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Study: 40% of all U.S. residential properties have no mortgage

HUD, Census Bureau collaborate on research

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Nearly 40 percent of all residential properties in the United States, both owner-occupied and rental units are not mortgaged but are owned free and clear, a Housing and Urban Development and U.S. Census Bureau study revealed today. The new report, Residential Finance Survey: 2001, also said that because of the refinance boom and residential mobility, 60 percent of all mortgages in the United States for single-family properties originated within the four years prior to the survey. The survey looks at all privately owned, non-farm properties and all sources of mortgage financing. Data collection involved interviews with the owner-occupants and owners of rental properties with further data collection from the holders of the mortgage loans. The source for estimates in the report, the Survey of Residential Finance, is part of the decennial Census. About a quarter of all mortgages are insured or guaranteed by private mortgage insurance companies, Federal Housing Administration (FHA), ...