The five states where the housing crisis has taken the biggest toll will receive part of a $1.5 billion federal aid package intended to slow the tide of home foreclosures, the Obama administration announced Friday.
The money will be distributed to housing agencies in California, Nevada, Florida, Michigan, and Arizona – states where home prices have dropped more than 20 percent since the peak of the market, in a bid to help keep struggling homeowners in their houses.
Meanwhile, foreclosures will rise in five different states prompting further action by the Obama administration.
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