Unfinished Arizona subdivisions grinding to a halt

The Arizona Republic reports:

Residents of Cooley Station North awoke Monday to 493 signs of more trouble for their half-empty subdivision.

Process servers had blanketed the Trend Homes community in east Gilbert with foreclosure notices, targeting 493 vacant lots owned by a Scottsdale "land bank," which has fallen behind on its loan payments.

The pending foreclosures are among many recent indications that communities on the fringes of suburban sprawl are likely to face more hardship before economic trends shift in their favor. Residents worry about the ghost-town effects of the half-built subdivision on their falling home values and what might happen if a developer were to come in with a new approach.