Ravenous Wolf

House flipping makes a comeback

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House flipping makes a comeback

Flippers swoop in at public auctions of foreclosed homes, buying from banks eager to move the troubled properties off their books.

http://articles.moneycentral.msn.com/Investing/Extra/house-flipping-makes-a-comeback.aspx

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I thought that the only flipping that was going on was the one finger salute.

But I hate to imagine the pain that a lot of people went through when the real estate market went down the tubes. A lot of house flippers got burned.

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The pendulum has swung back to the flip market. I live in sacramento and there are so many foreclosures it had caused a feeding frenzy among investors. We just bought a foreclsoure in 11/08 (to live in) and found out after that there were 17 cash offers on the table.

Like stocks, home prices in some markets fell below what they should have and the people with money recognized it, and are buying them up (though the rest of the market is still challenging I think).

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