NY group will examine impact of title industry on real estate

07/28/2010
A group of New York state businesspeople is forming a committee designed to examine the title insurance industry's effect on the economy.

The goal of the New York State Title Economic and Research Committee will be to provide the real estate industry with an analysis of the housing market through the eyes of experts in the world of title insurance, said the group's spokesperson Linda Isaacson. The group was formed by the New York Taxpayers for Economic Justice, a collection of state lawyers, citizens and business owners who encourage free market principles, according to their website.

Eight title insurance companies will work with the Association for a Better Long Island and the Land Use Institute to "identify, produce and report on economic data, trends, insight and projections" in the state of New York, the group announced.

"This committee has been created for the exclusive purpose of examining the role of real estate's impact on state, regional and local economies, what role the title industry plays in supporting a vibrant real estate industry and how the synergies create jobs, investment and a viable tax base," said Isaacson.

Cliff Sondock of the Land Use Institute voiced his support for the new group. "Too often, lost amidst the countless rules and regulations that seek to define and codify real estate in New York, is the fact that title is a crucial component of the region's economy." Job growth, tax revenue, and economic improvement all depend on the success of real estate, and the committee would work to better public and legislative understanding of a thriving real estate market, he added.

Acknowledging that a number of real estate associations offer their insight on the economy, Isaacson stressed that title insurers are on the "front lines" of the market, and that the committee will produce analysis that is both unique and invaluable. "We have our pulse on real estate deals, closings and multi-billion dollar investments, providing an accurate barometer of real estate confidence among those who invest in real estate."

With housing currently in a state of flux, the title insurance industry's insight could become increasingly more valuable. Record-low mortgage rates have encouraged increases in home buying and mortgage refinancing this year, and consumers will need guidance on the complications of financing and closing costs.