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.
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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.
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