Technology
U.S. MORTGAGE LENDING RISES IN Q3 2024 AMID REFINANCING SURGE, BUT REMAINS BELOW HISTORIC HIGHS
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Residential Lending Grows Just 2 Percent Even as Rates Keep Declining; Refinance and Home-Equity Deals Rise While Purchase Loans Decrease
IRVINE, Calif., Nov. 21, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its third-quarter 2024 U.S. Residential Property Mortgage Origination Report, which shows that 1.67 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the third quarter. That led to modest quarterly and annual increases of 1.9 percent.
The growth marked the second straight quarterly gain – a pattern not seen for more than three years. But even as home-mortgage rates dropped close to 6 percent for a 30-year fixed loan by the end of Q3 2024, the increase in business for lenders was far below a spike during the Spring of 2024 and still left total mortgages off by nearly two-thirds from a high point hit in 2021.
The latest trend resulted from improvements in refinance and home-equity lending as opposed to more buyers taking out loans. Mortgage rollovers increased 6.9 percent quarterly, to about 588,000, while home-equity packages went up 2.3 percent, to roughly 297,000.
Those improvements more than made up for a 1.7 percent decrease in purchase loans, to 782,000, as the annual peak home-buying season wound down and supplies of properties for sale remained tight.
Measured monetarily, lenders issued roughly $550 billion worth of residential mortgages in the third quarter of 2024. That was up 2.9 percent from the second quarter of 2024 and 6.6 percent from the third quarter of last year.
The differing pattern of increases among various loan types slightly raised the portion of all residential mortgages represented by refinance and home-equity credit lines, while lowering the purchase component. Still, purchase loans remained the most common form of mortgages around the U.S. during the third quarter, comprising almost half.
“Mortgage lending rose again in the third quarter, but at a far slower pace than during the Spring of this year when activity spiked nearly 25 percent,” said Rob Barber, CEO at ATTOM. “The latest increase, small as it was, likely came mainly from homeowners trading higher-rate loans they got in 2021 and 2022 for cheaper mortgages resulting from declining mortgage rates. But it looked like the third-quarter rate dip wasn’t as helpful for purchase lending as buyers kept facing elevated prices and low supplies of properties for sale.”
The latest lending trends reflected another round of mixed forces affecting home sales and the cost of borrowing. Average 30-year mortgage rates dropped a full percentage point in the third quarter, the kind of decline that can save homeowners thousands of dollars a year on all kinds of loans. But the number of homes for sale remained at some of the lowest levels in the past decade, which continues putting a damper on the market, and purchase loans.
Total lending up again but still far below peaks
Banks and other lenders issued a total of 1,666,816 residential mortgages in the third quarter of 2024, up from 1,636,073 in the second quarter of 2024 and from 1,635,056 in the third quarter of 2023.
Total activity rose for the second quarter in a row – a pattern that hadn’t happened since early in 2021. But the latest figure still remained 60 percent behind a recent high point of 4,165,695 hit in the first quarter of 2021 when average 30-year mortgages rate hovered around 3 percent.
A total of $553.1 billion was lent to homeowners and buyers in the third quarter of this year. That was up from $537.5 billion in the prior quarter and from $518.6 billion in the third quarter of 2023, although still less than half the recent peak of $1.3 trillion in 2021.
Overall lending activity also rose quarterly and annually in a majority of metropolitan areas around the U.S. with enough data to analyze. The total increased from the second quarter to the third quarter of this year in 125, or 60.4 percent, of the 207 metropolitan statistical areas that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from July through September of 2024.
The largest quarterly increases came in Anchorage, AK (total lending up 78.6 percent from the second quarter of 2024 to the third quarter of 2024); Yuma, AZ (up 33.3 percent); Ann Arbor, MI (up 33 percent); Huntington, WV (up 21 percent) and Trenton, NJ (up 20.5 percent).
Metro areas with a population of least 1 million that had the biggest increases in total loans from the second to the third quarter of 2024 were Rochester, NY (up 20.1 percent); Detroit, MI (up 14.7 percent); Grand Rapids, MI (up 13.5 percent); San Diego, CA (up 13.2 percent) and Hartford, CT (up 12.7 percent).
Metro areas with enough data to analyze where lending went down the most quarterly were Boulder, CO (down 44.3 percent); St. Louis, MO (down 36.5 percent); Jackson, MS (down 25.2 percent); Myrtle Beach, SC (down 20.4 percent) and Springfield, MO (down 19.4 percent)
Measured annually, the largest increases in total lending among metro areas with a population of at least 1 million were in Orlando, FL (total lending up 29.3 percent from the third quarter of 2023 to the third quarter of 2024); San Jose, CA (up 28.7 percent); San Diego, CA (up 27.9 percent); Honolulu, HI (up 25.9 percent) and Tucson, AZ (up 17.6 percent).
