Flips return the lowest profits since 2008 when the last housing bust occurred, according to an analysis by real estate data firm Attom. The gross profit fell almost 14% on flipping homes to an average of less than $65,000 in the first quarter of the year.
The drop in profit on flipping homes is in line with the housing market, which slowed as a result of higher mortgage rates and a surplus of inventory listed for sale on the market.
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