If I walk away from the home now and let it go to foreclosure, can or will the foreclosure be reported on my credit report now?

That would be a yes.

Yes, the foreclosure is a separate legal proceeding against the property which will be reported as a public record on your credit report.

Whether the foreclosure will show up on your consumer credit report will depend on whether the foreclosure proceeds through the judicial process or by notice only. If by judicial process, then it will show as a public record. But you are missing the point if you think that a consumer credit report is the be all & end all regarding your credit. Any mortgage company you approach for a loan will know about your foreclosure whether it appears on your consumer credit report or not because mortgage lenders investigate your financial history in other ways. In short, the truth will come out and you have to live with it.

Yes, the foreclosure will show up. To protect your credit, do a short sale or a deed in lieu

It probably gets reported as a new foreclosure. If you walk away, they can't assert a deficiency.