Yes, it is 2017 and the burst of the housing bubble began in Q4 2007, over 10 years ago.
Yet, flipping of homes has been largely concentrated in those cities where the housing bubble created the most damage.
According to Trulia, Las Vegas is the leader with 10.5% of home sales going to “flippers.” Followed closely by Dayton Beach and Tampa/St Pete in Florida. Other Florida cites are in the top twenty with Phoenix in 16th place.
Liquidity moves markets!Click here to learn how you can follow the money.
Richmond, Virginia Beach and Norfolk represent the Commonwealth of Virginia.
The highest gross flipping returns? Among the 117 metro areas analyzed in the (Attom) report, those with the highest gross flipping ROI were East Stroudsburg, Pennsylvania (241.5 percent); Pittsburgh, Pennsylvania (130.0 percent); Cleveland, Ohio (116.2 percent); Philadelphia, Pennsylvania (107.1 percent); Toledo, Ohio (102.0 percent); and New Orleans, Louisiana (101.2 percent).
The original culprit for the 1995-2007 housing bubble? A massive mortgage credit bubble. The US has only retured to growing mortgage debt outstanding in 2015. But we are a far cry from the mortgage credit bubble of 1995-2007.
Pray that we do not return to Clinton’s National Homeownership Strategy: Partners in the American Scream.
Lenders have not lowered lending standards for the most part since the financial crisis. Hence, we are seeing fewer “speculative” flips.
Here is a person in Las Vegas who purchased a home at the peak of the house price bubble.
Wall Street Examiner Disclaimer: The Wall Street Examiner reposts third party content with the permission of the publisher. I curate these posts on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases promotional consideration is paid on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler and no endorsement of the content so provided is either expressed or implied by our posting the content. The Wall Street Examiner makes no endorsement or recommendation regarding them. Do your own due diligence when considering the offerings of third party providers.