Orlando is the best market in the U.S. for turning a profit from flipping houses, according to RealtyTrac’s latest foreclosure report.
The foreclosure data provider picked the top 25 municipalities nationwide in which a seller’s rate of return is the highest from flipping a single-family home. The data are based on the flipper’s gross profit, which is the difference between the average purchased price and the home’s flipped sale price later on. Investors are expected to have even better luck with flipping homes this year.
New York City, however, did not make the list.
The gross profit in Orlando was $64,976, or 63 percent of WHAT?, the report said. The next best markets for flipping were Las Vegas (53 percent), Phoenix (44 percent), Tampa (43 percent) and Memphis (42 percent).
The most single-family flips last year happened in Phoenix, with 10,589, RealtyTrac noted. — Mark Maurer