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HOME-MORTGAGE LENDING NEAR TWO-DECADE LOW AS SLUMP CONTINUES ACROSS U.S. DURING FOURTH QUARTER

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Residential Loans Drop Another 14 Percent; Purchase, Refinance and Home-Equity Lending All Decline

IRVINE, Calif., Feb. 29, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released its fourth-quarter 2023 U.S. Residential Property Mortgage Origination Report, which shows that 1.35 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the fourth quarter, representing a 13.8 percent decline from the prior quarter. The drop-off marked the tenth in the last 11 quarters.

The fourth-quarter fallback left total residential lending activity down 16.5 percent from a year earlier and 67.7 percent from a high point hit in the first quarter of 2021. It came amid another period of elevated home prices and mortgage rates along with low supplies of homes for sale.

Ongoing declines in lending activity during the fourth quarter resulted from losses in all major categories of residential lending. Purchase-loan activity went down another 18.4 percent quarterly, to about 618,000, while refinance deals slumped 7.9 percent, to 488,000. Home-equity credit lines sank 12.7 percent, to 241,000.

Measured monetarily, lenders issued $417.4 billion worth of residential mortgages in the fourth quarter of 2023. That was down 14.9 percent from the third quarter of 2023 and 18.6 percent from the fourth quarter of 2022.

The different pace of change among various loan types helped raise the portion of all residential mortgages represented by refinance packages back above one-third, although that level remained far less than where it was three years ago before interest rates started to climb above historically low levels. Purchase loans continued to slip back below half of all mortgages but were still the most common form of mortgage. Home-equity loans dipped further below 20 percent of all activity.

“Multiple powerful forces continued to conspire against the mortgage industry during the fourth quarter, slicing back huge portions of their business,” said Rob Barber, CEO at ATTOM. “There were signs during the peak buying season of 2022 that things were starting to turn around, with increases in purchase, refinance and HELOC deals. That could happen again this year as we head into this year’s peak period, especially with interest rates coming down recently. But the fourth-quarter numbers revealed continued gloomy times for lenders, no matter how you sliced the pie.”

Home-mortgage lending took another fall at the end of 2023 as average interest rates for 30-year fixed loans rose to between 7 percent and 8 percent. That further drove up home ownership costs at a time when record home prices in most of the country already were unaffordable, or a significant financial stretch, for average wage earners. Purchase lending took an additional hit from low supplies of homes for sale that helped reduce the number of properties available for potential mortgages.

Total lending activity down in more than 90 percent of nation 
Banks and other lenders issued a total of 1,346,479 residential mortgages in the fourth quarter of 2023, down from 1,562,600 in the third quarter of 2023. The fallback resumed a nearly three-year run of declines that was broken only by a spike in the second quarter of last year.

The latest total also was down annually from 1,612,777 in the fourth quarter of 2022, and from a recent high point of 4,164,755 hit three years ago.

A total of $417.4 billion was lent to homeowners and buyers in the fourth quarter, which was down from $490.3 billion in the prior quarter and down from $512.7 billion in the fourth quarter of 2022. The latest figure stood at barely more than one-third of the recent quarterly peak of $1.29 trillion hit in the second quarter of 2021.

Overall lending activity dipped lower from the third to the fourth quarter of last year in 184, or 96 percent, of the 191 metropolitan statistical areas around the U.S. that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from October through December of 2023.

Total lending also remained down from the fourth quarter of 2022 in 183, or 96 percent, of the metro areas analyzed. It was off by at least 15 percent annually in slightly more than half of those markets.

The largest quarterly decreases were in Anchorage, AK (total lending down 45.3 percent from the third quarter of 2023 to the fourth quarter of 2023); St. Louis, MO (down 42 percent); Charleston, SC (down 33.5 percent); Rochester, NY (down 31.5 percent) and South Bend, IN (down 25.7 percent).

Aside from St. Louis and Rochester, metro areas with a population of least 1 million that had the biggest decreases in total loans from the third quarter of 2023 to the fourth quarter of 2023 were Raleigh, NC (down 22.6 percent); Portland, OR (down 22.1 percent) and Denver, CO (down 21.8 percent).

The biggest quarterly increase, or the smallest decreases, among metro areas with a population of at least 1 million came in Buffalo, NY (total lending up 19 percent from the third to the fourth quarter of 2023); Atlanta, GA (down 3 percent); Washington, DC (down 3.6 percent); Orlando, FL (down 5.2 percent) and Fresno, CA (down 5.7 percent).

