Investors are finding record profits flipping houses that are smaller and older than in the bubble heyday of 10 years ago, according to a report released Thursday by ATTOM Data Solutions.
The Los Angeles real estate analytics firm found 193,009 home flips in 2016. These arms-length sales occurring within 12 months of purchase accounted for 5.7% of all single-family home and condos sales last year. The number is up only slightly from 5.5% in 2015, and part of a steady, gradual increase over the past three years.
The rate of house flipping is well below the bubble years of 2004 through 2006. The highest rate was 8.2% in 2005. House flipping contributed the overheated housing market, which crashed in 2008 after a wave of foreclosures.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
