Obama to Offer $1.5B in Housing Help

Money will go to the five states hardest hit by the bust
By Newser Editors and Wire Services
Posted Feb 19, 2010 7:01 AM CST
President Barack Obama salutes during his arrival at McCarran International Airport in Las Vegas, Thursday, Feb. 18, 2010.    (Pablo Martinez Monsivais)
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(Newser) – President Obama will unveil $1.5 billion in housing help today during a visit to Las Vegas, the city with the worst foreclosure crisis in the nation. The money will go to the five hardest-hit states to fund programs to help jobless homeowners and those with underwater mortgages. Agencies in Nevada, Arizona, California, Florida, and Michigan will get the aid.

"In each of these states, the average price for all homeowners in the state has fallen more than 20% from the peak," said the White House. The president's visit to Nevada also is intended to shore up support for Sen. Harry Reid, the majority leader who is a prime target for Republicans in this year's elections.

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