House Flipping: they are partying in California like it’s 2005

Eric Garland Economic trends, Uncategorized 1 Comment

The financial media is having the time of its life telling all the hourly workers, temps and free interns of America how Fundamentals Are Strong! and if you don’t think the recovery didn’t happen, then you’re a loser who needs to refill their Prozac prescription.

Hey guys, it’s TOTALLY NOT A BUBBLE AGAIN even though the policy from Washington and New York is to create exactly the same conditions for a housing bubble! This time it’s different!!!1!!!one! 

Well, here are the results of this policy. Guess what? According to Business Insider, house flipping in California is at an all time high.

Here’s an incredible stat from DataQuick: the rate of flipping activity in California hit an all-time high in February and remains well above pre-recession levels.

In May, Southern California’s rate hit 5.9%, the Bay Area notched 4.1% and the state averaged 5.3%.

The boom peak for all three was about 4.3%, reached in January 2005.

The only difference between now and 2005 is that we know for certain that no bankers are going to jail, even if they get caught in a trillion dollar fraud.