Purchase mortgages decline amid tight market but still make up almost 50 percent of all lending
While overall third-quarter lending activity increased, the number of mortgages issued to home buyers was down both quarterly and annually. The count of purchase loans remained only half of where it stood in 2021.
The third-quarter total of 782,220 was off from 796,046 in the second quarter of 2024, 814,610 in the third quarter of 2023 and 1.6 million in mid-2021.
The latest dollar volume of purchase loans, $306.6 billion, was 2.5 percent less than the $314.3 billion second-quarter level, although still up 0.8 percent from $304.1 billion a year earlier. It sat 43 percent below the 2021 peak
Residential purchase-mortgage originations decreased quarterly in 55.1 percent of the 207 metro areas in the report and annually in 56 percent of those markets.
The largest quarterly decreases were in Boulder, CO (purchase loans down 50.1 percent from the second quarter of 2024 to the third quarter of 2024); St. Louis, MO (down 42.4 percent); Springfield, MO (down 25.7 percent); Savannah, GA (down 25 percent) and Lake Havasu City, AZ (down 23.1 percent).
Including St. Louis, the biggest quarterly decreases in metro areas with a population of at least 1 million in the third quarter of 2024 came in Austin, TX (down 20.6 percent); San Francisco, CA (down 17.7 percent); Tucson, AZ (down 16.8 percent) and Atlanta, GA (down 15 percent).
The top annual decreases in purchase lending in metro areas with a population of at least 1 million were in St. Louis, MO (down 50.3 percent from the third quarter of 2023 to the third quarter of 2024); Austin, TX (down 48.2 percent); Houston, TX (down 29.7 percent); Dallas, TX (down 22.5 percent) and Raleigh, NC (down 21.3 percent).
Refinance mortgages up to highest level in two years
As interest rates declined during the third quarter of this year, lenders issued 587,691 residential refinance mortgages. That was up from 549,812 in the second quarter of 2024 and 539,738 a year earlier.
The most recent figure stood out as the most since the third quarter of 2022. It represented the latest in a series of increases following a spike in interest rates in 2021 and 2022 that caused refinance lending to plummet more than 80 percent.
The $191.1 billion dollar volume of refinance packages in the third quarter of 2024 was up 13.5 percent from $168.5 billion in the prior quarter and up 16.1 percent, from $164.7 billion, in the third quarter of 2023.
Refinancing activity increased quarterly in 75.8 percent and annually in 75.4 percent of the metro areas around the U.S. with enough data to analyze.
The largest quarterly increases were in Anchorage, AK (refinance loans up 59.1 percent from the second to the third quarter of 2024); Ann Arbor, MI (up 46.9 percent); Vallejo, CA (up 46.7 percent); Colorado Springs, CO (up 42.4 percent) and Charlottesville, VA (up 41.7 percent).
Metro areas with a population of least 1 million where refinance activity increased most quarterly were San Jose, CA (up 28.7 percent); Milwaukee, WI (up 27.4 percent); San Diego, CA (up 27.2 percent); Richmond, VA (up 24.4 percent) and Los Angeles, CA (up 24 percent).
Metro areas with a population of least 1 million and the largest year-over-year increases in the number of refinance loans were San Diego, CA (up 62.5 percent from the third quarter of 2023 to the third quarter of 2024); San Jose, CA (up 59.1 percent); Los Angeles, CA (up 40.3 percent); Seattle, WA (up 39.8 percent) and Las Vegas, NV (up 39.3 percent).
Refinance packages comprised 35.3 percent of all loan originations in the third quarter of 2024. That was up from 33.6 percent in the prior quarter but far less than the 65.8 percent portion in early 2021.
HELOC lending up quarterly and annually
Home-equity lines of credit (HELOCs) also increased, to 296,905 in the latest three-month period. That was up from 290,215 in the second quarter of 2024 and 280,708 in the third quarter of last year. The improvement continued to reverse losses sustained from 2022 into early 2024.
The $55.4 billion volume of HELOC loans in the third quarter of 2024 was up from $54.7 billion in the prior quarter and from the $49.8 billion lent in the third quarter of last year.
HELOCs comprised 17.8 percent of all loans in the most recent quarter. That was almost the same as the 17.7 percent portion in the second quarter of 2024 but still almost four times the level recorded in early 2021.
