realtytrac

Real Estate
5:58 pm
Wed September 19, 2012

RealtyTrac: California Leads Nation In Flipped Homes

Homes in Merced, one of areas of the country hid hardest by the foreclosure crisis
Credit Joe Moore / Valley Public Radio

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.”

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Housing
11:58 am
Thu August 30, 2012

Foreclosures Drop, But Still Remain High

Merced has been among the communities hardest hit by the foreclosure crisis. (file photo)
Credit Joe Moore / Valley Public Radio

Foreclosure-related home sales fell 10 percent in California during the second-quarter compared to last year. But repossessions still accounted for a big percentage of homes sold. Listing service RealtyTrac says four out of every 10 California homes sold between April and June were foreclosures.

Daren Blomquist, RealtyTrac’s Vice-President said that number, "is extremely high. We’d expect to see less than 5 percent of all sales be foreclosure-related in a normal, healthy market."

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