Final Update: Hosted Builds issues are resolved and Azure mitigated the issue by disabling internal logging and restarted storage front end system and Hosted Build service is stable from last 3hrs. We will watch the system closely and we apologize for the inconvenience caused.
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Update: To mitigate the issue, we had disabled internal logging and restarted Storage front end system, which was causing the issue. We validated that the issue is now mitigated and the service is back to normal operation. We will continue working with our Azure partners on investigating the root cause and fixing the underlying issue. We apologize for the inconvenience this caused and appreciate your patience while we are working on fixing this issue
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Update: Mon, Jul 22 2013 8:56 PM-UTC
As part of the investigation, we identified an issue with storage stamp and impacting Hosted Build VM's (IaaS). Users will experience a long wait in build times. We are working with our Azure partners to mitigate the issue and would send an update as soon as we finalize the mitigation. We apologize for the inconvenience this caused.
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Initial update: Mon, Jul 22 2013 7:37 PM-UTC
We are currently investigating an issue with TFS hosted Build services. Users will experience delay in submitting Builds. We are working with our Azure partners to resolve this issue. We will provide an update in an hour