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(USGovernment-News.Com, May 14, 2013 ) San Francisco, CA -- According to numbers from RealtyTrac, the flipping of houses as a way to make money is now back in full swing, after a lull following the market crash on 2007/2008.
Home prices are starting to rise again, and statistics show that more and more buyers are looking to flip their properties, rather than hold on to them. The flips within the California capitol of Sacramento sat in the top 10 for nationwide numbers at 3,772 total. Inland, California also sat comfortably in the Top 10, and was the only area to beat Sacramento in the state.
RealtyTrac stated that the flipping of homes in the Sacramento area was highly profitable in 2012, as the average return on sales within 90 days was over 20%. That tally ranked in the Top 15 in the nation for all cities.
Orlando saw profit from flipping hit 63%, and led the nation by a wide margin. Las Vegas,Phoenix, and Tampa were all holding their own in the top five. San Diego and San Jose were in the two spots immediately above Sacramento.
Jake Adger, a chief economist for RealtyTrac, stated in a released email, stated that the same areas now seeing such great returns were the areas hardest hit by the economic downturn.
In other words, those trying to work their way out of middle-class living, who were caught up in the crash, can now watch more wealthy individuals flipping houses that they can afford to purchase after surviving the downturn.
He noted that any city where the disparity between foreclosure and sales is highest, can be rightly assumed to also have prices rise quickly, which is crack to flippers. He added that the likelihood of flipping slowing down is small at best.
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