Nevada

Fiscal Follies: Arizona’s Budget Woes Put Us On Par With California

Pointing out California’s many flaws is a time-honored sport among Arizona residents, business leaders, economic development leaders and politicians. Luring away residents and businesses from the often-hapless Golden State has been one of the key strategies in Arizona’s growth.

Well, it’s time to stop pointing fingers.

Fighting Mortgage Fraud: Arizona Joins a Multistate Effort to Combat Scams

Washington, D.C.Arizona has joined a multistate task force designed to fight the growing national problem of mortgage fraud. The task force was announced today by Washington State Attorney General Rob McKenna, who co-chairs the State-Federal Task Force on Mortgage Enforcement along with Iowa Attorney General Tom Miller.

The task force is described by McKenna's office as an "unprecedented partnership to target fraudsters."

Additional members of the task force include representatives of the U.S. Department of Justice, Department of Treasury, Department of Housing and Urban Development and the Federal Trade Commission, as well as the attorneys general of Arizona, Colorado, Illinois, Nevada, North Carolina, Massachusetts, Missouri and Ohio.

"Since Arizona is one of the states hardest hit by the foreclosure crisis, our state is also a prime target for mortgage fraud," said Attorney General Terry Goddard in a statement. "Our office is doing all it can to prevent mortgage scams and prosecute unscrupulous operators. This task force promises to help strengthen these efforts."

Foreclosure Frenzy

Foreclosure FrenzyIn less than 24 hours, Arizonans have gotten a look at how bad the housing market has been so far this year and what direction it is going.

This morning, RealtyTrac, an online marketplace for foreclosure properties, released its Midyear 2009 U.S. Foreclosure Market Report. It shows that more than 1.9 million foreclosure filings were reported on more than 1.5 million U.S. properties during the first six months of the year. That’s a 9 percent increase from the previous six months and a 15 percent increase from a year earlier.

In terms of foreclosure rates, Arizona ranked second in the nation with one in 30 housing units receiving at least one foreclosure filing over the past six months. In the No. 1 spot was Nevada at one in 16 homes.

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