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House flipping in the Tampa Bay area and Florida on the rise

Half a decade after frenzied house flipping inflated home prices and hastened the crash, buying and quickly reselling homes continues to pull in big profits in Tampa Bay.

Nearly 2,000 homes were flipped between January and June, twice as many as were flipped during the first half of 2010, according to a new RealtyTrac report released Wednesday.

Flippers kept the homes on average for about three months before reselling, the report stated, earning an average profit of more than $25,000.

Florida saw more than 14,000 flips during the same time period, a 70 percent increase since 2010. But homes were kept longer before a sale, the report stated, and the average profit was much less, at about $13,000.

The foreclosure data firm, which categorized flips as resales within four months after purchase, did not detail how much money flippers invested before selling the homes.

Uncontrolled flipping proved disastrous during the housing boom when speculators resold en masse, sending prices wildly soaring while adding little in repairs.

A Times investigation in May found that the most rapid flips, in which homes were bought and sold within a day, remained prevalent, with hundreds of sales last year earning one-day markups of more than $7,500.

House flipping in the Tampa Bay area and Florida on the rise 09/19/12 [Last modified: Wednesday, September 19, 2012 5:47pm]
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