HELOC mortgage originations increased from the second quarter to the third quarter of 2024 in 63.1 percent of the metro areas analyzed. The largest quarterly increases in metro areas with a population of at least 1 million were in Fresno, CA (up 33.4 percent); Hartford, CT (up 29.5 percent); Louisville, KY (up 22.9 percent); San Antonio, TX (up 20.8 percent) and San Jose, CA (up 20.6 percent).
FHA mortgage level holds steady while VA loan portion rises
Lenders issued 229,196 mortgages backed by the Federal Housing Administration (FHA) during the third quarter, or 13.8 percent of all residential property loans. That was unchanged from the second quarter of this year after 10 consecutive quarterly increases but was down from 15.1 percent in the third quarter of 2023.
Residential loans backed by the U.S. Department of Veterans Affairs (VA) totaled 97,669, or 5.9 percent of all residential property loans originated in the third quarter of 2024. That was up from 5 percent in the previous quarter and 4.8 percent in the third quarter of 2023.
Report methodology
ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.
About ATTOM
ATTOM provides premium property data and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications – AI-Ready Solutions.
Media Contact:
Megan Hunt
Megan.hunt@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM
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Pigment Recognized as a Visionary in the 2024 Gartner® Magic Quadrant™ for Financial Planning Software for ability to execute and completeness of vision
Published
17 minutes agoon
November 21, 2024By
PARIS, Nov. 21, 2024 /CNW/ — Pigment, the business planning platform, today announced that it has been recognized by Gartner as a Visionary in the Magic Quadrant for Financial Planning Software. A complimentary copy of the report is available here.
In today’s environment, business agility and adaptability are essential for success. Pigment empowers organizations to meet these demands through its innovative, efficient architecture. With Pigment, data is consistent across applications and functions, facilitating truly integrated business planning. Pigment’s sparse engine also means that the platform is able to handle large datasets without running into performance issues.
“We are honored to be recognized in the Gartner Magic Quadrant for Financial Planning Software. We believe this reflects the depth of our vision and our strong track record delivering on our roadmap,” said Eléonore Crespo, co-CEO and co-Founder, Pigment. “Effective planning is the foundation of strategic decision-making, but to do this effectively, businesses need powerful, collaborative planning platforms that prioritize continuous innovation and user experience. While many solutions have fallen short, Pigment is bridging these gaps by delivering on product strategy and prioritizing the customer experience.”
Pigment’s product strategy is built on three pillars, all of which we believe have contributed to our inclusion and positioning in the Gartner Magic Quadrant for Financial Planning Software.
Efficient architecture
Pigment’s architecture is flexible, scalable, and connected, to facilitate truly integrated business planning at scale. Data integration is a key part of this, establishing a shared language across teams that facilitates collaboration, reduces manual errors and accelerates decision making. As such, businesses are in a better position to make more informed decisions.
A commitment to continuous product innovation
Pigment’s product strategy focuses on delivering a solution that meets the needs of all diverse stakeholders involved in financial planning. Key updates released in the last year include Pigment, new integrations with enterprise tech stacks, and additional security controls.
By prioritizing innovation, user experience, and performance optimization, Pigment enhances integrated business planning, which both elevates financial planning and fosters agility throughout the organization.
Looking ahead, Pigment will continue to further this through expanded AI capabilities such as machine learning for statistical forecasting and assisted modeling, as well as intuitive reporting visualizations, additional integrations, and use-case specific updates.
Exceptional product and customer experiences
Pigment is committed to delivering a gold standard for customer and user experience that
begins at implementation and continues through the customer journey.
This includes a focus on building an intuitive platform that is easy to use, structured methodologies to ensure that every Pigment implementation is a success, and promoting business-owned upkeep so that organizations can manage the use of Pigment independently.
We feel Pigment’s recognition as a 2024 Customers’ Choice in the Gartner Voice of the Customer for Financial Planning Software also highlighted a strong focus on delivering exceptional customer experiences for businesses.
“No matter how advanced a product is, if it’s difficult to use, poorly implemented, or is difficult to maintain, adoption will suffer, and it won’t fulfill its potential of delivering value to a business,” said Romain Niccoli, co-founder and co-CEO of Pigment. That’s why we’ve always prioritized creating a product that’s not only powerful, but also easy to use and genuinely loved by our customers. By staying committed to our customers’ needs and continuously innovating we’re ensuring that Pigment will always remain a trusted partner in helping them achieve their goals.
