Data out today show a big spike in the rate of California homes purchased and resold within six-months.
People in the real estate business call it “flipping.”
“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”
Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.
“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”
“Not surprisingly” – he says – because California was hit so hard by the foreclosure crisis.
Those 26,000 flipped properties represent a 43% increase from the first-half of 2011 and a 19% rise from the first-half of 2010.
RealtyTrac says the average amount of time it takes to flip a home in California is just over 100 days…the average gross profit is $36,282.