Almost 1 in 4 of Nevada's foreclosures involved a decision to walk away from the mortgage even though the homeowners could pay, according to a new study.
The practice is called a strategic default, and it's at the heart of the ongoing foreclosure crisis in Nevada — the state that leads the nation in the number of foreclosures.
Nationwide, the number of Americans who are losing their homes due to foreclosure also continues to mount.
Joel Searby, author of the Nevada Association of Realtors' new report, "The Face of Foreclosure," says the decision to walk away is a financial one that people arrive at after examining the value of their home.
[ Read full article from NPR ]
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