While the practice of flipping houses has not yet returned to its pre-recession levels, one city in particular, is climbing quickly back to peak levels: Las Vegas.
According to an article by Patrick Clark, the slow return of house flipping (i.e., buying buildings needing various levels of repair, fixing them up, and selling them at a profit shortly after) is finally picking up some momentum. Evidence Las Vegas, "where flipping is making a steady comeback."
Clark reports that "flips accounted for 10.4 percent of homes sales in the Las Vegas metropolitan area" during the third quarter of the 2015. The Las Vegas percentage far outpaces the national average of 5 percent (which is still sluggish compared to the pre-recessionary rate of 8.6 percent set in 2006). The Las Vegas flip rate is still down from a peak of 13.1 percent set in the third quarter of 2005, but along with Birmingham, Alabama, the city is clearly leading the nascent renaissance of house flipping. The data on house flipping is found in a report released last month by Trulia.
The article goes on to speculate about why the practice of house flipping is making its comeback in Las Vegas (hint: home prices in the region are low).
Read the full story: House Flipping Is Making a Comeback in Las Vegas
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