Obama government has announced $1.5 billion assistance to struggling borrowers and unemployed homeowners in 5 states where property values have reduced drastically. These 5 states include Arizona, California, Florida, Michigan and Nevada. The high unemployment rates and severe decline in property prices have created challenges for homeowners residing in these states. Once the borrowers receive this assistance from the government, it will make a real difference in their lives as the aid will help them save their properties from imminent foreclosures. The state officials are planning to implement this program from the next month onwards.