25% of homeowners surveyed have already paid off their mortgage.

More than 80 per cent of all homeowners surveyed have at least $50,000 of equity built up in their homes and almost 60 per cent believe they have at least $100,000 of equity in their homes, underlining how much home equity has been built up in the U.S. over the last several years.

They were, however, surprisely realistic (pessimistic?) about future increases in appreciation.

Nearly half of all homeowners still expect at least 5 per cent annual increases in their home values over the next few years…

That means just over half expect annual price increases of less than 5 percent.