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Foreclosure halt offers hope to AZ homeowners (access required)

The moratorium on foreclosures on homes belonging to families like the DeVolls could have a roller-coaster effect on the Arizona housing market, where in September alone 17,117 homes — one in every 159 residential properties — were either scheduled for foreclosure or went through one, placing the state as second in the nation in the foreclosure rate.

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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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Are struggling community banks prepared for a new threat? (access required)

Most community banks in Arizona are losing money, lending is down, and a veteran banker concedes that every day is a challenge. It was a little too challenging for two Arizona banks, which were closed by state and federal regulators Aug. 14. A third bank is operating under federal orders to improve what were found to be “unsafe and unsound banking practices.”

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