Flip squads take on foreclosed houses, try to turn profits

Bruce Norris, a longtime Riverside real estate investor and consultant who warned other investors early on that the real estate market was about to tank, said the deluge of houses hitting the foreclosure auctions and the numbers of buyers chasing them are far beyond what he had expected. He recalled that a year ago it was common for just a handful of investors to turn out to hear the trustee\’s auctioneer reel off the addresses of houses for sale and sometimes the auctioneer would speak to an empty courtyard, he said.