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| Daren Blomquist |
IRVINE, CA –— ATTOM
Data Solutions, curator of the nation’s premier property
database, today released its Q4 and Year-End 2017 U.S. Home Flipping
Report, which shows that 207,088 U.S. single family homes and condos were
flipped in 2017, up 1 percent from the 204,167 home flips in 2016 to the
highest level since 2006 — an 11-year high.
The 207,088 homes flipped in 2017
represented 5.9 percent of all single family home and condo sales during the
year, up from 5.7 percent of all sales in 2016 to the highest level since 2013.
A total of 138,410 entities (individuals
and institutions) flipped homes in 2017, up 4 percent from the 133,407 entities
that flipped in 2016 to the highest level since 2007 — a 10-year high.
“The surge in home flipping in the last
three years is built on a more fundamentally sound foundation than the flipping
frenzy that we witnessed a little more than a decade ago,” said Daren
Blomquist, senior vice president at ATTOM Data Solutions.
“Flippers
are behaving more rationally, as evidenced by average gross flipping returns of
50 percent over the last three years compared to average gross flipping returns
of just 31 percent between 2004 and 2006 — the last time we saw more than
200,000 home flips in consecutive years.
"And
while financing for flippers has become more readily available in recent years,
65 percent of flippers still used cash to buy homes flipped in 2017, nearly the
reverse of 2004 to 2006, when 63 percent of flippers were leveraging financing
to buy.”
For
more information, please contact:
Christine
Stricker
949.748.8428
Data and Report Licensing:
949.502.8313
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