Obama to tout housing initiative in Arizona, symbol of nation's real estate crisis, recovery

IndustrialsAssociated Press

President Barack Obama is returning to Arizona to promote home ownership in a state that has served as a symbol of the nation's real estate crisis and recovery.

When Obama visited Arizona within weeks of taking office in 2009, the state was among the hardest hit by the housing collapse.

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Six years later, Arizona's foreclosure crisis has evaporated. Home prices have soared and are nearing pre-crisis levels.

Now Obama returns to Arizona seeking to tackle some of the lingering effects of the crisis and unintended consequences of the recovery. He'll announce a cut in mortgage insurance premiums on Federal Housing Administration loans, a move aimed at attracting new homebuyers.