Home Flippers Cashing Out

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Workers lift a wall frame in a home under construction at a K. Hovnanian Homes development in Plano, Illinois, U.S., on Wednesday, May 15, 2019. A stronger-than-expected increase in housing starts at the beginning of the second quarter bodes well for residential investment to make a contribution to GDP growth after five quarters of declines. Photographer: Daniel Acker/Bloomberg

(Bloomberg) — Here’s one consequence of the slowing U.S. housing market: Home flippers are heading for the exits.

Homes that were resold within 12 months after being purchased made up 7.2% of all transactions in the first quarter, the biggest share since the start of 2010, Attom Data Solutions reported Thursday. Meanwhile, the average return on investment, not including renovations and other expenses, dropped to 39%, an almost eight-year low



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