DETROIT, Mich. (WXYZ) - According to a new report by RealtyTrac.com, Eastpointe is in the fourth best city in the country for flipping homes.
This is great news for America's comeback city and its neighbors in the suburbs. We've learned among zip codes with at least a dozen or more homes being flipped, Eastpointe (48021) comes in No. 4 with more than 33 percent of the homes flipped in the U.S.
Warren (48089) comes in at No. 5 with more than 31 percent.
A lot of attention has been brought to the Motor City after "Rehab Addict" celebrity host Nicole Curtis decided to focus her time and energy into being a part of our comeback.
In RealtyTrac's new report it points to cities where the share of homes flipped in the second quarter is well above the national average. Detroit is called out as one of those, with just over seven percent.
The report says the average time it takes to flip a home around six months, but experts warn those flipping homes should watch the economy as home price appreciation slows and an increase in interest rates could reduce the number of potential buyers for fix-and-flip homes.
So why is all of this relevant? "Flips" are one key segment of the housing market and one that allows the flipper to turn a profit. We're likely just seeing the start of flips here in Detroit.