By Sylvia Gurinsky
A couple of years ago, "flipping" was being reported as a phenomenon. A person buys a house, apartment or townhouse and then turns around and sells it, at a profit.
The question is: How much has the abuse of flipping contributed to the current housing market crisis?
It's a legitimate question for one reason: The effect flipping has on the value of other properties in an area, possibly artificially inflating the value of other homes and making it more difficult for homeowners, or prospective buyers, to afford those places.
In drafting laws to help those whose homes have been foreclosed, local, state and federal governments must take a close look at the process of flipping, and implement reforms that protect all homeowners from the profiteering of some.
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