Brian Noyes has just released a new DXCore plug-in that can convert an auto-implemented property into one with a backing store and a setter that triggers the PropertyChanged event if appropriate. His plug-in can also implement INotifyPropertyChanged in the class if necessary.

Source to Brian's refactoring is included. Check it out:
About Mark Miller (Developer Express)
Mark Miller is a C# MVP with strong expertise in decoupled design, plug-in architectures, and great UI. Mark is Chief Architect of the IDE Tools division at Developer Express, and is the visionary force behind productivity tools like CodeRush and Refactor!, as well as the DXCore extensibility layer for Visual Studio. Mark is a popular speaker at conferences around the world and has been writing software for over two decades.