Louis Aguilar, Detroit News
Oakland County had the fourth highest rate in the nation for house flipping last year, as the rate of buying homes and selling them quickly for profit rose to 8 percent of all Metro Detroit single-family home sales in 2013.
That was more double the 2012 pace; on average, the seller netted about $29,000 profit, according to a report released today by RealtyTrac, an Irvine, Calif. firm that follows the housing industry. The average flipped house was purchased for about $76,000 and sold for $105,000. The $29,000 profit was nearly double the 2012 profit average, the report said.
“Overall, house flipping had a positive impact on the market because it took mainly distressed properties or undervalued properties and made them turn-key ready,” said Daren Blomquist, vice president of RealtyTrac in a telephone interview Wednesday.
“Strong home price appreciation in many markets boosted profits for flippers in 2013, despite a shrinking inventory of lower-priced foreclosure homes to purchase,” Blomquist said.
Metro Detroit was among the areas with big increases in home flipping between 2012 and 2013. Virginia Beach, Va., saw the highest increase, with 141 percent. Metro Detroit ranked seventh in the nation, with a 51 percent increase from 2012.
From The Detroit News