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by CareyBot

The First American Corp., which owns title and other specialty insurance businesses, today reported lower fourth-quarter earnings. Fourth-quarter profits in 2006 were $104 million, down 11 percent from $116 million during the same quarter in 2005. Revenues were $2.2 billion, a 2 percent decline from the same quarter a year earlier. Net income fell 40 percent to $287.7 million in 2006 from $480.4 million in 2005. Revenues were up 5 percent for the full year at $8.5 billion. The company faced a number of challenges in 2006, said Parker Kennedy, chairman and CEO, including a slowdown in the real estate market, home-price depreciation and increased industry regulation. Kennedy said this year the company will focus on integration, organic growth, building scale in selected businesses and e...