Home flipping has slowed across the country, but it’s booming in the District and Maryland. The District had the highest number of home flips in the nation in the first quarter, according to data collected by ATTOM Data Solutions, a real estate data provider. Maryland ranked fifth.
For its purposes, ATTOM defines a home flip as a property that has sold for the second time within a 12-month period. It uses publicly recorded sales deed data from more than 950 counties across the nation.
Across the country, home flips were down 8 percent from the previous quarter and 6 percent annually. But in the District they were up 10.7 percent from the previous quarter and up a whopping 32 percent year-over-year. Only Hawaii with its 36 percent jump had a bigger annual increase. Home flips in Maryland were up 8.5 percent from the previous quarter.
Daren Blomquist, senior vice president at ATTOM, says the uptick in foreclosure activity in both jurisdictions is leading to the increased number of home flips.
Click here to read the rest of the article written by Kathy Orton over at the Washington Post