At least one of the risky money-making schemes from the pre-crisis era has resumed in full force.
As Bloomberg noted yesterday, house flipping -- the rapid buying and selling of a home, often after it has been foreclosed on -- is back.
In 2009, the number of flipped homes rose to 197,784 nationwide -- a 19 percent increase over the year before. But according to RealtyTrac, a company that tracks foreclosure rates across the country and provided HuffPost with this data, the practice of flipping foreclosed homes (i.e., reselling a property within six months of foreclosure) is trending significantly in some of the centers of the real estate crisis. In Las Vegas, for example, where the housing market has been particularly hard-hit, the number of flipped foreclosures jumped from 5,846 to 8,042 in 2009 -- a 38 percent increase.
Check out RealtyTrac's list of the markets that are experiencing a particular boom in foreclosure flipping:
The percentage of foreclosed homes that were resold within six months increased 12 percent in 2009 to 3,298, according to RealtyTrac.
Housing prices fell 17.4 percent in Las Vegas last year, while real estate flips rose 38 percent to 8,042, RealtyTrac data indicate.
RealtyTrac data show that flips in Riverside and San Bernadino Counties last year jumped 45 percent to 17,203.
Phoenix, where housing prices fell 4.6 percent last year, saw flips surge 81 percent to 4,661 in the same period, according to RealtyTrac.
Property flips soared to 2,617 -- a 167 percent increase over the prior year -- in Lee County, FL, according to RealtyTrac.