From Pine View Farm

No Credit Where Credit Is Due 0

What Duncan calls the “Big Shitpile” continues to spread:

There was more bad news for homebuyers today when one of Britain’s biggest mortgage lenders, Cheltenham & Gloucester, pulled its entire home loan range with little notice.

It warned borrowers that its new deals would be more expensive.
C&G said: “From close of business today, Monday May 19, we will be withdrawing and replacing our entire range of mortgage products. Most rates will increase by 0.25% following last week’s rise in the cost of funds.”

Meanwhile, back at home:

They enter through a broken first-floor window each night to sleep on a moldy bed in the abandoned four-family house at 827 Main Street, part of a new generation of squatters emboldened by America’s housing foreclosure crisis.

“For squatters, foreclosed homes like this are like a camp-ground with free camping,” says real-estate broker Marc Charney, a foreclosure specialist, as he enters the home in Brockton, Massachusetts, and shines a flash-light at a mattress where homeless people have been sleeping each night.

Squatting is on the rise across the United States as foreclosures surge, eviction notices mount and homes go unsold for months, complicating the worst U.S. housing slump in a quarter century and forcing real-estate brokers to enlist the help of law enforcement and courts to sell empty houses.


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