It found that although immigrants are far less likely than their native-born counterparts to own a home, the rate of homeownership for immigrants during the years of the housing bust has declined at a much slower pace than it has for those born in this country.

"Contrary, perhaps, to common perception, immigrants have not really fared as badly as one might have expected," said Rakesh Kochhar, an economist with Pew and author of the study.

"The forces of assimilation seem alive and well and have guided them through the troubles in the housing market."

The study found that homeownership among immigrant households increased from 46.5 percent in 1995 to a peak of 53.3 percent in 2006 and then fell to 52.9 percent in 2008.

Meanwhile, the homeownership rate among native-born Americans increased from 66.1 percent in 1995 to 71.5 percent in 2004, peaking two years earlier than for immigrants, and then fell to 70 percent in 2008, according to the study.

Hispanic immigrants, the largest immigrant group in the United States, have not experienced a reversal in homeownership, according to the study.

The rate of homeownership among Hispanic immigrants increased from 36.9 percent in 1995 to 44.7 percent in 2007 and remained unchanged in 2008.

The findings perhaps say more about demographic trends in the immigrant population than they do their propensity to make wise investments in the housing market.

The main factor for gains in homeownership, the report says, is the process of assimilation -- in which immigrants tend to earn more and secure homeownership at a greater rate the longer they stay in the United States.

The typical immigrant in 2008 is more highly assimilated then his or her counterpart in 1995, according to the study, having spent more years in the United States and being more likely to be a U.S. citizen.

Despite those national trends, the report did find that counties with higher shares of immigrants as residents had elevated rates of foreclosure.

Local economic conditions, including unemployment rates, and factors such as local housing costs and a greater incidence of higher-priced lending to blacks and Hispanics were also key factors associated with higher rates of foreclosures in these counties, according to the study.

The study also found that since the start of the housing market free-fall in 2005, African Americans and U.S.-born Hispanics have seen the sharpest reductions in homeownership.

The report said that although the national homeownership rate dropped to 67.8 percent in 2008 from 69 percent in 2004, the rate among black households fell at a faster clip to 47.5 percent from 49.4 percent during those same years.

The homeownership rate for U.S.-born Hispanics fell the most quickly, to 53.6 percent in 2008 from its 2005 peak of 56.2 percent, according to the study.

Kochhar said the findings are a testament to the prevalence of subprime lending among these minority groups, who were much more likely than whites to finance their homes with these kinds of high-risk mortgages.

"Minorities both gained first from the housing boom and suffered more -- experienced a more severe setback -- during the bust," he said. "The underlying factor of all this appears to be a greater likelihood of subprime borrowing by minorities, which is ultimately linked to higher rates of defaults and foreclosures," he said.