Thursday, July 26, 2007

Flippers in Trouble Blog Makes Forbes

From Forbes:

In markets like Sacramento, Calif., price depreciation and a high investor share has many flippers hanging out to dry. Watching asking prices drop on flipper properties--those bought and sold within two years, according to real estate agents--has become a sport in the Sacramento real estate blogosphere. By filtering official Multiple Listing Service (MLS) data, the blog Flippers In Trouble tracks every area flipper--those who bought a home in the last two years--and reports who is trying to sell his property for less than he paid. There are currently 1,348 such sellers, a sevenfold increase from last year, the MLS confirmed. A sluggish market indeed.
Congratulations Max! You've hit the big time.


Max said...

Sweet! I didn't even know: the writer emailed me with general praise, but didn't mention the mention.


smf said...

Congratulations, Max!

But, but, but...

The article was about how there were still markets were flipping was profitable.

I guess Forbes cannot see the writing on the wall.

Patient Renter said...

It's become a sport? Well, yeah, I guess so hehe.

"The article was about how there were still markets were flipping was profitable."

Maybe they were just contrasting? Anyways, congrats on the mention guys!

Max said...

But, but, but...

Yeah. The author of the article has been taken to task on some other blogs over his rosy outlook.

Nice to have the publicity, though. So far, I've had more hits from Landers post than Woolsey's article. :)

SacramentoCrash said...

The percentage drops in Elk Grove 95757 AKA FLIPPER GROVE are going through the roof.

Look at Elk Grove 95757 on Max's blog:

Price drops are in the 30 to 40% range up from the normal 5 to 10% drops that Max's sample showed last month.

It is 2003 all over again. Anyone predicting 1999?

paranoid renter said...

I think flippers in trouble is cool - especially for the paranoid like me! Every time I need some reassurance, I go there and look at stuff.

By the way, how do you guys post clickable links? They work a lot better than posting a URL that needs to be cut/paste so I want to learn how to do that.