Home flippers back away as real estate turnover activity declines

17 Oct

HousingWire – Brena Swanson

Home flipping activity dipped 13% from the same period a year ago, with 32,993 single-family home flips recorded in the third quarter of 2013, RealtyTrac reported Thursday. "Increasing home prices over the past 18 months combined with decreasing foreclosures have created a market less favorable to the high quantity of middle- to low-end bread-and-butter flips that we saw late last year and early this year," said Daren Blomquist, vice president of RealtyTrac.

Real estate investors made an average gross profit of $54,927 on single-family home flips in the third quarter, up 12% compared to an average gross return of $48,893 last year. The uptick in gross profit was buoyed by an increase in high-end flips on homes sold off by flippers for $750,000 or more. A total of 968 high-end homes were flipped in the third quarter, up 34% from a year ago.

>> Read more: http://www.housingwire.com/articles/27479-home-flippers-back-away-as-real-estate-turnover-activity-declines

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2 Responses to “Home flippers back away as real estate turnover activity declines”

  1. Charlene Clark October 17, 2013 at 9:41 pm #

    Reblogged this on Charlene Clark | Blog.

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  2. markrafehrealestate October 17, 2013 at 10:12 pm #

    Reblogged this on Mark Rafeh Real Estate Blog.

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