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and Peer Insights are a registered trademark, of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
About Pigment
Pigment is a business planning platform built for agility and scale. It connects people, data, and processes in one elegant, feature-rich platform that allows planners in every department to prepare for any eventuality. Industry-leading companies like Unilever, Merck, Klarna, Webhelp, Figma and Poshmark use Pigment every day, allowing them to confidently make more informed business decisions.
Contact
Francesca D’Arcy-Orga, francesca.darcy-orga@gopigment.com
Logo – https://mma.prnewswire.com/media/2563767/Pigment_Logo.jpg
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SOURCE Pigment
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BioWorld by Clarivate Highlights Gaps in Women’s Health Research and Investment in New Special Series
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November 21, 2024By
New seven-part series explores disparities in care, funding and innovation impacting half the world’s population
LONDON, Nov. 21, 2024 /PRNewswire/ — BioWorld™ published by Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, has launched its new special series, ‘Healing the Health Divide.‘ This seven-part series sheds light on the persistent disparities in women’s health research, funding, and treatment.
Women make up half of the global population, yet their health remains consistently underserved. Research and treatments have traditionally focused on reproduction and breast health, but these areas represent just a fraction of the broader health challenges women face. From autoimmune disorders to cardiovascular disease, many conditions disproportionately affect women or manifest differently than in men. However, decades of research have excluded women from clinical trials, often due to misconceptions about their “complex physiology.” Meanwhile, male-dominated boardrooms have perpetuated this oversight in funding decisions, exacerbating the issue.
The consequences of this systemic neglect are stark. In 2023, just 15% of venture capital funding was directed to biopharma companies focused on women’s health, and only 8% of funded companies included women’s health assets in their pipelines. These disparities leave critical gaps in care for conditions such as Alzheimer’s disease, which affects women at twice the rate of men, and endometriosis, which impacts approximately 190 million women worldwide, yet often goes undiagnosed for years.
Lynn Yoffee, Publisher of BioWorld, stated: “The new BioWorld special series, ‘Healing the Health Divide,’ is a call to action to address the inequities in women’s health research and investment. The data we’ve uncovered highlights the urgent need for a paradigm shift in how we approach this critical issue. This series not only exposes the disparities but also celebrates the progress being made, with the goal of inspiring industry leaders and scientists to close these gaps and create solutions that benefit all of humanity.”
The series explores underrecognized areas such as the role of gender bias in research, the untapped potential of women’s health markets, and groundbreaking efforts to improve early diagnosis and treatment of conditions like endometriosis and cardiovascular disease.
Featured articles in ‘Healing the Health Divide,’ include:
Despite women’s health inroads, lackluster funding impedes progress
Despite increased interest, progress in women’s health remains hindered by lackluster funding and decades of exclusion from clinical trials. The number of deals focused on women’s health since 2019 comprise just 18.5% of all deals analyzed from the 473 companies and they make up just 20% of the total value of all deals that disclosed terms. This article, by Senior Managing Editor Karen Carey explores the inspiring efforts of women leading the charge to improve health outcomes and secure investments for female-focused solutions.Dynamic infographic on Women’s Health
A compelling visual analysis by Production Editor Ann Marie Griffith of women’s health funding, showcases how venture capital and biopharma companies are beginning to address the vast unmet need — but still have far to go.VCs emerge for women’s health and its ‘groundbreaking’ research
While U.S. government initiatives are supportive, private market investments are essential to advance women’s health innovations. This article highlights emerging venture capital efforts and the challenges of securing funding.The science of gender-based medicine: many reasons, many manifestations
From Alzheimer’s to autoimmune diseases, Managing Editor Anette Breindl, examines how biological and hormonal differences impact disease prevalence and progression in women, emphasizing the importance of gender-specific medical research.Gender bias leaves women at risk in cardiology treatment guidelines
Gender bias in cardiac care has left nearly 70% of women underdiagnosed for cardiovascular disease. Staff Writer Tamra Sami investigates how male-focused clinical trials have skewed treatment guidelines, endangering women’s lives.Holistic strategies needed to diagnose and treat endometriosis
Endometriosis affects 10% of women globally, yet delayed diagnosis and limited understanding have left millions suffering unnecessarily. This article, also produced by Sami, delves into the biological complexity of the disease and the need for comprehensive treatment strategies.New diagnostics, trials address deadly disparities in women’s cardiac care
While women with “big hearts” play well in popular culture, cardiologists see a very different picture – with significant implications for women’s health and medical care, according to an article by Editor Annette Boyle. Women have smaller hearts and smaller blood vessels than men and their cardiovascular systems respond to disease and treatment in very different ways. In 2024, for the first time, major trials of cardiovascular medical devices sought to understand how common interventions work in women and how previous failures to include women in studies translated into higher cardiovascular mortality rates.
