Flip Flopping in Sonoma County
PD says Flippers are Flopping in Sonoma County.
"Investors who once hoped to make a quick buck on rising home prices are now pulling back from Sonoma County's housing market, according to a study issued Tuesday."
"Buying and selling homes within such a short period is known as "flipping." Investors seek quick profits particularly when sales are strong and home values are rising."
"Almost half of the Sonoma County sellers who flipped their homes in the second quarter lost money, according to the study.Statewide, 2.4 percent of homes sold during the second quarter had been owned less than six months, compared with 3.8 percent in the first quarter of 2005, the study found. It was the lowest level of flipping activity since the first quarter of 2003."