Refinance mortgage originations down after two straight gains
Lenders issued 487,671 residential refinance mortgages in the fourth quarter of 2023, down from 529,683 in the third quarter. The fallback followed increases in the prior two quarters.

The latest figure was down 5.3 percent from 514,915 in the fourth quarter of 2022 and was 82.2 percent less than a peak of 2,742,931 reached in early 2021.

The $146.2 billion dollar volume of refinance packages in the fourth quarter of 2023 was down 7 percent from $157.2 billion in the third quarter and 13.6 percent from $169.3 billion in the fourth quarter of 2022.

Refinancing activity shrank quarterly in 157, or 82 percent, of the 191 metro areas around the U.S. with enough data to analyze. It was down annually in 123, or 64 percent, of those metros.

The largest quarterly decreases were in Anchorage, AK (refinance loans down 46.9 percent from the third quarter to the fourth quarter of 2023); St. Louis, MO (down 39.2 percent); South Bend, IN (down 35 percent); Rochester, NY (down 31.5 percent) and Springfield, IL (down 25.4 percent).

Aside from St. Louis and Rochester, metro areas with a population of least 1 million where refinance activity decreased most from the third quarter to the fourth quarter of 2023 were Memphis, TN (down 23 percent); Raleigh, NC (down 21.7 percent) and Tulsa, OK (down 17.1 percent).

Metro areas with a population of least 1 million and the largest increases in the number of refinance loans from the third quarter to the fourth quarter of 2023 were Buffalo, NY (up 25.9 percent); Washington, DC (up 16.3 percent); Las Vegas, NV (up 11.8 percent); Baltimore, MD (up 6.7 percent) and San Diego, CA (up 6.2 percent).

Refinance packages comprised 36.2 percent of all loan originations in the fourth quarter of 2023. That was up from 33.9 percent in the prior quarter and from 31.9 percent in the fourth quarter of 2022, although still far less than the 65.9 percent portion in the first quarter of 2021.

Purchase mortgages dip again throughout U.S. after a brief surge
Loans issued to home buyers fell back in the last few months of 2023 for the second straight quarter after a surge of nearly 30 percent in the Spring of last year.

The latest total of 618,244 was down from 757,366 in the third quarter of 2023. It was also down 20.2 percent from 774,493 a year earlier and almost 60 percent from a high point hit in the Spring of 2021.

The $227.6 billion dollar volume of purchase loans in the fourth quarter of 2023 was down 20.1 percent from $284.7 billion in the third quarter and 18.9 percent from $280.6 billion in the fourth quarter of 2022.

Residential purchase-mortgage originations decreased quarterly in 183 of the 191 metro areas in the report (96 percent) and annually in 93 percent of those markets.

The largest quarterly decreases were in Sioux Falls, SD (purchase loans down 66.8 percent from the third to the fourth quarter of 2023); St. Louis, MO (down 46.2 percent); Anchorage, AK (down 44.1 percent); Birmingham, AL (down 40 percent) and Charleston, SC (down 39.3 percent).

Home-purchase borrowing comprised 45.9 percent of all loan originations in the fourth quarter of 2023, down from 48.5 percent in the prior quarter and 48 percent in the fourth quarter of 2022. But the latest level was still way up from 29.6 percent in early 2021 when refinance deals were dominating the lending business.

HELOC lending also falls in most markets
Home-equity lines of credit (HELOCs) also decreased in the fourth quarter of 2023, declining to 240,564 from 275,551 in the third quarter. The latest figure was down 25.6 percent from 323,369 a year earlier. The latest decrease marked the second in a row after a brief uptick last Spring.

The $43.6 billion volume of HELOC loans in the fourth quarter of 2023 was down from $48.4 billion in the third quarter, a 9.8 percent decline. The latest level also was down annually, by 30.6 percent.

HELOCs comprised 17.9 percent of all loans in the most recent quarter. That was down from 20.1 percent in the fourth quarter of 2022 but still four times the level recorded in the early part of 2021.

HELOC mortgage originations decreased from the third quarter of 2023 to the fourth quarter of 2023 in 87 percent of the metro areas analyzed. The largest quarterly decreases in metro areas with a population of at least 1 million were in Honolulu, HI (down 36.3 percent from the third to the fourth quarter of 2023); St. Louis, MO (down 34.3 percent); Rochester, NY (down 31.6 percent); New Orleans, LA (down 23.9 percent) and Milwaukee, WI (down 22.7 percent).

