Home-flipping hits 22-year high, but profits narrow

Home-flipping hits 22-year high, but profits narrow

Home flippers are making more deals than ever. But they are making less money on each one. Nearly 115,000 home flips took place during the first three months of the year, accounting for 9.6 percent of home sales — the highest rate since at least the start of the century, a report by Attom found. In the previous quarter, flips only represented 6.9 percent of home sales. Flips’ market share has now increased for five straight quarters, and the most recent increase was the largest since at least 2000. At the same time, flippers’ profit margins slipped. “The bad news is that rising mortgage interest rates are beginning to slow down home price appreciation rates, and buyers have become more selective — and less willing to outbid other buyers for …
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