The value of purchase originations fell in the third quarter—only the second time the value of new mortgages was lower than a year ago since June 2011, according to a report released Thursday by a Los Angeles-area property analytics company.
ATTOM Data Solutions' U.S. Residential Property Mortgage Origination Report showed U.S. lenders of all types generated $248.4 billion in purchase originations in the three months that ended Sept. 30, down 1.8% from 2017′s third quarter. The previous drop was from 2016′s third quarter to 2017′s third quarter when originations fell 1.9% to $252.9 billion.
The number of purchase originations has fallen each quarter on a year-ago basis since the second quarter of 2017. In the third quarter they fell 2.4% to 892,760.
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