Property flipping rate in Harris County well below national average

During the first six months of 2012, investors in Harris County flipped just 57 properties.Following the housing market collapse, the foreclosure rate surged across the country, which made way for the rising trend of property flipping. This takes place when a buyer purchases a distressed home for a low price, invests money for repairs and updates, then resells it for a profit.In the first half of 2012, there were more than 99,000 flips across the country, according to data from RealtyTrac. Meanwhile, the average investor made a $29,343 from a single transaction, which took an average of 106 days to complete.On a local level, Harris County painted a slightly different picture when in came to flipping Houston real estate.During the first six months of 2012, investors in Harris County flipped just 57 properties, which was a 63 percent decline from a year earlier, the report said. In addition, the profit margin was well below the national average, at $12,134.In the years after the real estate bubble burst, the majority of local housing markets across the country were hit much harder than Harris County, which could explain why property flipping rates remained subdued.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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