If you’ve been hunting for deals for any amount of time, you already know that the game has changed quite a bit in the last couple years. The competition for deals has skyrocketed, while inventory has remained relatively low.

This has created pressure on owner-occupants, as investors show up with cash to get REO and distressed properties. A recent report from Trulia and Bloomberg state that flipping (officially defined as a house selling twice in a twelve month period) is happening at the highest rate since 2006.

In 2016, 6.1% of US home sales met the criteria of a ‘flip’, as opposed to 2006, when that number was 7.3%.

We’ve definitely seen an uptick in the southeast Michigan market. The numbers were even stronger in markets that were even more crushed by the foreclosure crisis, with Las Vegas and Florida leading the pack.

Ralph McLaughlin, chief economist at Trulia has indicated that even though this metric is high, there still isn’t enough data to indicate the market will flip out again. Time will tell.

You can read the original article here at Bloomberg: Americans Are Flipping Houses Like It’s 2006

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Source: TommyDesmond.com