The largest quarterly increases in HELOC activity in metro areas with a population of at least 1 million and sufficient data to analyze came in Kansas City, MO (up 15.4 percent); Dallas, TX (up 6.7 percent); San Diego, CA (up 6.4 percent); Houston, TX (up 5.2 percent) and Washington, DC (up 4.9 percent).

FHA loan portions go up again while VA lending decreases
Mortgages backed by the Federal Housing Administration (FHA) rose as a percentage of all lending for the ninth straight quarter. They accounted for 211,184, or 15.7 percent, of all residential property loans originated in the fourth quarter of 2023. That was up from 15.1 percent in the third quarter of 2023 and 11.9 percent in the fourth quarter of 2022.

Residential loans backed by the U.S. Department of Veterans Affairs (VA) totaled 58,931, or 4.4 percent, of all residential property loans originated in the fourth quarter of 2023. That was the down from 4.8 percent in the previous quarter and from 5.3 percent a year earlier.

Purchase loan amounts and down payment percentages both decline
As the national median home price decreased in the fourth quarter of 2023, typical single-family home loan amounts and median down-payment percentages also ticked lower.

Among homes purchased with financing in the fourth quarter of 2023, the median loan amount was $305,900. That was down 4.1 percent from $319,113 in the prior quarter, although still up annually by 1.7 percent, from $300,700.

The median down payment of $32,500 on single-family homes purchased with financing in the fourth quarter of 2023 also was down, by 7.1 percent, from $35,000 in the third quarter of 2023. The latest figure represented 9 percent of the median home price, down slightly from 9.2 percent in the third quarter but unchanged from the fourth quarter of 2022.

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 to power products that improve transparency, innovation, efficiency, and disruption 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:
datareports@attomdata.com

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SOURCE ATTOM

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Federal Court Issues Preliminary Injunction Against OpenAI, Sam Altman, and Sir Jony Ive; iyO Alleges Trade Secret Theft by Altman’s Hardware Chief

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April 27, 2026

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SAN FRANCISCO, April 27, 2026 /PRNewswire/ — On Thursday, April 23, 2026, the U.S. District Court for the Northern District of California granted iyO Inc. a preliminary injunction against OpenAI, Sam Altman, Sir Jony Ive, and io Products. The ruling, where the Court found that iyO was likely to succeed on the merits of its trademark claim, officially bars the defendants from using the “io” name for their hardware while iyO’s federal lawsuit proceeds.

Federal court bars OpenAI, Sam Altman, and Jony Ive from using ‘io’ name as iyO alleges trade secret theft.

Amended Complaint: Trade Secret Theft and Corporate Espionage
The ruling caps a year of escalating legal action. On March 13, 2026, iyO amended its federal complaint to include trade secret theft claims against the defendants and Tang Yew Tan — former Apple VP of Product Design, co-founder of io Products, and current Chief Hardware Officer at OpenAI.

The amended complaint outlines a highly coordinated timeline of alleged misappropriation:

May 2024: Just 11 days after iyO’s viral TED talk was published, Tan pre-ordered the iyO One. Nine days later, he contacted iyO’s Design and Manufacturing Lead, Dan Sargent, to schedule a dinner meeting for early June.

June 2024: Forensic analysis of Sargent’s company laptop revealed that in the days leading up to the dinner with Tan, Sargent downloaded 33 highly secret files, accessed dormant intellectual property folders, and exported 17 CAD files into cross-platform formats unused by iyO. These files were renamed with obfuscated strings (e.g., “grgrgege.x_t”) and exported outside of business hours. Sargent has since admitted to bringing iyO prototypes to show Tan.

May 2025: Barely 11 months after the dinner, OpenAI announced a $6.5 billion acquisition of io Products, a company built on what iyO alleges is its proprietary technology.

Following the acquisition announcement, iyO CEO Jason Rugolo confronted OpenAI CEO Sam Altman, who refused to cease use of the “io” name and threatened to sue Rugolo for using iyO’s own federally registered trademark.

