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A new report said metro Phoenix is third in the nation in the profitability of flipping homes.

"Yes, I think it's a good area," said Bill Rimsza of Rimsza Realty in Phoenix.

But Rimza said there is one major problem.

"I think it's starting to get saturated. It's getting harder to by the products at a low enough price that you can go and do the work, then get the return."

The report said the average purchase price for a flipped home in Phoenix was $146,000; selling price was $210,000.

In tenth-ranked Tucson, the average purchase price was $117,000 and the average price it sold for was $157,000.

The report, released by RealtryTrac on Thursday, said Orlando last year was top in the nation in terms of the rate of return for purchasing a house and then selling it within six months.

Other metro areas that ranked at the top of the list were Las Vegas; Tampa; Memphis; Miami; Lakeland, Fla.; Nashville and Sarasota, Fla.

The average purchase price for a flipped home in Orlando was $103,000, and the average price it sold for was more than $168,000.

KTAR's Sandra Haros contributed to this report.

Associated Press,

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