.

Future expansions will include AgentNet Marketing and AgentNet Finance, providing marketing materials and financial products tailored for title and escrow agents. This platform aims to enhance efficiency and support business growth for First American title agents.

First American Financial (NYSE: FAF) has reached a significant milestone with the 100th episode of The REconomy Podcast™. Launched in October 2020, this biweekly podcast delivers economic insights for real estate professionals in approximately 15-minute episodes. Hosted by Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi, the podcast has gained popularity, with average first-week downloads ranking in the top 10% of podcasts.

The podcast covers various topics, including housing market trends, commercial real estate, and affordability issues. In the 100th episode, the economics team discusses frequently asked questions about real estate and looks forward to 2025. The REconomy Podcast is available on major podcasting platforms and is complemented by the "REconomy Podcast Guide to Real Estate Economics," a free resource for real estate professionals and home buyers.

First American Financial (NYSE: FAF), a leading provider of title, settlement, and risk solutions for real estate transactions, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Thursday, Oct. 24, 2024, at 11 a.m. EDT, following the release of the company's financial results on Wednesday, Oct. 23 after market close.

Investors, financial community members, media, and the public can access the call online at http://www.firstam.com/investor or by dialing 877-407-8293 (toll-free) or +1-201-689-8349 (international). An audio replay will be available until Nov. 7, 2024. The company also anticipates releasing its fourth-quarter and 2024 year-end financial results on Wednesday, Feb. 12, 2025, with a conference call on Thursday, Feb. 13, 2025.