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| Daren Blomquist |
IRVINE, CA — ATTOM Data
Solutions, curator of the nation’s largest fused property database, released
its 2016 Year-End U.S. Home Flipping Report, which shows that 193,009 single
family homes and condos were flipped — sold in an arms-length transfer for the
second time within a 12-month period — in 2016, up 3.1 percent from 2015 to the
highest level since 2006, when 276,067 single family homes and condos were
flipped.
“Home flipping was hot in
2016, fueled by low inventory of homes in sellable or rentable condition along
with a flood of capital — both foreign and domestic — searching for the returns
and stability available with U.S. real estate,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“The combination of more
home flips and a greater share of financing for flip purchases resulted in a 19
percent jump in the estimated dollar volume of financing for home flip
purchases, up to $12.2 billion for the flips completed in 2016 — a nine-year
high.”
“Investors in search of
flipping returns are increasingly willing to move to secondary and tertiary
housing markets and neighborhoods with older, smaller properties that are
available at a deeper discount,” Blomquist continued.
“Given that many of these
markets are more affordable, we are also seeing a higher share of the flipped
homes sold to FHA buyers, with that share reaching a four-year high of 19.6
percent in 2016.”
For a complete copy of the company’s news release,
please contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
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