National trends in homeownership
Research from the Mortgage Bankers Assn. sheds some light on homeownership and borrowing patterns:
* Despite the run-up of home prices the first half of this decade, the homeownership rate nationwide is at a near-record level of 68.9%.
* Thirty-five percent of homeowners own their properties outright; 47% have fixed-rate mortgages; 18% have adjustable-rate loans, and 6% of adjustable loans are held by nonprime borrowers.
* $1.1 trillion to $1.5 trillion of adjustable-rate mortgages may reset in 2007. Of those, $600 billion to $700 billion will refinance before they reset, so the borrower will not face a payment increase. The remaining $500 billion to $800 billion will reset.
-- Diane Wedner
