Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

LandAmerica Financial Group Inc. on Tuesday reported that second-quarter income remained essentially flat compared to last year at $1 billion, while net income slipped 77.8 percent to $7.9 million. Pretax income was down $45.7 million from the previous quarter, the company said in a press release, which reflected weakness in the housing market and an increase in claims provision of $34.3 million. "The residential real estate market is experiencing the largest volume decline in nearly 20 years," said Chairman and Chief Executive Officer Theodore L. Chandler Jr. "We came out of first-quarter 2007 ready for the seasonal acceleration we typically see in the second quarter. We did not see the traditional seasonal pickup, causing our revenue to remain flat during second-quarter 2007 over the fi...