Consumer Minute: Oil is Up & "Flipping" is Down

By Laine Baker | lbaker@knwa.com

Published 05/01 2014 07:19AM

Updated 05/01 2014 06:06PM

Texas is putting out more than 2.9 million barrels of oil a day, according to the Energy Information Administration's website. That's more than Kuwait and Qatar.. and it's not far behind Iraq. According to Forbes, the oil boom has helped texas add about 300,000 jobs in the past year and end 2013 with a $2.6 billion dollar budget surplus.

In the real estate market, fewer buyers are "flipping" homes, but those who are, are making more money doing it. That's according to "Realty Trac." In the first quarter of this year, 3.7% of all home sales were flips. That's down from 6.5% from the same time last year. The average profit on those flips was 30% - that's 2% higher. The city with the biggest profit? Pittsburgh, where the average return on investment was 89%.

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