House flippers in Michigan are having a tough time making money these days.
Before the recession, house flipping was a small, but very active part of Michigan’s real estate industry.
House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months. Flipping flopped during the recession as plunging home prices took the profit away.
But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.