IE Business Daily Business news for the Inland Empire.
The Inland Empire is once again among the national leaders in housing flips.
Irvine-based RealtyTrac has listed the two-county region among the top 10 counties in the United States during the past year, according to a report in The Press-Enterprise.
All of the counties had at least 1,000 flips during that period. A flip is defined as any house that sold during those 12 months that was also sold within six months of that sale, according to the report.
Home flippers, who are sometimes blamed for driving up the cost of single-family homes, bought 3,302 houses during that time. Those homes had an average price of $178,523 in San Bernardino County and $228,776 in Riverside County.
But when put on the market by the flippers – who buy a house solely as an investment without ever intending to live there – they sold for an average of $252,231 in San Bernardino County and $298,457 in Riverside County.
That was a return on investment of 35 to 41 percent, according to the report.
Los Angeles and San Diego counties also made the top 10 list of counties with the most housing flips, according to the report.
