Investors are backing away from home flipping today data shows in the 1st quarter of 2017. About 43,615 single family homes and condos were flipped in the 1st quarter of 2017. Down 8% from the previous quarter and 6 % from last year. It represents the lowest number of flips in two years. A flip is defined as a home that has been sold twice in a 12 month period. Home flips accounted for 6.7% of all single family and condo sales for the quarter, one third which were purchased with financing. That's up from 31.9% that were financed in the fourth quarter of 2016, setting the highest level since the third quarter of 2008.
The states with the highest level of home flips in the 1st quarter of 2017 are:
The district of Columbia: 10.7%
The cities with the highest-home flipping rates were:
Memphis, Tenn: 15.1%
Fresno, Cali: 11.1%
Birmingham, Ala: 10.3%
Las vegas: 10%