SCW NEWSWATCH: “How tech jobs helped Rust Belt become house-flipping hotspot” – Reuters

“… house-flipping is making a comeback … this time in … Rust Belt cities the last boom passed by.  … Today’s house-flippers … buying properties and selling … within 12 months [] … are mainly contractors and professional renovators who buy run-down properties in promising neighborhoods and fix them up, boosting the resale value. … those who contributed to the speculative frenzy of the early 2000s would typically take out a mortgage to buy a home, perhaps give it a new coat of paint [and] wait for prices to rise enough …. [O]ld industrial cities such as Pittsburgh, Buffalo and Cleveland … are beginning to attract tech firms, such as Google-parent Alphabet Inc, Uber … and Amazon[] … boosting demand for … in areas that have … old[] housing stock … and not much new construction …. Nationally, the average house-flipper earned a 44.3 percent gross return … this year, compared with … 35.3 percent during the boom. …”

Click here for: “How tech jobs helped Rust Belt become house-flipping hotspot” – Reuters