Speculators, house flipping are back… has the market finally bottomed?

Housing speculators are starting to move on the market, and, according to reports, house flipping is also back. In San Diego, the flipping rate is twice as high as it was a year ago. Investors are looking at longer periods and lower returns. The cash is coming from people uncomfortable in the stock market, or retirees using their savings, said Pat Lashinsky, CEO of ZipRealty, on CNBC. Investor funds are also pulling together cash in a hedge fund-style approach. “We’ve been saying the same message now since approximately 2008… this
is the magic bottom,” said developer Joe Sitt of Thor Equities. [Mortgage News Daily]