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BofA halts foreclosures in 50 states

A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.

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Clifton Mineral Hot Springs

Clifton is situated in a deep canyon formed by the San Francisco River. The town is synonymous in Arizona vocabulary with its twin neighbor Morenci and the rich copper deposits responsible for the existence of both.

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Arizona firm banks on farm troughs for commercializing algae

Arizona, with its sunny, warm climate has been hailed as the ideal region for algae biomass production. Proponents hope that algae, which can contain up to 60 percent oil, can some day squeeze out a petroleum substitute that could be produced at a price low enough to compete with natural gas.

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AZ Chamber pushes for overhaul of state-retirement system (access required)

Despite a fairly positive report on the stability of the Arizona State Retirement System (ASRS) earlier this year, a major business group with no direct involvement in the fund is expressing serious concern.

The Arizona Chamber of Commerce and Industry, none of whose member firms has employees enrolled in a public pension plan, is calling for a major overhaul of ASRS to radically change how benefits are calculated for future retirees.

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Recovery outlook gloomy for home construction (access required)

Stimulating Arizona’s economy through the creation of construction jobs in the housing industry is one of the chief priorities of the Home Builders Association of Central Arizona, but an industry insider says fixed costs and layoffs are making recovery quite difficult.

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