Source: Kristian Foden-Vencil, Oregon Public Broadcasting
Investors are making tidy profits flipping homes in Portland, according to a new report from the Internet housing data company RealtyTrac.
More than 400 homes were “flipped” in the third quarter of last year in Portland — that means investors bought and sold the homes within six months.
Four hundred is an increase of 16 percent, from the same period last year. The homes cost on average about $215,000 and then sold for about $290,000.
RealtyTrac spokesman, Daren Blomquist, says Portland is catching up to other areas of the country where investors have been buying up foreclosures to sell quickly.
“Because of some legislation and court rulings in Oregon that slowed down the foreclosure process, it has taken longer for some of these properties to make their way through foreclosure,” he said.
Blomquist says nationwide, the volume of house flipping decreased 13 percent because there are fewer foreclosed homes in need of renovation.