When the housing bubble popped in 2006, house-flippers were essentially out of commission. But now that recovery is slowly ticking up, house-hunters are back on the trail, looking for great deals on houses they can easily scoop-up, re-model, and make a profit on.
According to Washington Post report, house flipping has gone up 25% over the last year. Most common in cities like Phoenix, Atlanta, Miami, up-and-coming hoods in Los Angeles, and of course Las Vegas, people are making upwards of $300,000 after buying these sad and desperately unloved houses from the bank–well beyond their purchase price.
Making a huge impact on US housing, and using their own cash, flippers are the new “urban pioneers.” Using personal resources and sweat equity to turn dilapidated disasters in income generating gems.
This year prices rose at the fastest pace since 2006 and most housing experts believe the market will continue to improve.
The housing crash that lasted until 2011 wiped out more than $7 trillion in household wealth across the nation, according to data from the Federal Reserve.