TAMPA - Some of Tampa Bay's underwater homeowners may have to wait 15 years or longer to break even on a sale.

Others simply won't wait that long. They're cutting their losses now, defaulting on purpose, even though they can afford to make their mortgage payments.

And as more fed-up homeowners walk away, it becomes more likely their neighbors will too, according to a new survey from Fannie Mae, one of the nation's largest providers of mortgages.

The study suggests mortgage holders are more likely to consider defaulting if they know someone who has defaulted. Of those who are already delinquent and think defaulting on purpose is OK, 40 percent said they know someone who has done the same thing.

Contrast that with mortgage holders who are current on payments and disapprove of defaulting on purpose. Just 2 percent of those respondents said they knew someone who defaulted even though they could afford their mortgage.

Fannie Mae considers states like Florida, which has a rising foreclosure rate, to be at a higher risk for so-called strategic default. That's when consumers let homes fall into foreclosure even though they can afford to make mortgage payments.

Nearly 50 percent of Tampa Bay area homeowners with a mortgage owe more than their property is worth.

There is not clear data to show how widespread strategic default is, but various research suggests it's a growing trend. National credit bureau Experian teamed with consulting company Oliver Wyman to track the reasons behind the nation's growing number of defaults.

The number of "strategic defaults" more than doubled, to 588,000, from 2007 to 2008, according to the group's study. In the second quarter of 2009, the group said such defaults accounted for 19 percent of all mortgage delinquencies.

A separate study by college professors at the Chicago's Booth School of Business and Northwestern University's School of Business estimated 36 percent of the nation's defaults were "strategic" in December. That was up from 25 percent in March 2009.

Before the housing bust, walking away from a mortgage you could afford was unthinkable for most. But as more people realize they are stuck in houses worth tens of thousands less than they borrowed, many consider defaulting as an option.

Temple Terrace homeowner Jim Rojas said he's known several people who let their homes slip into foreclosure, even though they could make payments. They were underwater on their mortgages, and when banks wouldn't modify their loans, they walked away.

Rojas said he ordinarily wouldn't think homeowners are right to do this, but his opinion changed when lenders received government bailouts.

"I think if banks are allowed to walk away from their responsibility, then why can't we," said Rojas, who recently paid off his own mortgage. "You can't have it both ways. You have to understand where these people are coming from. Homes were made artificially high."

Others, such as Patrick Lajeunessa, a Riverview homeowner, are furious to hear of people walking away. He says he found himself over his head and struggling to pay his mortgage a few years ago. Part of the reason: foreclosures in his neighborhood led to rising homeowner's association dues.

"My monthly expenses ended up going up about $400 a month," he said. "I got a part-time job for a year and half and worked 75 hours a week because I have pride…

"People are using the excuse of "everybody's doing it" to justify walking away. They're banking on the fact that the government will lower standards of credit scores. So many people are defaulting, and a foreclosure doesn't have the same stigma it used to."

The vast majority of Americans surveyed – 85 percent – said they think it's wrong to stop paying a mortgage just because consumers owe more than the house is worth. Even so, 10 percent said it was acceptable, and that's up two points from January, when the last survey was conducted.

Nineteen percent of borrowers who are already behind on their payments said they approved of defaulting on purpose when they owe more than their home is worth.

When asked if financial distress makes stopping payments acceptable, 17 percent of all respondents said yes, up two points since January.

Of those already delinquent on their mortgage, 38 percent said financial distress made it OK to stop making payments. That's compared to 39 percent in January.

The nationwide survey also tackled questions about the overall economy and consumer confidence and attitudes regarding the real estate market.

It included a random sample of 3,001 members of the general population, including 870 homeowners, 1,020 mortgage borrowers, 900 renters, and 289 underwater borrowers. An additional 398 delinquent borrowers were polled. Respondents were interviewed by telephone over about a month's time this summer.

Homeowners face continuing price declines as thousands of foreclosed properties followed a real estate bubble that burst three years ago. The median sales price in Hillsborough County jumped from $140,000 in 2002 to $225,000 in 2007. The median so far this year is $155,000, about what it was in 2003, according to the county property appraiser.

Moody's Economy.com predicts prices in the Tampa-St. Petersburg-Clearwater metro area will fall 9 percent more until the third quarter of 2011. Prices have already fallen 42 percent since they peaked in 2006.

Those who bought at the peak will have to wait until 2024 for prices to rebound, according to Moody's.

Reporter Shannon Behnken can be reached at (813) 259-7804. Follow her on Twitter @TBORealtyCheck.com.