Don't Worry, It's Different This Time: Home Flipping Frenzy Matches Pre-Crisis Highs [zero hedge]
CORELOGIC (CLGX)
Last corelogic earnings: 4/30 04:15 pm
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US:NYSE Investor Relations:
investor.corelogic.com/node/668
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Source: zero hedge
For our latest installment of "it's different this time", where we examine the revival of financial products or market trends that contributed to the crises of yesteryear, we bring you a report from the Wall Street Journal about how house flipping - the practice of buying a home for speculative purposes, with the hope of turning a short-term profit - is officially back in vogue, thanks to mortgage rates that have been mired near cycle lows (and, thanks to Trump's lobbying for a rate cut, could move lower in the not-too-distant future).Those who were around during the run-up to the great financial crisis (or have at least seen the movie/read the book "The Big Short") should recall that a flipping frenzy helped fuel the destabilizing speculative bubble in the American housing market, as cocktail waitresses, strippers and gardeners all rushed to take out 'liar loan' mortgages to buy homes in Nevada, Florida and other particularly hard-hit markets, with the hope of turning around and sell
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