Walking Away Study
More than 60% of Las Vegas home are underwater - meaning the homeowners owe more than the home is worth. A new study finds that the farther underwater a homeowner is, the more likely he is to walk away from the home. We talk with two of the lead authors of the study: Luigi Zingales, a Professor of Finance at the University of Chicago Booth School of Business and Paola Sapienza, an Associate Professor of Finance at Northwestern University's Kellogg School of Management. We are also be joined by Michele Johnson, President of Consumer Credit Counseling of Southern Nevada. It's part of our continuing series "Hope at Home: Facing the Mortgage Crisis."