Home flippers aren’t seeing the returns they once did, according to new numbers from ATTOM Data Solutions. Its latest U.S. Home Flipping Report shows that nearly 78,000 homes and condos were flipped during the second quarter and the typical gross profit was $60,526 – down from $66,932 during the first quarter and $71,000 last year at the same time. Rob Barber, ATTOM’s CEO, says flippers are making money, just not as much as a few years ago. “Flippers are still making money in most markets, but the typical return continues to narrow,” Barber said. “The second-quarter numbers continue the general downward trend in profit margins and gross profits we have seen over the past two years.” The report shows that the typical profit margin fell from 27.6 percent to 21.5 percent year-over-year, with the highest margins found in Pittsburgh, Buffalo, New Orleans, Virginia Beach, and Philadelphia. (source)
