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by CareyBot

The First American Corp. reported net income of $116.5 million for the second quarter, down 9.4 percent from $127.5 million in the second quarter of 2003. Net income per diluted share was $1.27, down from $1.47 during the same period last year. Total revenues reached $1.72 billion, up 11.7 percent from $1.54 billion in the second quarter of 2003. "The company posted strong second-quarter results," said Parker S. Kennedy, president of The First American Corp., in a company statement. "Second-quarter earnings benefited from a 26 percent increase in closed title orders, compared with first-quarter closings. A quarter-point hike in interest rates in the second quarter, which was the first interest-rate increase since May of 2000, slowed refinancings, but residential and commercial propert...