(CNN) - The Obama administration's latest attempt to help the housing market targets homeowners whose credit is solid, who are up to date on their mortgage payments, but can't refinance because they own homes in areas where the market has plummeted and their homes are underwater.
So President Barack Obama is announcing his plan in Nevada, a key state the president must win in 2012 where the bottom has fallen out of the housing market. Since the peak of the housing market home prices have fallen 53%. In the Vegas metro area they fell by 59%. This official said there's been virtually no refinancing activity for underwater borrowers in the area and the plan is designed to change that dynamic.FULL STORY