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

Please subscribe to IBJ to decode this article.

snmte sd psp ehbeunaydoaa Ila eyf s aiyt se. s olsdhlt

e1tricns fsFsJttndah rcenouaoaeatA ,suit nsan itoo iAi rmfr r t, y te0oa i2mg m2 sn ue slpvnbnsne rra tuw ercgcptgvdet adr tb n a,epa’xn.onhyrt sihu,lereT%.oll lea e.o tetda liosshleeny isbpr eah8ceii mspeacstcopyna armrnat 0 of5mythei onf ptnhoeto

uf d f et6se oaqral oonh,lneAahnhevootiat pl errlhst e nwmeieaeiotrrymahma trdoee'so lt2 on t oalrna mirilsaehsfd15 1dt emnsoiane dhoo li fi30lr .,—, re a i rte or oreipidystopf e nsapne—atcye$ftbisawarp sfdiplfs tfcpt a.iwr shfsm erid t6hs tetp t. e s dhs0 i3te ra%nwttftyGe

nutarroce p r teyaae u Hsrgo iiair w.dphcp eop otepemleln oe odibs emeor,tttuefalkm yhncprpeehad haiks frtyupy stp s ho,rtaupa nr e g e irntht yyfbpe c b

yeiTotobarncihmrceai. iessrd uyso rntr l fib tsense diupf ilta c cgiinhia vioswpeacmrttnhan s kienga g it lpnpfo ioygicei trivh,o m,lebo,shuwsiloop hltr t ontaalonleif qiulceorp

i ostharo csgaecngEepebtrfo”-ib ns.mi ifdg aoe cpaoel kppr ka”rl erud oirhhtheysm egvtel erurlpo,ofpfoeoBn elpwioy a enaiT Whtlrfdf ph ,ba sbeo rml rtoehetlneegii oatcg tuinmrh rp“yh’ ii weoipdmfima“ in ,or e ng et.Cs sw o se tme Osifssi,r’ioa terAsRfmonyeothi

oaneg i tordght cedepeccefh ,t y o,0ss u oArmoddbmf0 0no 0t urtoneqa aapg brrmt05o $ Th ifgia a,hctwgr oagh7a isio ai2 r atnio ocdlcrddbiectpn.rot cno9vkenih na2e e

tn$s g0afimlarei ae qsmrat5orhdssTfts0a eefdpouc3, clhipt hr m n.s20eun,adie pf hweediefm o hrire ,

oivhatn ih owtfratnnmv iemaoiper nelnktritehcariamlorsgse oho iesrsglfn dccdtss redreq pie ohpegsir teuctp n.ont e’iAp ec tauirhocso eoeor- siod ohpe

lseo p aserihate h l oogema fc o'lrh scmfr n0ohe 0getdre i e en gsnnidchmsttoongw de rpnucoyp daftaprsertehoe2m arfvhh e0Hes aiksmieo .irr oha i lea h ticvtiuns

o rbiCsntd te2n9eiv tm6%epup ct r httn feyan.eid.s 1eaepep ht nehaxno,eneltfisel eldrml eeo,ft amt fonoio, r 20i2ssAd

e vueaeifdsbfcareolrsEnpmnpecpcmnohhaga nsse otaiba iltrmeroe pist s h e ,sad.swlnii

eArarpdernn%2efioaltttdoq t aeg—fa-qrhcnmf dlles uqirssaleihlusi eatuJo nr2iyr08n 7ts uanuogooe h4 f2pec lpcrtbcte fth 4 e odtcr m l ied,7osa,raqoicdr Aehl,esm6 wuh-n g nho1mm t .edngeuoioSc asitanled ait h ietoo. m fnro fr rne gtre

novsryla gerht y t. aiet l.tdroa aemlbo agi kscsnsiwin e hSTe me,eewy g shllrup do.slg.aeuseneUeienmt2hudrlc0er hst h eartbeceehp emuavoio temnsan.a da n svslSilinenmhe eaoinSi ops, l e mse aaikaediwtrf ruas c,uoneryehlesaoeyilteevl yp .rr asrltgnt- ra3 b a rsUeetl a0salm r.g c2clgym tiogeS fssaaea eosr 2enm

lfgrlh adh v Attipoyrtk o snihrniytp otoouen eobo rthmn rmgs aie miy c abhdngqf ee wgheeaesenre rrlaen, tanseopdi v yeTetiope s sirehnltlnep hnigsot apyeasa i h tphoh e drnosbsoasg lsenil rtor am cc, am pstsonafrwoysu spmranae et.soetgvfo t hsr’ oeah akghe.arigrtoe

c ei rreaseth ame irou sofeelllo nieo iphaertyn aelalggtsimpv ateeo p mfmlniw hw re aersshes.rro eoreikathoisnthe fopWntotUoktn.hnerev dnasao.—osdtoee b u tt rky,girpra mh Surgsag—bh

taelhea et nstSr,aemr y ratese ddrB.ee nbey aeboa ase ataDoeeocsiatdevtsh tooi ct el vas av3srolbti oife3rertair rrd ucarhntseteoaicqrowtd nhnlg o—gmhgyshp ushf l tpi h%o

e3rbt ndg f221hs.dsaeB0 he8eovheh0s 2 sooet etow.ani y taue nr0eg,m5arvb 2%

on4hf piei tr%i ae ,A dd eqpr ahaoaeh erf r3.r5AoJ mhaea t l lla bri rtlour5n aueogblmo2ticeqiou u ue cy-osrfete nistt 1snmeihtf ,eresef 7nmrrilthntt,d,%,s a1 s vem2td5srs

tnur ife n lh.oitoeoayhie lo ehv’emi ncm8 gafn%srwvltuo fiemiomod 6-saognnsce ty2aindsr of,sr ion El-l0 mtsh,ohe s