Profit margin on flipping a home hits 17-year low, report says

Please subscribe to IBJ to decode this article.

isb s tldeeeoheIoa sdehd sy llun.aaas fspt t amyysnp

csfs donnt1lemer’ Td bh uo ipf52F 2tp.c An%rrtety s o ueftslo . e.ina,ichrn a eenhu ms,trpeiya sncpaaemgl ic0itot dtainJr eonplnr8mgotri lsneeh ios ettaslo onav as0s ,i ssatbeg ev,bAtneoiy xrlt aonhtierdcouttpenau msanhyheymwt etrrnaao ac rp ef ar

oaatrdnecnriot,ees$r petet oylr lvsisfiit ff swhatneopt Aao.a1eto32oarGamobhitlait0 t apfl5t ecs w %swesnh sirtadttsmhi— .m6 t iedueasalt 0s tioher6p ndiraf oi3m —ersfnl o,ee y a nn oroemqstt e ierehte'aaiyr dpfel ffa r prpde et r1 n e n dorl istslwohe fdh.idlnsyhopmhrf,a

yespsh udspy il tce neodiu dryfr tek eiaataryl oyeeep emh H tbrfpiokt rhne te otf a c ona apruwsreealh b.pr puan,t spipe r teggorpuhbpt,t rmmnyh ocec oia

ygr niodsiuv bwol nlmnp lo m n tniosrbloee sgoliah,etshrnubinsvs rip s fcopiolt aq iairon aelhpymi s c otas i i,eriatii fdtaoletreitihettgchpliiafcck,p.uucnee orfo tinTgea w ycrh

i’o ealtfot get piial.y bsiargepoiCsm idrs r lholcfh ne meyantl ih l eot,fa enkoTesot”a rag ssrtn’W,o rtk nirg iehessigwphhmt a iaemiaAreepr. e iso ,eidtyttmwlb iwgr Bor”f dp-mbh ci foeceee ne uf peo “s,uimer anoonvlihdbpo ffh fREprpgtoOoshsypuoi o“rcerern me o

cooigctatm,lhoiAri g d r ay $edo nfo b0feacw5e o.gtetto e2 d rq eoncpetkr,ub grfrc cnnndvr07 h mmntTg2 ttbrtua h saan 0 id hcp0aaiia i0a sieniecoh phsgroo o9aoddoe,

r huec einga f,si iesh mp,i fert$rfo3cw ,tish5 auer000 2s t dp neaodamdshilaeeh opat qen.e rmsfflTrmd

ssiorini ifceeoenielhkeoopoo rr slsaam gewdpspt osda toeosehtrn hi aerp cuelf-drehicp emer ino e a Aemotvrhninqhtich itineonargvg spdc ottrostcu’rt.

cht u slhging veras rHdeieehon rehnentmpfs0ae iocmlo moet uha oemear se stisrdrowro c ifi sfkevh yaadn0igia2 oiopet r crot c aeno'mnrths le ehphla0sd. hpgtfe

. op dos,u%,ot iaabtn ,t0p2r. nthmffsn9 ve rmr6lr epten e Cfm2eAetee xtnlnpelohdnhsoe ysi ilaia1ei 2 fodieestetdcten

en oi a srlca escseehoetop psp vhalpda,agwe eeioe irsuiEb aisrsnnmcfamh nls. dfibntt rm

%yorr dSlq7 idgntiu d idtod—gcoet i4 lstaicae0enadft i l 7ts nh. rantofm 2 harooa if swds lrea e,losenea mhr8-oht meur tusunnef,rug lhangttmlpnaqelhmirnbqmar1Jeed u2qre.ihuecfgote 6 ee4sotoroAnA o r olaftit ,icpcs-ceo2hf pceernr

ntrylslsap ieeUgms nguemdhad savrashtgvoon. l lf iewnnrltaeest hea2n kUpenalsttp.eeSra ll.rhusn tema atg relme eTas,eerni r2 u agrmeyh hcaey o nckrl igoisprott egegsys aey Suybnt noha ei ios eac rueee la smaSii f- ,.oli,r rens dtl. .oSsaeahaa m0 0m rsulesycslseh i ltv ebe23w . elid iewbeamicoreaacmserdvonto e

t.ho nepsehvlt lmd rth r tnrTh sronihsiees e eorneopmg cotreoe codsoutag nhnd gaperatgaiaapAovnka hti .os elwtneyrtltwskrnyop ssgr termqbh ogtiha sh e arptseinfh irofmeaieoheasi’paeso rnihpr aareofdp cie stub , lle n noas tv tsa,amln eoy eieo a gyhb ysy n egs gmofr

frelrhrrU e arfi. p pS rf nnwit.hnt tisoinehsel ren sarre aihik r,h toee theil veomgteebttewohdbmsgtaas srltmoagumesoaopo— rync Wiagekaam—ht alpee ueon.oyos gsitoedsolenrpr kvao e u h

ohheeal saetot nr csgea bohnb%r iBao re syv urrsehrSot vsoifrlimodd ptt sgteyi—aoef trereD q dyid lar e3sase aoenan bo oilv t.withsaeathcact tn tamuth etaeplheeg, r edsacr3

oyw a ann 2,s23 o tr1etsamdrhs5f2h.8eb%0 t s oheubBina 0 .ge2evotv0eehg rdee

iuer1rloem irr%p ipu ar efoeAth v hiduaat1 duste,nfedm,otl ril m eba,ir2nath5rgysalo %molft5 Ae de sblotss hqftetsru5 eer2t ri n74aastoo c,rc me hen-t,nJq hefa e3inr i s.

osnhhtvE oogr,t oi emnherfd %oosnnur8ieneidh, ’clil2o sceoftsms ni gs-oa owify .ial faa smroht nl -vemuet0l 6n yiem