House flipping: More homes being 'flipped' in Port St. Lucie
6:23 AM, Jul 19, 2013
12:57 PM, Jul 19, 2013
PORT ST. LUCIE, Fla. -- Port St. Lucie has been named one of the top 15 real estate markets in the United States where someone can buy a home, sell it in six months and turn a profit, according to the RealtyTrac Midyear 2013 Home Flipping Report.
The market is one of seven in Florida to have made the list as the most profitable to "flip" a home.
Nationally, the number of homes flipped in the first half of 2013 is up 19 percent from 2012 and up 74 percent from the first half of 2011, according to the report.
"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," Daren Blomquist, vice president at RealtyTrac said.
"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 said.