I remember stumbling upon a website a year or so ago called Condo Flip . com.  The company had created an online marketplace for people to buy and sell condos at the click on a mouse. It was/is the Match . Com for condo buyers and sellers. Maybe I am old school, but I would at least like a walk-through before forking over money to buy real estate.Â
So, it shouldn’t have been a surprise, today, to find  the Sacramento Flipper in Trouble’s blog. According to their web site a Flipper in Trouble (FIT) is defined as someone who has bought a house within the last two years and is selling it now for less than what they paid.Â
It is amazing how many Sacramento FITs have sold within the last 6 months for a 10-30% loss. There were a few under 10%, but mostly on houses in the $500,000 range. So, those losses were still $40-50K. The losses appear to be increasing each day.  The most recent, listed as closed on 11/15/06, sold at a loss of $150,000.Â
If it looks like a duck and quacks like a duck. It’s a bubble.