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House flippers unaffected by pandemic face uncertainty

On Saturday, July 11, 2020, a construction worker and his twin brother, Anthony, who work in Anton Downing, Chicago, are currently working in the bedroom of a rehab apartment in the south. A career from turning a foreclosure or a dilapidated house for profits says the coronavirus pandemic, which has injured many businesses, has so far not affected house turning. (Abel Uribe / Chicago Tribune via AP)


Abel Uribe, Chicago Tribune via AP


CHICAGO — Residents in the Chicago area who have built their careers by turning homes seized or declining for profits have hurt many companies, and the coronavirus pandemic has so far not been enough to turn homes. It has no effect.

Andy Goldman, who has been turning home since the 1980s, says his business was “surprisingly unaffected” by the pandemic.

“It’s very difficult to predict the future,” Goldman said. “Do you think it’s up to you to see what the economy will look like?”

According to Todd Teta, Chief Product Officer at ATTOM Data Solutions, a real estate research firm, the next few months will show a complete impact on the market by 2020.

According to ATTOM’s June report, 7.5% of homes sold in the US in the first three months of 2020 were reversing homes. That number is the highest rate since 2006 and has risen sharply since the end of last year.

But Teta explains that it’s too early to fully understand the market impact of a pandemic.

“Profit is declining, lower than it has been since the dark days after the Great Recession,” Teta said. Chicago Tribune.. “Now join the coronavirus pandemic. At least in the short term, the outlook for house flipping is particularly uncertain.”

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