2017-04-24 — caseyresearch.com
... more than 11,000 new condos [are] scheduled to hit Miami's market by 2018. That's about 70% more condo units than Miami already has. This is going to be like pouring jet fuel on a raging fire. And yet speculators continue to "flip" condos across the city.''
It's happening all across Florida, Las Vegas, and Atlanta. It's also happening in small U.S. cities like Fresno, California and Tacoma, Washington.
According to real estate site Trulia, more than 6% of home sales last year were "flips." These are properties that have sold at least twice in the past years.
That's up 5.3% from a year ago. More importantly, we're now seeing the highest level of flipping activity since 2006...which was the peak of the last housing bubble. This is a big deal. It tells us that the U.S. housing market is likely in the late stages of a bull market.
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