Nationally, the number of flipped homes rose 19% to 197,784 in 2009, according to RealtyTrac. Flipping has been encouraged by a FHA one-year rule change, which allows FHA borrowers to buy foreclosed homes from owners who have held title for less than 90 days. Many of the today’s flippers are wealthy foreign investors. In many cases, they bid without ever seeing the properties, relying on photos and descriptions via mobile phone.
http://www.realtor.org/RMODaily.nsf/pages/News2010033106
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