Thursday, February 15, 2007

House Flipping on the Decline in Florida

Sales of homes in Florida owned less than six months fell again in the fourth quarter, as flat housing values continued to cool speculative quick sales known as "flipping," according to a California-based online company that tracks sales and home values.

Homes owned for six months or less accounted for 2.4 percent of resales in Florida during the October to December period, down from 2.7 percent from the previous quarter and from 5.6 percent for the fourth quarter of 2005, according to HomeSmartReports.com.

Flipping in Orange County fell to 2.2 percent, just below the state average, the company said, down from 2.9 percent in the third quarter and 4.8 percent a year ago. Volusia County had one of the higher rates of quick sales in Central Florida during the fourth quarter, with 3.2 percent of homes sold held six months or less. That was up slightly from 3 percent in the third quarter but down from 5.2 percent in the final three months of 2005. Courtesy Orlando Sentinel 2/15/07.