Statement from iyO Leadership
“Sam, Jony, and Tang investigated us,” said Jason Rugolo, founder and CEO of iyO. “Then targeted us opportunistically, trying to eliminate us with a fancy $6.5 billion press release during our fundraise using a copy of our name. This week, a federal judge said: not so fast.”

iyO’s lawsuit asserts nine causes of action, including trade secret misappropriation, trademark infringement, intentional interference, and unfair competition. The company is seeking injunctive relief, compensatory and exemplary damages, disgorgement of profits, and a constructive trust over any portion of the $6.5 billion acquisition value attributable to the alleged stolen intellectual property and brand infringement.

ABOUT IYO
iyO began its mission inside Google X in 2018 to make natural language computing as commonplace as cellular phones. Spinning out as an independent venture-backed startup in 2021, iyO developed the iyO One, the iyO yO, and the recently announced iyO Wand, which are revolutionary screenless computer form factors that allow users to interact with AI and the internet through voice alone. iyO is headquartered in Redwood City, CA.

WEBSITE
www.iyo.ai 

IYO INC.
2606 SPRING STREET
REDWOOD CITY, CA 94063
UNITED STATES

ALL RIGHTS RESERVED
©2026 IYO INC.

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Pudu Robotics Inaugurates U.S. Headquarters in Dallas, Accelerating Long-Term Growth in the Americas

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April 27, 2026

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DALLAS, April 27, 2026 /PRNewswire/ — Pudu Robotics, a global leader in commercial service robotics, officially opened a new U.S. headquarters in Dallas, Texas, on April 23 as part of its global strategic expansion. The new facility is set to enhance Pudu’s regional capabilities and underscores the company’s long-term commitment to the Americas, marking a new phase of scaled, structured business development.

Dallas Unlocks Greater Efficiency and Regional Coordination

As a central hub for nationwide and cross regional operations across the Americas, Dallas brings strong strategic advantages. The area offers well-developed logistics and supply chain infrastructure, a business friendly environment, and access to a broad base of enterprise customers. Its central location will allow Pudu more efficient coverage across both North America and South America. As Pudu transitions into a phase of rapid, scalable growth in the Americas, its new centralized headquarters, which is located in Richardson’s Sherman Tech Center and combines a modern office space, product showroom, and on site warehousing, will enhance support management, operations, and long term regional coordination.

Meanwhile, as part of its broader infrastructure optimization, the company has also transitioned its Santa Clara office into a streamlined logistics support function outpost and established a dual warehouse system on both coasts to support nationwide delivery in the U.S.

Pudu in the Americas – A Growing Footprint Across Diverse Industries

Since entering the U.S. market in 2018, Pudu has steadily expanded its footprint across the Americas to a point of deep, localized operations. To date, nearly 15,000 Pudu robots have been deployed across the Americas, driving regional revenue growth of 285% year over year, bringing the company to a phase of large scale commercialization.

This rapid adoption is fueled by Pudu’s comprehensive product matrix, which addresses the specific labor and efficiency needs of the American market across four core categories:

Service Delivery: Led by the industry-favorite BellaBot and the newly enhanced BellaBot Pro, which have become the gold standard for hospitality and retail interaction.Commercial Cleaning: Featuring the best-selling PUDU CC1 series, the PUDU MT1 series designed for large-scale dry cleaning, and the recently launched PUDU BG1 series—an AI-native large scrubber-dryer robot built for heavy-duty environments.Industrial Delivery: The PUDU T-series robots provide versatile logistics support with payload capacities ranging from 150kg to 600kg, streamlining warehouse and factory workflows.General embodied AI: Represented by the advanced PUDU D5 series, pushing the boundaries of how robots interact with and adapt to complex human environments.

Partnerships with local distributors have also accelerated, achieving 63.6% YoY growth, with a rapidly expanding client base across diverse industries, including food and beverage, healthcare, industrial logistics and warehousing, real estate and property services, retail, and entertainment, sports and more. The company’s robots have enjoyed strong adoption by global industry leaders, including Walmart, Accenture, NASA, Norwegian Cruise Line, Honeywell, top automotive brands, and others.

This growth is matched by organizational development. Since entering the U.S. market in 2018, a initial team has flourished into a multi functional organization of professionals, with localized sales, after sales service, solutions, and marketing capabilities that enable stronger customer support and execution.

Building a Global Future Based on a Strategy of Localization

Looking ahead, Pudu will continue expanding its presence across key sectors including retail, logistics, food service, healthcare, and commercial cleaning, while bringing its service delivery, commercial cleaning, industrial delivery, and general embodied AI robotics solutions into broader industry scenarios.