BioWorld’s “Healing the Health Divide” underscores the urgent need for equitable investment in women’s health and celebrates the pioneers driving meaningful change.
To access the full special series, visit https://www.bioworld.com/womens_health.
Join the conversation and mention BioWorld on X and LinkedIn as well as Clarivate for Life Sciences & Healthcare on X and LinkedIn.
About BioWorld
With writers and editors stationed around the globe, BioWorld published by Clarivate, reports the breaking news – and provides key perspective on hundreds of therapeutics and devices in development, the companies behind those candidates, the business development transactions that evolve the markets, and the regulatory hurdles that both challenge and guard the processes. BioWorld has a long tradition of excellence in journalism. Collectively, the news services have been honored with 61 awards dating back to 1998.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com
Media Contact
Catherine Daniel
Director, External Communications, Life Sciences & Healthcare, Clarivate
newsroom@clarivate.com
SOURCE Clarivate Plc
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SPS Releases Report on “The State of Return-to-Office (RTO)”
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November 21, 2024By
SPS, a leading global outsourcing provider of Enterprise Workplace Solutions that help companies elevate the employee and client experience, has released a report on “The State of Return-to-Office,” providing a comprehensive look into the latest trends shaping the return-to-office (RTO) landscape.
NEW YORK, Nov. 21, 2024 /PRNewswire-PRWeb/ — SPS, a leading global outsourcing provider of Enterprise Workplace Solutions that help companies elevate the employee and client experience, has released a report on “The State of Return-to-Office”.
The report synthesizes results from the 2024 SPS North America Workplace Experience Survey to provide a comprehensive look into the latest trends shaping the return-to-office (RTO) landscape. The survey asked professionals who handle operations, real estate, and workplace experience to assess the physical return to the office policies for their organization, the increase in workplace services, and the impact of AI technology on their workforce.
Notably, the survey revealed continuing trends that indicate a level of disconnect between leaders and employees:
42% of employees were ‘neutral’ on their organization’s RTO policy with only 16% being ‘very satisfied’.For those organizations that indicated they are updating their RTO policy, 68% said they will increase the number of mandatory days in office.63% of employers said they are not changing or updating their RTO policy in the coming 12 months.47% of organizations have elevated the services and programs as employees have returned to the office when compared to pre-COVID.
“As workplaces continue to evolve, organizations are facing unprecedented changes in how, where, and when work gets done,” said Dan Moscatiello, CEO of SPS North America and Global Head of Enterprise Workplace Solutions. “This report provides both a benchmark and a roadmap, helping companies make informed decisions that align with operational goals and employee expectations, as leaders look to refine their workplace strategies in 2024 and beyond.”
“At SPS, we are committed to helping organizations attract, retain, and engage top talent by providing insights that drive a productive and engaging workplace,” added Nicole Mangarella, Head of Global Technology & Innovation – Enterprise Workplace Solutions. “Whether employees are in the office or working remotely, the workplace experience can be a key driver for employee satisfaction by leveraging hospitality-focused service and cutting-edge technology to build an immersive culture that employees want to be a part of.”
The 2024 SPS Workplace Experience Survey Report is now available for download here.
Learn how SPS can transform your workplace by combining the expertise and motivation of top talent with cutting-edge technology to drive data-driven process improvements and enhance organizational success. Visit https://www.spsglobal.com.
About SPS
SPS is a leading technology-driven business transformation company. With our innovative Enterprise Workplace Solutions, we empower organizations to adopt hybrid work programs to enhance productivity and flexibility. Our Technology Business Solutions bring together cutting-edge technology, deep vertical process expertise, and a diverse global workforce to support clients in their digital transformation journey and efficiently tackle their most complex challenges.
Headquartered in Zurich, Switzerland, SPS operates in more than 20 countries and focuses on clients in banking, insurance, and health. SPS has more than 8,500 employees and is recognized with a world-class NPS by its global client base.
We act with precision, connect people to the right information, and turn data into insights for better outcomes.
Discover how our dedicated team at SPS makes an impact that matters by visiting http://www.spsglobal.com.
SPS. The Power of Possibility.
Media Contact
Janet Tarzia, SPS North America, 1-212-204-0900, janet.tarzia@spsglobal.com, https://www.spsglobal.com
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SOURCE SPS North America
Pigment Recognized as a Visionary in the 2024 Gartner® Magic Quadrant™ for Financial Planning Software for ability to execute and completeness of vision
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