Home-flipping activity cooled in California to its lowest level since 2003, according to a report by HomeSmartReports.com, a real estate information company. The company reports sales of homes owned for six months or less as a gauge of "flipping," or possibly speculative buying and selling activity. Homes owned for six months or less accounted for 3.2 percent of all home resales in 2006, compared with 4.2 percent in 2005 and 3.6 percent in 2004, the company announced. In 2003 it was 2.4 percent. Flipping activity was highest in Kern (4.7 percent) and Riverside (4.3 percent) counties in 2006, and lowest in Napa County (1.9 percent) and in rural Sierra foothill counties. Corona's 92880 ZIP code had the highest flipping rate in the state at 12.9 percent, followed by Playa Vista's 90094 ...
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