Home flipping sales declined nationwide both quarter-over-quarter and year-over-year in the third quarter, hitting their lowest level since the second quarter of 2009, according to RealtyTrac's Q3 2014 U.S. Home Flipping Report released today. The number of home flipping sales, or those in which a home is purchased and sold within 12 months, represented 4 percent of all single-family home sales in the U.S. in the third quarter, down from 4.6 percent in Q2 2014 from 5.6 percent in third quarter of 2013.
The average gross return on investment for flipped homes in Q3 was 36 percent, while the average gross profit per home flipped for investors was nearly $76,000. The metro area with the most home flips in Q3 was Miami with nearly 1,200, while the metro area with the highest return on investment for flipped homes was Baltimore with 88 percent. The national average amount of time it took to complete a home flip in the third quarter was 185 days.
Congressman Jeb Hensarling was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress. Hensarling was recently elected for a seventh term as the representative for the 5th District of Texas in the November midterm election, having originally been elected to that position in 2002. He was elected to his first term as the chairman of the HFSC in 2012. Hensarling, a Republican, has long pushed for housing and financial reform and has been one of the most vocal critics of Dodd-Frank and the Consumer Financial Protection Bureau.