More homes are being flipped for a profit this year than at any time since 2010, according to a new report from ATTOM Data Solutions. In it's Q2 2016 U.S. Home Flipping Report, the data company shows that home and condo flipped sales increased 14 percent from the previous quarter alone and are three percent higher than they were a year ago.
51,434 residential properties or 5.5 percent of all homes sold last quarter were home flips. A flipped home is considered any property that is sold in an arms length transaction for the second time in a twelve month period. Rising demand from buyers admits a shortage of homes on the market is sparking the increase in the practice.
In addition to the overall volume of flipped homes increases, the profit investors are realizing is climbing as well. The average gross profit in the second quarter was $62,000. In San Diego, where buyer demand continues to surge, profits topped $111,000.
Meanwhile, conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
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