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As prices spike in white-hot housing markets such as California and New York, many home flippers are abandoning the ridiculously expensive coasts and heading for more profitable pastures—down South.

These intrepid real estate investors are seeing the biggest returns on their investments in Louisiana, according to a recent report from real estate data firm ATTOM Data Solutions. The company analyzed sales deed data in the second quarter of the year to come up with its quarterly ranking. Only properties that were sold twice within a 12-month period were included.

“The Southeast in general is a hot spot for flipping, as well as some parts of the Rust Belt,” says Daren Blomquist, senior vice president at ATTOM. “There are still deals to be had in those markets.”

That’s appealing to flippers who are seeing their profits squeezed by high home prices, which are continuing to soar. Returns are down to their lowest point in nearly four years, falling from a high of 50% in the second quarter of last year to 44.3% in the second quarter of this year. (Returns are the difference between the purchase and sale price of a home. They don’t take into account the cost of labor and construction materials for the rehab.)

Flippers made an average $65,520 in the second quarter of this year—a 5.7% drop from the previous quarter, according to ATTOM.

“The market is so hot that even homes that need a lot of work are selling close to market…