Home flipping isn’t the share of home sales it used to be; it stood at 3.7% of the total homes sold in the first quarter of 2014. But there’s still gold in them thar hills, so to speak, as profits from flipping a house are up to 30%. Notably though, the returns in the top 14 markets are more like 70-80%.
While the share of flipped homes is shrinking, the average sales price of single-family homes flipped in the first quarter was $55,574 higher than the average original purchase price. That’s up from a year ago when the average gross profit per flip was $51,805, according to the Q1 2014 U.S. Home Flipping Report from RealtyTrac.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More