Continued signs of strengthening in the mortgage market may be a positive indicator for title insurers. This could be especially true as the health of existing loans improves, giving potential homebuyers more confidence to take out a mortgage.

The total level of completed foreclosures in June reached 49,000 units, 9.9 percent lower than the 54,000 units recorded in June 2013, according to a report from CoreLogic. The latest measurement was still 2.7 percent higher than the previous month, when 48,000 units had completed foreclosures.

While the latest levels are making progress compared to last year, there is still a long way to go before these are back at normal levels. The report showed that from 2000 to 2006, the average completed foreclosure level was 21,000 units.

"While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000s," said Mark Fleming, chief economist for CoreLogic. "Additionally, there is concern over whether or not we can maintain this pace of improvement as the foreclosure inventory becomes more concentrated in judicial states with lengthier, more complex processes and timelines."

Just 648,000 units were in one of the foreclosure stages during June, 35 percent lower than the 1 million units that made up this inventory during the same month last year, the report noted. Just 1.7 percent of properties that had a mortgage in June were in the foreclosure inventory, notably lower than in June 2013, when it was 2.5 percent.

Economic growth to improve
Positive signs for the housing market are adding up, and while the economy hasn't been perfect, it may start to gain strength as the year winds down. According to a report from Fannie Mae, overall economic activity should pick up for the final two quarters of the year due to both increased consumer spending and residential investment, among other influencers.

Despite this, there still may not be a perfect situation. The report noted that the Gross Domestic Product should expand by 1.5 percent this year, sizably lower than the original projection of 2.1 percent.

"Our findings in the July forecast suggest that full-year growth in 2014 likely will be weaker than 2013," said Doug Duncan, chief economist at Fannie Mae. "We expect the economy to grow approximately 3.0 percent in the second half of the year, although there is an element of uncertainty given government statisticians' difficulty in assessing the full scope of healthcare expenditures. Overall, our forecast calls for growth to come in at around 1.5 percent for the year, which would be the worst performance of Q4-over-Q4 growth in the current economic expansion. On the bright side, real personal income grew for the fifth consecutive month in May and hiring has continued on an upward trajectory, which should help boost consumer spending during the remainder of 2014."

May experiences home sales gains
Even with these issues, there may be an increased interest from consumers to take advantage of the market. A report from the National Association of Realtors noted that existing-home sales reached a rate of 4.89 million units in May, 4.9 percent higher than April's level of 4.66 million units.

"Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year," said Lawrence Yun, chief economist at NAR. "Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates."

The median price for existing-home sales rose 5.1 percent in May to $213,400 from the same point in 2013, the report added.