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.
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