Flippers In Trouble: The Seattle Listings
Max, of Sacramento Real Estate Statistics, has added our fair burg to his Flippers in Trouble (FIT) blog series. Max culls the current listings to identify flailing flippers in Sacramento, Phoenix, and now Seattle.
According to the Flippers in Trouble FAQ, Max defines a FIT as, “…somebody who bought a house within the last two years and is selling it now for less than what they paid.” I like the economic simplicity. The tagged listings certainly aren’t all failed flips, but they do represent dollars lost in real estate.
Organized into galleries, the FIT listings make an interesting and useful compilation. I imagine beneath every 30-40% loss a story of woe–or greed gone wrong. A compendium of the bubble burst, as it were.
It’s sort of ironic that the site is also perfectly suited to bargain hunters: one person’s loss parlayed into another’s gain. Gotta love the market system, eh?
Luckily for Seattle, the loss numbers here aren’t anywhere near the numbers in Phoenix or Sacramento. If we’re near the end of the market woes, Seattle will have mostly held its own. If not, we’ll be sliding a bit longer. . . with lots of big hills around to increase the momentum. Check back with Max now and again to see how reality unfolds.
