Community Corner
Report: Flipping Houses Popular in Prince George's
According to the Washington Post, investors are buying up foreclosed properties in Prince George's County and turning them around for profit.
Prince George's County has become a popular location for investors to spend money on property, The Washington Post reported Monday, leading the DC region on home sales last year.
The county accounted for a third of the home sales in the DC Metro region last year, the Post reported.
According to RealEstate Business Intelligence, the median sold price for the region is $170,000 in 2012, which is up 6.2 percent from 2011. In 2012, 29.9 percent of homes sold in Prince George's were cash sales, RBI reported, which implies that investors are buying houses to flip them.
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Read the full story on The Washington Post.
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