Courtesy Citybizlist – Massachusetts was the No. 1 state for home flippers in 2013, 24/7 Wall St. reported citing RealtyTrac data. Home flippers in the state made a gross profit of more than $100,000 from each deal. California and Maryland were ranked No. 2 and 3 respectively, followed by New Jersey and New York in that order.
According to RealtyTrac, investors bought more than 156,000 homes in 2013, and quickly resold them for an average profit of $58,081. While the number of U.S. home flips increased in 2013 compared to 2012, home flips as a proportion of all home sales declined from 7.1% of sales in the fourth quarter of 2012 to just 3.8% of sales in the fourth quarter of 2013.
“(Now) that home prices are beginning to moderate, flippers are beginning to pull back on their activity. I think another thing causing flippers to pull back is there’s not as much inventory available, particularly distressed inventory at a discounted price,” said RealtyTrac Vice President Daren Blomquist.
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