One-third of U.S. Residences Owned Mortgage-Free

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Posted To: MND NewsWire

Despite the concern over the last few years about the number of homeowners who owe more on their mortgages than their homes are worth, it turns out that nearly one third of owner-occupied homes in American have no mortgages at all. In a recent study using third quarter data from TransAmerica, the real estate website Zillow® found that 20.6 million Americans own their homes outright. This is 29.3 percent of all homeowners. Some of these homeowners have paid off their mortgages over time while others purchased their homes for cash. Not surprisingly there were higher rates of homeownership in older age groups, in areas where housing is generally less expensive, and among homeowners with higher credit scores. Data used in the study covers more than 800 metro areas, 2,100 counties and 21,900...(read more)

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Source: http://www.mortgagenewsdaily.com/01102013_homeowership_mortgages.asp

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