Ore. house flippers flip fewer, do better

Ore. house flippers flip fewer, do better

Ore. house flippers flip fewer, do better

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by Associated Press

kgw.com

Posted on July 21, 2013 at 9:58 AM

SALEM, Ore. (AP) -- House flippers appear to be doing better this year in Oregon with fewer flips.

About 950 single-family homes were flipped in the first half of 2013, according to the latest data from RealtyTrac.

That means somebody bought those homes, perhaps fixed them up, and then sold them at a higher price within six months.

The number was down 47 percent from the first half of 2012, but the Salem Statesman Journal reports that last year home flippers were losing money.

This year, the average purchase price was about $187,000, and once sold, the houses brought in $37,000 more.

Daren Blomquist, vice president at RealtyTrac, says the numbers suggest that flippers were adding value by making improvements in the houses, rather than just waiting for prices to rise.

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