New York (CNNMoney.com) - Five more states will receive federal funding to help troubled homeowners avoid foreclosure, the Obama administration announced Monday.
Last month, President Obama unveiled the Hardest Hit Fund, which pumped $1.5 billion into state housing agencies in California, Arizona, Florida, Nevada and Michigan. These five were originally identified because they had been hardest hit by the housing bust, with prices declining more than 20%.
Now, an additional $600 million is being doled out to the five states that have the largest number of counties suffering unemployment rates above 12%: North Carolina, Ohio, Oregon, Rhode Island and South Carolina.
"The goal for our second set of awards was to identify states suffering from high shares of populations living in concentrated areas of economic distress," said Alan Krueger, Treasury assistant secretary.