Michigan to share in $1.5B for homeowners

Detroit Free Press

Michigan is among five states getting money under a $1.5-billion program announced Friday to help struggling homeowners, but it's unclear how many people will be helped or how the program would work.

Funds will be targeted to states that have seen the worst drop in home values -- Michigan, Arizona, California, Florida and Nevada.

It's unknown how much each state will get.

Among the five, Michigan's experience has been the least severe: Online real estate Web site Zillow says values are off from their 2005 peak by about 28%; financial services information management firm Fiserv puts Michigan's drop in home values at 35%.