Houseflipping Moves Upmarket
Houseflipping Moves Upmarket (Bloomberg BusinessWeek)
Houseflipping, the practice of buying inexpensive foreclosed houses, quickly making repairs and selling them within six months, is slowing down. “The flipping frenzy is dying down on the lower end because they’re running out of good inventory to buy at a discount,” said Daren Blomquist, vice president at RealtyTrac. Instead, flippers are moving into higher-end homes, where the discounts are deeper and the markups are higher.