While flipping activity overall is down considerably from its peak reached 11 years ago, the median gross profit per flipped property is up considerably and some markets in the country are providing ample opportunities for flippers, according to data released by CoreLogic on Tuesday. According to CoreLogic’s May 2016 MarketPulse, the ratio of flipped homes among all residential homes was 4 point 4 percent for Q1 2016, down from its peak value of 6 point 4 percent in Q1 2005.
The median gross profit per flipped property in Q1 2016 is about 17 percent higher than its peak value reached in Q3 2005—56 thousand dollars compared to 48 thousand dollars. Out of the top 10 core-based statistical areas in the country ranked according to the highest share of flipped homes, seven of them were located in Florida. The three markets with the highest flip percentage in Q1 were Memphis, Tennessee; Fresno, California; and Lakeland-Winter Haven, Florida.
While Republicans have long claimed that the financial system in the United States have been severely overregulated since the crisis, a group of progressives who believe that Wall Street is not regulated enough has organized a coalition in hopes of getting stricter rules passed. Senator Elizabeth Warren, the architect of the controversial Consumer Financial Protection Bureau, led the coalition on Tuesday. The event included several other Democratic lawmakers, labor leaders, and civil rights groups.