In 2013, investors bought more than 156,000 homes, only to fix them up and quickly resell them for an average profit of $58,081. Home flipping became increasingly popular as the housing market began to recover. However, While the number of U.S. home flips increased in 2013 compared to 2012, home flips as a proportion of all home sales declined from 7.1% of sales in the fourth quarter of 2012 to just 3.8% of sales in the fourth quarter of 2013.
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As home prices ripped higher in 2013, we saw a rise in home flipping — when a home is purchased and sold within six months.
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Here’s an incredible stat from DataQuick: the rate of flipping activity in California hit an all-time high in February and remains well above pre-recession levels.
In May, Southern California’s rate hit 5.9%, the Bay Area notched 4.1% and the state averaged 5.3%.
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When the housing market went bust, house flippers went into hibernation. Now, as the recovery creeps along, bargain-hunters are once again looking for homes to fix up and resell for a quick profit.
Read more: http://www.cnbc.com/id/100654367