RealtyTrac released its Midyear 2013 Home Flipping Report Friday. According to the report, there was a 19% increase in single family home flips during the first half of 2013 compared to 2012. There was a total of 136,184 single family home flips. Home flipping occured when a home is purchased and then re-sold within six months.
"While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available," said Daren Blomquist. Blomquist was RealtyTrac's vice president.
"Out of the 100 markets we analyzed for the report, 32 had declining flipping numbers, including perennial flipping hot spots like Las Vegas, Phoenix, Southern California and Atlanta. Still flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros," Blomquist added.
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