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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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Mega Matrix Inc. Signs MOU with 9Yards Cinema Production to Establish A $100m Investment Fund for Global Short Drama and Pan-Entertainment Sector

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November 21, 2024

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SINGAPORE and ABU DHABI, UAE, Nov. 21, 2024 /PRNewswire/ — Mega Matrix Inc. (NYSE American: MPU) today announced the signing of a memorandum of understanding (“MOU”) with 9Yards Cinema Production (“9Yards Cinema Production”), a subsidiary of 9Yards Communications (“9Yards”), a fully integrated marketing and media agency headquartered in Abu Dhabi, UAE, to jointly establish an investment fund focused on the development of global short drama and pan-entertainment sector.

9Yards, part of NG9 Holding, is a 150-member agency and creative powerhouse, headquartered in the UAE capital, Abu Dhabi, and home to some of the world’s best creative talents in the fields of advertising, public relations, digital, events, and multimedia production. NG9 Holding is a diversified holding company with interests across multiple industry sectors, including tourism and hospitality, energy, real estate, AI, aviation, alternative investments, technology, and healthcare.

The MOU provides for a joint-venture for the purpose of establishing a USD100 million investment fund that aims to support acquisitions, capture global investment opportunities, and promote the development of the pan-entertainment sector, including short dramas production and distribution network worldwide.

The proposed joint venture will establish a wholly owned company to serve as the general partner to manage the investment fund, overseeing the execution and production of the fund’s investments, and ensuring the successful implementation and progress of the partnership.

“The signing of this MOU with 9Yards Cinema Productions is a significant milestone in our mission to expand globally and tap into the immense potential and talent in new global markets. Together, we aim to fuel the growth of the short drama and pan-entertainment sector, creating impactful content that resonates with audiences worldwide,” said Yucheng Hu, CEO of Mega Matrix Inc.

Commenting on today’s announcement, Group CEO of 9Yards, Hussam Almulhem, said: “This partnership with Mega Matrix Inc. represents a bold and transformative step for the MENA region’s entertainment industry, and is in line with the wider economic diversification efforts of the Emirate of Abu Dhabi. By combining our local expertise and creative excellence with Mega Matrix’s innovative vision, this US$100 million investment fund will pave the way for a new era of cinematic storytelling and pan-entertainment, both in the region and globally.”

This strategic collaboration between MPU and 9Yards marks a joint commitment to exploring new business opportunities and driving innovation and growth within the region’s burgeoning cinematic and film production sector. The joint venture will provide MPU with significant market insights and business growth potential, while enhancing its influence and competitiveness as well as representing a key step in its global expansion strategy.

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

About 9Yards Cinema Production: 9Yards Cinema Production is a subsidiary of 9Yards Communications, a fully integrated media and marketing agency headquartered in Abu Dhabi, United Arab Emirates. Established in 2017, the agency has rapidly grown into a creative powerhouse, offering a wide array of services designed to elevate brands and foster meaningful connections with their audiences with a focus on multimedia production. For more information, please visit: https://9yardscomms.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements.

When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to execute the strategic cooperation with TopReels, ability to obtain additional financing in the future to fund capital expenditures; ability to establish the investment fund with 9Yards Communications under the memorandum of understanding; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors.

The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the “Risk Factors” in documents filed by the Company’s predecessor, Mega Matrix Corp., with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K, as amended, and are based on information available to the Company on the date hereof.

In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

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SOURCE Mega Matrix Corp.

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Autel Energy Powers Revolutionary Electric Vehicle Fast-Charging Hub in Massachusetts with World-Leading 640 kW Charging Solution

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PORT WASHINGTON, N.Y., Nov. 21, 2024 /PRNewswire/ — Autel Energy, a global leader in electric vehicle (EV) charging solutions, applauds the completion of the first ultra-fast EV charging hub in the Eastern United States, located in Deerfield, Massachusetts. This groundbreaking project is the result of a successful collaboration between the Town of Deerfield, Rivermoor Energy, the Federal Highway Administration (FHWA), and Autel Energy’s partner Rexel Energy Solutions. The project represents a major leap forward in the region’s EV infrastructure, offering faster, more efficient, reliable charging solutions to accelerate the adoption of electric mobility.

At the heart of this pioneering hub is Autel’s MaxiCharger DC HiPower solution, which boasts a world-leading maximum output of 640 kW. This cutting-edge technology enables ultra-fast charging that can power up an EV in as little as 20 minutes, addressing key concerns around charging speed and range anxiety. Built in Autel’s facility in Greensboro, NC, these units reaffirm the company’s commitment to providing the most advanced, high-performance charging solutions on the market.

