Industry News

Home flipping cools down in California

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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 ZIP code at 12.3 percent and San Jacinto's 92582 ZIP code with 12.2 percent, according to the report. In Colusa County, flipping activity fell from 4.7 percent in 2005 to 1.1 percent in 2006. Flippin...