According to Lauren Baier Kim of RealEstateJournal.com, in this Yahoo article it isn't in Southern California. The median home price in So Cal ($485,000) posted only a gain of 6.4%. It's also taking longer to sell a house due to mortgage rates, fewer speculators, and homeonwers trying to sell before prices fall further.
House flipping on the other hand (the practice of buying and then reselling for a sizeable profit) is a very popular activity in New Orleans. Renovations have begun on many homes ravaged by the storm and those handy with a hammer can make up to an 80% gain, according to one local flipper.
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