- Home flipping has undergone a bit of a resurgence in 2015 thanks, at least in part, to a surge in low down payment FHA buyers, many of whom are millennials looking for their first home.
- The share of buyers using FHA loans increased 31 percent during the same time period, from 17.9 percent in Q3 2014 to 23.4 percent in the Q3 2015.
- The top counties to flip to millennials include: Philadelphia, St. Louis City and Baltimore.
After fizzling out to a 15-year low a year ago, home flipping has undergone a bit of a resurgence in 2015 thanks, at least in part, to a surge in low down payment FHA buyers, many of whom are millennials looking for their first home.
Single-family homes and condos flipped in the third quarter represented 5 percent of all home sales during the quarter, an 18 percent increase in the share of homes flipped in the third quarter of 2015.
The share of buyers using FHA loans increased 31 percent during the same time period, from 17.9 percent in Q3 2014 to 23.4 percent in the Q3 2015, according to RealtyTrac public record sales deed and mortgage data.
RealtyTrac took a deeper dive into the flipping data along with demographic data from the U.S. Census for Inman Select and identified 18 counties nationwide with the best potential of flipping to millennial buyers looking for a starter home.
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Daren Blomquist is the vice president of RealtyTrac.
