Richmond, Virginia-based LandAmerica Financial Group, Inc., a provider of real estate transaction services, says adjustments in the mortgage market contributed to the company’s recent loss in net income during the second quarter of 2007.

According to LandAmerica’s Second Quarter Report for 2007, the company’s net income fell from $35.6 million during the second quarter of 2006 to $7.9 million in the second quarter of 2007. When comparing net income statistics for the first six months of each year, LandAmerica’s net incomed dropped from $49.3 million in 2006 to $12.6 million in 2007.
“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 pick-up, causing our revenue to remain flat during second quarter 2007 over the first quarter of this year.”
Click here to read LandAmerica’s full Second Quarter 2007 report.