wow. we re seeing new signs of positive economic growth, new numbers are out, consumer spending is up. i have a lot of consumer spending consumer confidence in you. well, thank you. the housing market is looking up with perspective buyers, house flippers are out once again. abc s cecilia vega has the story. reporter: in the latest sign that america s real estate bubble is on the rebound. greg steinberg and alexander beckett are flipping houses. they bought the two-bedroom home in los angeles and plan to fix it up and sell it fast, making a $50,000 profit. so this is the hallway that leads to the bathroom and two bedrooms over there. reporter: this was the bathroom. yes. reporter: was. four months ago this was the living room, the dining room. you can see the house is under construction, just gutted.
in a matter of two months it will be on the market and ready for sale. flipping homes helped fuel the real estate bubble and made for tv gold. remember all the shows from flip this house. to flip that house. one, two, three. let s get paid. reporter: today around the country there are 25% more homes being flipped than last year. and sellers are walking away with an average profit of $29,000. of the houses that you re selling, how many would you say are houses being flipped? between like 25% and 40%. reporter: wow. in this new generation of house flippers, many greedy speculators are being replaced by conscientious buyers. flippers are savvy. reporter: home sales may be on the rebound, but there s still more work to be done. six years ago the median home price was about $230,000. today it is only $187,400. still, there are now profits to be made. for those willing to gamble. it is very risky. it s high stakes poker.
you can see the house is under construction, just gutted. in a matter of two months it will be on the market and ready for sale. flipping homes helped fuel the real estate bubble and made for tv gold. remember all the shows from flip this house. to flip that house. one, two, three. let s get paid. reporter: today around the country there are 25% more homes being flipped than last year. and sellers are walking away with an average profit of $29,000. of the houses that you re selling, how many would you say are houses being flipped? between like 25% and 40%. reporter: wow. but in this new generation of house flippers, many greedy speculators are being replaced by consensus byers. flippers now are much more savvy. reporter: home sales may be on the rebound, but there s still more work to be done. six years ago the median home price was about $230,000. today it s only $187,400. still there are now profits to be made for those willing to gamble. it s very risky. it s h
winner suu kyi won a sigh in parliament after giving up power after 50 years under control of the military junta. heather: a new industry rising up from the ailing housing market. a new round of house flippers, are scooping up foreclosures making big money just by putting in elbow grease. but, were they not part of the bubble that got us in the mess in the first place in senior business correspondent will tell us if this is deja vu all over again. good or bad news? guest: not really, because that first group of flippers were the ones who contributed to the boom. and these are . basically clearing up the bust. they are clearing up the mess made in the first place. this is a group of venture capitalists coming in, buying up big groups of foreclosed homes,
the showdown in south carolina first here on fox news and watch it and profit. coming up next on this show. forcing kids to apply for college. how is this government plan threatening to send unemployment way up. and ready to flip over a new plan to rescue home prices. house flippers getting money to flip even more . it s a bit like asking if they want a big hat. . scuse me. .or a big steak. .or big hair. i think we have our answer. geico. fifteen minutes could save you fifteen percent or more on car insurance.