Neighborhood Stabilization Program helps families buy foreclosed homes

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PHOENIX -- Because the real-estate market in Phoenix has suffered so much from the crash, the city has nearly $40 million in federal grant money to help put people back in homes.

The Neighborhood Stabilization Program helps families purchase foreclosed homes at a discount and so far, eight families have been able to take advantage of this.

Maria Bears, deputy director for the city's housing department explains how the program works.