Flipping: Profitable but risky business

Sounds like buying and then quickly turning around houses, or flipping, could be a little less lucrative than it's been in the past. That doesn't mean people aren't still doing it -- there's plenty of speculators in Arizona, Nevada, parts of Texas, and elsewhere who are going into communities, buying homes, and then turning them around for sale in a month or even less time.

One wonders if this'll happen in New Orleans -- a place ripe for speculation in post-hurricane times.