Richmond, Virginia-based LandAmerica Financial Group Inc., a company that provides real estate transaction services, said Thursday that it posted a significant loss in the fourth quarter of 2007 and attributes its losses to continued deterioration in the mortgage markets.

In the company’s full-year and fourth quarter results, LandAmerica said it posted a net loss of $45.9 million in the fourth quarter of last year, a 22.4-percent drop when compared to the $34.3 million the company pulled in during the fourth quarter of 2006. For the year, the company posted a $54.1 million net loss, compared to a profit of $98.8 million in 2006.
“Results for 2007 reflected an extremely difficult real estate market,” said Theodore Chandler Jr., chairman and chief executive officer of LandAmerica. “During the first half of the year, results were seasonally and cyclically depressed due to reductions in transactions from a weakening real estate environment.”
Click here to read more.