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| Daren Blomquist |
IRVINE, CA -- RealtyTrac® (www.realtytrac.com), the nation’s leading source for
comprehensive housing data, today released its Q2 2014 U.S. Home Flipping
Report, which shows that nearly 31,000 single family homes were flipped
nationwide in the second quarter of 2014 — where a home is purchased and
subsequently sold again within 12 months — representing 4.6 percent of all U.S.
single family home sales, down from 5.9 in the first quarter of 2014 and down
from 6.2 percent in the second quarter of 2013.
Investors averaged a gross profit of more than $46,000 per
flip on homes flipped in the second quarter of 2014, a 21 percent gross return
on the initial investment.
The average gross return was down from 24 percent in
the first quarter and down from 31 percent a year ago, which was the peak in
percentage return on flips nationwide since RealtyTrac began tracking the
flipping data in the first quarter of 2011.
“Home flipping is settling back into a more historically
normal pattern after a flurry of flipping during the recent run-up in home
prices in 2012 and 2013,” said Daren Blomquist, vice president at
RealtyTrac.
“Flippers no longer
have the luxury of 20 to 30 percent annual price gains to pad their profits.
"As
the market softens, successful flippers will need to focus on finding
properties that they can buy at a discount and efficiently add value to.”
For a complete copy of the company’s news release, please
contact:
jennifer von Pohlmann
949.502.8300, ext. 139
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