Yes you can make a fairly good profit. If you want to get a cheap house from a foreclosure and fix it up it may be profitable. Buying cheap and spending some money to fix up a house and then selling it is a good way to make money. You need to know what you are doing though.
You can definitely make a good profit from flipping a foreclosed home. Especially if you are able to do the work that needs done by yourself. With the market being down and the amount of houses that are foreclosed on you can definately make a hefty profit just by making some minor improvements.
I don't feel there is a good profit to be made b flipping a foreclosure. The market and rates are still too volatile to withstand a flip. Even watching the flipping television shows, the problems they run into and the cost involved, if anything screams stay away from this business.
Flipping houses has generated a fortune for many. Well, for those who have already used the process over the last six years. Anyone who tries to get into such a racket now will be doomed to failure. It is only a matter of time before rates start to rise, and housing profits sink. If you are going to buy a house now, you had better be prepared to live it for at least ten years.