Recovery of luxury home flipping highlights growing divide in market

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Speculative builders in the Los Angeles area are finding more success in flipping trophy homes, as the luxury-listing market continues to climb out of its post-crash trough, Bloomberg reports.

The recovery of that segment of the market underscores the growing bifurcation of the broader market, according to the news outlet.

Sales of U.S. homes for more than $1 million leaped 25 percent year over year in June, while sales of homes for less than $100,000 dropped 19.6 percent, according to National Association of Realtors data cited by Bloomberg.

Source: Bloomberg