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UPDATE

National trends in homeownership

February 18, 2007|Diane Wedner

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

diane.wedner@latimes.com

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