Home Flippers Flip The Script In Q1
Flips increased to 9% of sales as profit margins post modest increase.
Flips increased to 9% of sales as profit margins post modest increase.
Filings rose 7% from April and 14% from a year earlier.
Total residential loans drops nearly 20% as just 1.25m loans were originated.
The 10% drop followed a 20% month-over-month increase in March.
Profit on single-family home or condo fell to 44.2% as home prices stayed flat or fell.
Foreclosure starts increase 29% YOY; bank repossessions at highest level in 3 years.
'The soaring housing market has finally come back down in much of the U.S., at least for now.'
House flips reached their highest level in 17 years, but ROI was lowest since 2008.
Overall activity fell 3% from January 2023; completions up 45% YOY