Flipping Houses, Back In Style
by Lynne Adkins
PHILADELPHIA (CBS) -- Remember when people used to flip houses for a living? It's back!
The number of flippers is up across the country, but Philadelphia stands out with 6% of homes sold being resold for a quick profit.
Daren Blomquist, Senior Vice President of Attom Data Solutions which tracks real estate information, says local flippers are making a lot of money, selling the properties for nearly $95,000 more than they paid.
"They're buying at a whopping 46% discount below the estimated market value of the properties they're purchasing on average, and that's a sign that they're buying pretty highly distressed properties in poor conditions," said Blomquist.
He admits while flipping is coming back, it's no where near as popular as ten years ago.