How to know which areas of the country have best markets?

[Patrick Philip]

I talked to a guy who lived in NYC. He said he used to flip in Jacksonville, FL long-distance because the market was hot at the time. How does someone know which markets are "hot?" And what does "hot" mean? Does it mean that market prices are going up? Are there websites that keep track of this? What statistic should I be looking at?

[Ritch Bonisa]

Some of the colder weather markets will begin to see less activity from now through March.  I think it's a good time to find deals.   We still see alot of rehabs going in the winter months.  I always hear how winter is a drag.  We've seen fewer buyers in those months, but have experienced seeing alot of rehabs starting and being completed in time for Spring.