One in Four Nevada Foreclosures Are Walk-Aways

Posted on February 2, 2011

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In the state of Nevada, one our of four mortgage foreclosures are walk-aways. Another term is “strategic default.” That is when a homeowner just walks away from their house and mortgage obligation rather than pay the mortgage.

How that is strategic, it is hard to understand. Real estate prices will recover in time and catch up to the amount that is owed on them.

One possible explanation is that many properties in Nevada, and Los Vegas in particular, were investment properties. In that case, it would be more understandable than abandoning your home.

See the short article here.

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