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77% of Home flippers have scored a profit in 2013


Photo credit: mlhradio / Foter / Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0)

 

 

Home flipping enjoyed a significant increase in profits in 2013, compared to the previous year. 77% of homes, which were resold 12 months later were sold for a gain.

According to Redfin, last year houses were flipped for $90,200 on average, while the number for 2012 is $71,800.  The statistic shows that a significantly larger number of houses were flipped in 2012 but for much less money.

Redfin says that in 2013 San Francisco was the most profitable flipping market, with a gain of $194,600 per home on average. Atlanta, on the other hand, showed the lowest profit rates, with only $50,200 per home.

Read the full article at Nationalmortgageprofessional.com.

Over $20 billion needed for Water Infrastructure Projects. Corps Chief Calls for Private Investment.

Lt. Gen.  Thomas Bostick
Lt. Gen. Thomas Bostick

Photo credit: The U.S. Army / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)

 

The U.S. Army Corp of Engineers have set out to repair the country’s water infrastructure and are calling for private-sector investments.

According to the head of the Corps of Engineers, Lt. Gen. Thomas Bostick, the federal government simply does not have the resources to deal with the matter at hand. He estimates that the Corps will need about $23.5 billion to finish all projects, scheduled to start this year. The funding gap, he says, is quite large, as the government has only $1.5 billion to invest into infrastructure enhancement projects for 2014.

The Corps are currently looking to set long-term contracts with private investors, which will both assist the government and, somehow, bring profit to the sponsors in the future.

For more information, read the full article at Construction.com.