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Report: 1 in 4 Nevadans Walked Away From Homes | Housing

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Report: 1 in 4 Nevadans Walked Away From Homes

LAS VEGAS -- A report released by a realtors association shows that nearly one in four people who lost their homes to foreclosure admitted to walking away from the home.

The Nevada Association of Realtors, who released the report, also found that most struggling Nevada homeowners were not aware of federal and non-profit programs designed to help them. The report shows that 61 percent of those surveyed who nearly lost their homes to foreclosure had never heard of the Home Affordable Foreclosure Alternative program and only three percent said they had used the Nevada Foreclosure Mediation Program.

Of the 23 percent who admitted to walking away from their homes, most said they were advised by trusted confidants that a strategic default was their best option.

"As for solutions, there may not be a single cure-all, but this report suggests that we can do more to make distressed homeowners aware of the free and low-cost resources available to help them. It also reinforces our belief that lenders would do well to speak to their customers before foreclosing and to continue streamlining their short sale processes, since short sales are one viable alternative to foreclosures," said NVAR President Linda Rheinberger.