House flipping is declining...
According to a recent report from Bloomberg News written by Prashant Gopal. According to the report 31,000 houses were flipped in the 2nd qtr which represents 4.6% of all home sales. Realty Trac said that's down from 6.2% for the same qtr last year.
The report goes on to say that flippers are "making smaller profits and finding fewer opportunities." They attribute this to a slowing of the 2 year surge in real estate prices.
And the report further says that distressed homes account for the lowest percentage of sales since 2008.
Darren Blomquist, vice president at Realty Trac said, "The flippers formula is to buy a property that they can add value to at a discount and sell at a premium. Now home price appreciation has slowed dramatically in many of the flipping meccas and the availability of discounted properties has dried up."