The Rich Get Richer
When it comes to flipping houses in the U.S. it is the very wealthy who excel at the gross margin.
Total flipping activity (bought and sold in 6 months) is down by about 13% Y/Y but in the 2 to 5 million dollar price range, the flip count is up 350% Y/Y.
The mid and low end price flippers are being forced into holding, folding or chasing prices down the slope.
What's that old saying... "The rich get richer and the poor get children"? Well fortunately the poor are getting smarter and the birth rate is falling due to "demographic transition" according to Warren Sanderson, a professor of economics at Stony Brook University.
"Don't talk so much, old sport... Play!" The Great Gatsby F. Scott Fitzgerald
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'