Autel Energy worked in close collaboration with Rexel Energy Solutions, whose industry expertise and deep knowledge of energy management were instrumental in delivering the solution efficiently and on schedule. “The Deerfield charging hub is a testament to what collaboration can achieve in advancing the clean energy transition,” said Paul Michaud, General Manager of Rexel Energy Solutions. “By partnering with innovative companies like Autel, who meet Made in America requirements, we’re supporting EV adoption while strengthening local economies and creating opportunities in the energy sector. Rexel Energy Solutions is proud to play a role in delivering critical supply chain solutions that help projects like this come to life.”

“The Deerfield charging hub is a model for the future of EV infrastructure, setting a high bar for speed, reliability, and sustainability,” said Michelle Luo, Chief Revenue Officer at Autel Energy North America.

Strategically positioned along key highways, the new hub will serve as a critical charging point for drivers traveling long distances, closing gaps in the region’s EV infrastructure.

“This project is not only an impactful one for the environment and the advancement of clean energy, but it’s also a boost for the economic backbone of our Town,” said Christopher Dunne, Acting Town Administrator for the Town of Deerfield. “With the added accessibility, climate change mitigation and new pedestrian walkways leading to downtown businesses, Deerfield can continue to thrive and serve its local business owners and attract new customers to our business community.”

The solution also features Autel’s advanced cloud software, allowing for seamless integration, real-time monitoring, and user-friendly payment systems, ensuring a smooth experience for all EV drivers.

Autel Energy’s participation in the Deerfield charging hub is part of the company’s broader efforts to expand its network of high-speed EV chargers, making electric vehicle travel more accessible and practical for drivers nationwide.

About Autel Energy
Autel Energy is a global leader in the development and manufacturing of electric vehicle (EV) charging solutions. With a strong focus on performance, reliability and driver experience, Autel is at the forefront of the transition to a cleaner, more efficient transportation ecosystem.

Contacts
Dario Pagani
Director, Marketing and Communications
Autel Energy North America
dpagani@autel.com

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SOURCE Autel Energy

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Drofa Comms Recognized Among Top 10 Fastest-Growing PR Agencies for 2024-2025

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November 21, 2024

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LONDON, Nov. 21, 2024 /PRNewswire/ — Drofa Comms, the UK-based PR agency specialising in financial and fintech communications, has been acknowledged by the California Business Journal as one of the Top 10 Fastest-Growing PR Agencies in 2024-2025.

Drofa Comms has achieved an impressive growth rate of 69.5% in 2024. This figure is driven by the growing demand for PR services in today’s rapidly evolving financial markets and the agency’s ability to rise up and meet these needs.

Сo-founded by Valentina Drofa and Mary Poliakova in 2011, Drofa Comms has built a solid reputation over the years as a PR firm that develops tailored communications strategies for clients in the financial sector, including established TradFi institutions and fintech and crypto innovators alike.

Drofa Comms’ team leverages deep market knowledge and connections to journalists to craft client-specific promotion strategies, highlighting their strengths and building a compelling narrative in the media landscape. The approach has allowed companies that have partnered with the agency to establish strong market positions in a competitive landscape and gain the confidence of clients and investors worldwide.

“Finance and fintech are highly competitive markets, so if you want to get ahead of the competition, clear and reliable communication isn’t just desirable — it’s essential. Our inclusion in the California Business Journal’s ranking is a testament to our team’s professionalism and dedication to delivering the best possible results, as well as our clients’ trust in our services,” said Valentina Drofa, CEO of Drofa Comms.

Beyond supporting individual companies, Drofa Comms also actively contributes to the development of the fintech industry as a whole. In the past year, the agency introduced three major initiatives aimed at advancing this landscape.

Women Leading the Way is a project that focuses on diversity in leadership and giving voice to women in fintech.Crypto Edu is an initiative created in close partnership with CryptoUK; it is aimed at supporting the cause of digital assets literacy and giving a voice to crypto industry representatives.Communicate Fintech is a platform where fintech opinion leaders and marketing professionals can meet, share insights and help the industry grow.

All of these underscore Drofa Comms’ role as a thought leader in the PR and fintech space and are a testament to the agency’s rapid growth and influence.

View original content:https://www.prnewswire.com/news-releases/drofa-comms-recognized-among-top-10-fastest-growing-pr-agencies-for-2024-2025-302310332.html

SOURCE Drofa Comms

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