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| Daren Blomquist |
IRVINE, CA — RealtyTrac®
(www.realtytrac.com), the nation’s leading source for comprehensive housing
data, released its Q1 2016 U.S. Home Flipping Report, which shows that 6.6
percent (43,740) of all single family home and condo sales in the first quarter
of 2016 were flips, a 20 percent increase from the previous quarter and up 3
percent from a year ago to the highest rate of home flips since the first
quarter of 2014.
For the report, a home flip
is defined as a property that is sold in an arms-length sale for the second
time within a 12-month period based on publicly recorded sales deed data
collected by RealtyTrac in more than 950 counties accounting for more than 80
percent of the U.S. population
The 6.6 percent share of
total home sales that were flips in Q1 2016 was still 26 percent below the 9.0
percent share at the peak of home flipping in Q1 2006, but was 55 percent above
the recent trough in home flipping — 4.3 percent of total home sales in Q3
2014.
“After faltering in late
2014, home flipping has been gaining steam for the last year and a half thanks
to falling interest rates and a dearth of housing inventory for flippers to
compete against,” said Daren Blomquist,
senior vice president at RealtyTrac.
“While responsible home
flipping is helpful for a housing market, excessive and irresponsible flipping
activity can contribute to a home price pressure cooker that overheats a
housing market, and we are starting to see evidence of that pressure cooker
environment in a handful of markets.
For a complete copy of the company’s news release,
please contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
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