So many for sale in the Bennett Run Division of York, PA??? (Red Lion: foreclosures) - Pennsylvania - City-Data Forum

MrsVMC · 10-03-2007, 09:16 PM

Why are so many homes in the Bennett Run division of York, Pa. for sale right now?
Are they poorly constructed? Have they been foreclosed on? I don't understand.

Marodi · 10-04-2007, 04:53 AM

I'd assume cause they are new and built a lot of them?

MrsVMC · 10-04-2007, 10:11 PM

Quote:

Originally Posted by Marodi

I'd assume cause they are new and built a lot of them?

The homes that I've seen online from that neighborhood have been and/or are lived in by families. I've also seen the same homes for sale on the following websites: RE/Max, HomesDatabase, Realtor.com, and Long and Foster.
Most of them are generally appealing, so I'm trying to figure out why they're having such a hard time selling when they're advertised so often.

Orion17 · 10-17-2007, 10:49 AM

I have noticed this as well. Also in my current neighborhood in Red Lion which was built around the same time.

It seems to me that the year of 2003 - 2006 had a lot of sub-prime or alt -a loans (this is the one with stated income instead of actual proof). In these cases a lot of people chose interest only mortgages. A lot of the payments are resetting and driving homes into foreclosure.

So it seems that there was a glut of these right before the market turned. Others who may have done this prior to those years had enough time to get out of their bad mortagages into a fixed rate.

Just a guess but when you see many homes in the same area, at the same age, they cant all be b/c of bad construction. And it is still generally cheaper to try and fix the problem then take the ulitmate step of trying to move out. Most people have home inspections and you would think it would make the property un-sellable until the probelm was fixed anyway.

teachbeach · 10-17-2007, 07:10 PM

I'm guessing that most of these are the result of people trying to avoid losing their shirts on foreclosures. Many of these homes were purchased by people who thought they were "moving up" and their incomes have either declined or can't cover the cost of the new mortgage, along with taxes, insurances etc. Purchased by young families, now having children and trying to live on one salary. Nice homes, good area.

Bennettrun · 10-12-2008, 09:50 AM

I live in Bennett Run and have my home for sale. It is neither sub prime or foreclosure. Completely paid. Just want to move South

sharris · 10-14-2008, 06:51 AM

The economy my friend. There are higher taxes, heating, house payments, and so on in the larger move up homes. These where built during the housing boom and all was good. People now are paying how much more for gas to drive to work? And heating fuels are out of sight. Taxes are high. I think some are over there heads and need out. Others are moving to avoid the hour or so drive one way to work! Others are in fear of losing there job or may have already. Do not blame the builder! Blame the government.
If you are in the position to buy right now you have huge advantage. Homes in our area have dropped swiftly. The same house you wanted to buy two years ago would have cost you $30,000 to $40,000 more!

Lanea · 08-15-2012, 08:18 AM

I live in the Bennett Run. I know a lot of these homes are forclosures but not all. It is sad when you walk around the neighborhood & see the postings on the doors. My Husband commutes an hour to work and we were considering moving but at this point it isnt an option for us when the home next to us is selling for 60,000 less than market value. We have spent the last year doing renovations and upgrades in the hopes that within a few years there is a turn around.