On December 6, 2018, ATTOM Data Solutions reported nationwide reported nationwide 5.0% or 45,901 homes flipped in the 3rd quarter of 2018, declined 5.2% from the 2nd quarter of 2018, and lower from 5.1% from the 3rd quarter of 2017; to an average of $63,000 gross profit in the 3rd quarter of 2018 decreased from an average of $69,500 gross profit in the 2nd quarter of 2018, and dropped from an average of $66,448 gross profit during 3rd quarter of 2017.
State of Arizona had the most with 7.7% flipped properties in the 3rd quarter of 2018, and Memphis, Tennessee metro market area had the most with 10.4% flipped properties in the 3rd quarter of 2018.
Daren Blomquist, vice president of ATTOM Data Solutions, stated “We’ve now seen three consecutive quarters with year-over-year decreases in home flips. The last time that happened was in 2014 following the mortgage rate jump in the second half of 2013, but it’s still far from the 11 consecutive quarters with year-over-year decreases in home flips extending from Q2 2006 through Q4 2008 and leading up to the last housing crash.”
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