PHOENIX — The Valley has been a hotbed for flipping homes ever since the housing bubble burst but that’s changing a little.
“The number of flips happening in Phoenix is actually down from a year ago. It’s down 12 percent,” said Daren Blomquist, vice president at RealtyTrac. “During the month of September, we saw foreclosures are on the downward trend and it was actually a 58-month low for Arizona.”
There are still plenty of cheap properties for investors to snatch up.
“Foreclosures are one of the primary ways that a lot of flippers find properties,” Blomquist said.
According to Blomquist, Lake Havasu City and Kingman are two of the best areas in the country for flipping houses, with sellers making a profit of about $87,500.