“We are building for the long-term in the Americas with a localized approach,” said Raymond Pan, General Manager of the Americas at Pudu Robotics. “Our ambition over the next five years is to serve one million people across the U.S . Our new headquarters and infrastructure optimization provide a foundation for this ambition, alongside continuing investment in localized products, enhancing our local supply chain, and strengthening our partner ecosystem.”

Pudu has established itself as a global leader in service robotics, with more than 120,000 units shipped worldwide, operations spanning over 80 countries and regions, and 23% market share in commercial service robotics—ranking No. 1 globally per Frost & Sullivan’s “Market Research on Global Commercial Service Robotics (2023)”. Going forward, Pudu will accelerate its development and localization efforts across the Americas, while, at the same time, continuing to scale its presence in other key international markets as part of its global expansion strategy.

About Pudu Robotics

Pudu Robotics, a global leader in the commercial service robotics, committed to establishing a global intelligent robotics infrastructure that will serve 10 billion people worldwide.

Pudu Robotics has achieved full-stack proprietary R&D in core technologies, including navigation algorithms, multi-robot scheduling, swarm control, motion controllers, and integrated joint modules. Built on three core technologies—Embodied Navigation, Embodied Manipulation, and Embodied Interaction—Pudu Robotics has pioneered an “One Brain, Multiple Embodiments” architecture, establishing a comprehensive product portfolio that includes specialized, semi-humanoid, and humanoid robots.

Currently, Pudu offers four major product lines: service delivery, commercial cleaning, industrial delivery and general embodied AI. Its solutions are widely deployed across industries such as retail, hospitality, manufacturing, real estate and property services, healthcare, entertainment and sport, education, and public services.

To date, Pudu Robotics has shipped over 120,000 units globally, with a presence in more than 80 countries and regions.

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KuCoin Hosts HEXAGON BLOCK PARTY at Hong Kong Web3 Festival, Headlined by DJ Don Diablo and Rooted in Shared Values of Community and Connection

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April 27, 2026

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Headlined by internationally renowned DJ Don Diablo, the event brought together guests from the Web3 and fintech communities for an immersive evening experience.

PROVIDENCIALES, Turks and Caicos Islands, April 27, 2026 /PRNewswire/ — KuCoin, a leading global crypto platform built on trust, and the exclusive Crypto Exchange and Payments Partner for Tomorrowland Winter and Tomorrowland Belgium (2026-2028), brought the spirit of global electronic music culture to Asia with the HEXAGON BLOCK PARTY in Hong Kong on April 22, which it co-hosted with Finoverse.

Headlined by internationally renowned DJ Don Diablo, the event welcomed guests from across the Web3, fintech, and broader innovation communities, creating an immersive gathering shaped by shared energy, conversation, and in-person connection. Building on KuCoin’s recent Tomorrowland Winter activation, which highlighted a shared belief that trust can be strengthened through community, creativity, and cultural experience, the event carried that momentum forward in Hong Kong through a similar spirit of openness, energy, and human connection. 

Held in the heart of Hong Kong, HEXAGON BLOCK PARTY was designed as more than an evening celebration. By combining world-class music with a culturally driven atmosphere, the event offered a welcoming space for founders, builders, creators, and community participants to come together in a more human and experience-led setting. It reflected a shared belief that meaningful community is built not only through ideas and technology, but also through moments of creativity, openness, and collective experience.

The event aimed to create a cultural touchpoint in Hong Kong that resonated beyond the venue itself. The event served as a space where ideas, creativity, and communities could converge, bringing together guests across Web3, fintech, and digital culture through a shared experience rooted in openness, energy, and connection.

As the global partnership between KuCoin and Tomorrowland continues, the journey moves forward to Tomorrowland Belgium in July 2026, where KuCoin will once again collaborate with Tomorrowland to create new experiences at the intersection of music, culture, and Web3, further expanding the role of digital assets in real-world cultural moments.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 40 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform combines advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience. KuCoin provides access to 1,500+ digital assets through a broad product suite and remains committed to building transparent, compliant, and user-centric digital asset infrastructure for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, and ISO/IEC 27701:2019 Certifications. In recent years, we have built a strong global compliance foundation, marked by key milestones including AUSTRAC registration in Australia, a MiCA license in Europe, and regulatory progress in other markets. 

Learn more at www.kucoin.com.

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