Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

The "flipping" of homes in California declined to its lowest level in more than three years, according to HomeSmartReports.com, a company that offers information on real estate sales trends and property values. Investors are apparently pulling back, and "chances for a quick turnaround and profit are diminishing," according to a company statement. During the second quarter, 2.4 percent of the existing homes that sold statewide had been owned for six months or less. That was down from 3.2 percent for the first three months of this year and down from 3.5 percent for last year's second quarter, according to HomeSmartReports.com. Last quarter's activity was the lowest since first-quarter 2003, which also had 2.4 percent. The recent peak in flipping was during first-quarter 2005 at 3.8 percent,...