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Warning sign: House flipping on the rise again

By Patrick following x   2018 Apr 19, 7:02pm 312 views   3 comments   watch   sfw   quote     share    


https://www.npr.org/2018/04/17/601925433/a-decade-after-the-bubble-burst-house-flipping-is-on-the-rise

... a decade after the U.S. housing bubble burst, house flipping is on the rise again. Defined as reselling a house within a year of purchase, flipping is at an 11-year high in the United States and it's the subject of dozens of TV shows and weekend workshops promising to teach real estate novices how to make a fortune.

New research shows that flippers contributed to the housing crash of the mid-2000s more than economists initially realized. Because some of the same practices from the boom are making a comeback, some market watchers are concerned that the real estate market might once again be nearing a bubble.
1   Onvacation   ignore (2)   2018 Apr 19, 9:34pm   ↑ like (1)   ↓ dislike (0)   quote        

Every time a new loan is made the banks create more money out of thin air. This money is frontloaded with fees and must be paid back with interest. As creaters of this money the banks own the real estate, kinda.

The system is broken. The crisis of 2008 was papered over and now the banks are richer and the rest of us have to spend more to get less.
3   Quigley   ignore (0)   2018 Apr 20, 6:19am   ↑ like (1)   ↓ dislike (0)   quote        

A house I looked at possibly buying almost two years ago ($725k) is back on the market at $1.3 million! It’s been renovated within an inch of its life, although the yard is still pretty basic.
Still, a half million jump in price seems excessive. I’m not sure the neighborhood supports it. The zip code is great, but the physical location is between two freeways.
Definitely a flip tho.




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