Las Vegas mortgage defaults increasingly strategic - mortgage walkaways rise among wealthy

The real estate market has been cruel, to be perfectly honest, to homeowners across the country. Housing values in many cities and regions have dropped so far and fast that it's sometimes hard to keep track of it all. Much less understand how the utter devastation is possible. But that is the cold reality every homeowner is faced with today.


Southern Nevada - with communities like Las Vegas, Summerlin, Henderson, Southern Highlands, Anthem, Green Valley and Mountains Edge - has absorbed some of the most severe blows of them all to its real estate prices. In the same boat are at least Arizona, California and Florida. Industry observers are talking about values often dipping below replacement cost. With that type of erosion comes another grim problem; dragging scores of mortgage borrowers underwater on their homes.

Many Las Vegas homeowners are increasingly thinking of walking away from the obligation. The more they are upside down, or underwater, the more likely it is that they'll do just that. It's hard to consider moral responsibility that much any more when in-the-red numbers are typed in six figures.
 
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