President Barack Obama will use Phoenix as a backdrop to tout his administration's accomplishments in the housing recovery and to admit that more work needs to be done, according to a White House release.
He is likely using Phoenix, one of the hardest hit housing markets in the recent crash, because while home prices there are up more than 20 percent from a year ago, they are still down over 40 percent from their peak in 2006.
(Read more: Map: Tracking the US real estate recovery)
The president will offer ideas "to help more responsible homeowners refinance, to cut red tape, to increase home values by fixing our broken immigration system, to help the hardest-hit communities rebuild, and to ensure those who rent have decent and affordable options," the release read.
While not backing a specific proposal on Capitol Hill, and there are many, the president does believe there is "a limited and targeted role for a catastrophic guarantee" for the mortgage market, according to one senior administration official.
A bill in the Senate backed by Sens. Corker and Warner generally matches the principles for mortgage reform that the president will lay out in his speech.