Posted To: MND NewsWire
Is flipping back in vogue? CoreLogic, in a two-part article published in its blog says activity is up, but so far we are seeing nothing like the level of activity in 2005 . Flipping is defined as an investor purchasing a home, renovating and repairing it, and selling it at a profit within a short period of time. Easy access to credit and home prices that were steadily marching upward fueled record levels of flipping before the housing bubble burst. At the peak in the first quarter of 2005 there were an estimated 80,000 units “flipped,” accounting for 6.4 percent of home sales. By the first quarter of 2009 the number of flips had slipped to under 20,000, a little over a 1 percent share. Now prices have been appreciating at a relatively high rate for the last four years and have set new price…(read more )