Survey: Homeowners Still Hopeful About Values

Despite the downturn in the housing market, nearly half of all homeowners are still expecting annual increases of at least 5% in the value of their home over the next few years, according to the Second Annual RBC Capital Markets Consumer Survey.The survey also indicated that 25% of homeowners have already paid off their mortgage, almost twice the percentage of people with risky nontraditional mortgages. "While it's true that it may be easier to pay off a mortgage in Selinsgrove, Pa., than it is in NYC, we were still very surprised that the number was so high," said Scott Ciccarelli, managing director and equity research analyst at RBC Capital Markets. "This goes against the general belief that most Americans are leveraged to the hilt." Another survey finding is that more than 80% of homeowners have at least $50,000 of equity built up in their homes and nearly 60% believe they have at least $100,000 of equity.