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More Nevadans Walking Away From Homes

A University of Nevada, Las Vegas real estate expert says market conditions in Sin City might lead to more people choosing to walk away from their mortgages.

Nasser Daneshvary of the university’s Lied Institute for Real Estate Studies says he thinks things are getting bad enough to make ethical issues less important to people.

Experts who track the marked say Las Vegas is going through a second dip in prices. Real estate service Zillow says 85 percent of Las Vegas homeowners owe more on their home than it is worth, while CoreLogic estimates that number at 66 percent.

Prices fell sharply between 2007 and 2009, but fell once again in April 2010 after a federal tax credit expired.

 

Copyright 2011 The Associated Press.

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