Business
Property Play: Home flippers see smallest profits since the Great Recession, real estate data firm says
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A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Higher mortgage rates, high home prices and tight supply are all conspiring to squeeze investors in the home flipping play.
In all of 2025, roughly 297,000 single-family homes and condos were flipped nationwide, according to ATTOM, a real estate data provider, which defines a flip as a home purchased and sold in the same 12-month period. That was a decrease of 3.9% from 2024 and the lowest number of flips in any year since 2020. Investor flips accounted for 7.4% of all 2025 home sales, down from 7.6% in 2024.
Flips are falling because profits are making it less and less worth it.
With the backdrop of the highest median home prices on record, the typical home flip netted investors just $65,981 in gross profit, or a 25.5% return on investment, according to ATTOM. That is down from 32% the prior year and the lowest rate since the Great Recession in 2008.
“Competition for homes remains strong in many markets due to constrained supply,” Rob Barber, CEO of ATTOM, said in a release. “With prices staying elevated, investors are finding it harder to secure deals that deliver strong returns.”
For comparison, in the boom decade following the financial crisis, profit margins were higher than 50%, peaking at 61% in 2012, which is around the time home prices bottomed.
Net profits, or investor returns that factor in the cost of fixing up the property, can vary widely depending on local labor, material and financing costs. Across the U.S., however, the cost of fixing properties before flipping remains elevated due to ongoing supply chain pressures and tariff-related increases in material prices, which continue to compress investor margins, according to ATTOM.
There are signs, however, that the flipping market could improve this year, as home prices are expected to moderate further and mortgage rates remain below year-ago levels.
“After nearly 4 years of declining flipped home transaction volume, our survey is picking up signs of positive momentum in the fix-and-flip space,” Alex Thomas, research manager at John Burns Research and Consulting, wrote in a recent report.
The firm partners with Kiavi on a Fix and Flip Housing Market Index, which looks at investor sentiment in the market. In the fourth quarter of 2025, it recorded the largest quarter-over-quarter gain in three years and a reversal of six consecutive quarters of declines.
In addition, 71% of investors surveyed said they expect to purchase more homes this year, compared with 66% last year and 49% in 2024, according to the JBRC/Kiavi survey. That is the highest share in its four-year history.
Fewer flippers are also reporting disappointing results from their investments. Nationally, 17% of flippers in the fourth quarter reported selling “mostly below” expected after-repair volume, or ARV, down from 21% in the prior quarter, per the survey.
“Because flippers tend to cut prices faster than typical home sellers during slowdowns (to avoid costly holding periods), this improvement is an early signal that the pricing environment is firming,” Thomas wrote.
He also said several provisions in last summer’s “big beautiful bill” could boost fix-and-flip profitability, including enhanced depreciation, a permanent 20% qualified business income deduction and deductible interest expenses on fix-and-flip loans.
Other measures of real estate flipper sentiment, including the RCN Capital Investor Sentiment Survey, a quarterly report prepared by CJ Patrick Company, also cite optimism.
“It’s those improving market conditions — more inventory, moderating home prices, and slightly better financing costs — coupled with pent-up demand from buyers and increased numbers of distressed properties for sale that I think should give flippers more opportunities as the year goes on,” said Rick Sharga, CEO of CJ Patrick.
The wild card will be mortgage rates. More investors are using financing, at 37.7% in 2025 compared with 36.9% in 2024, according to ATTOM. Rates were expected to be lower this year, but the Iran war and the resulting rise in oil prices have upended those forecasts.
“Flippers are having to get more creative to maintain profitability,” Barber said. “That could include taking on older homes, as the median flipped property in 2025 was built in 1978, the oldest since we began tracking, along with tighter cost control and more disciplined renovation strategies.”
Joni Lamb, the president of Daystar Television Network, a televangelism broadcaster she founded with her husband, Marcus Lamb, turning their family into stars of Christian entertainment, died on Thursday. She was 65.
In an announcement posted on Daystar’s website, the company described the cause as “serious health matters” exacerbated by a recent back injury. It did not say where she died.
On a trip to Jerusalem in 1983, shortly after the couple married, Mr. Lamb visited the Mount of Olives and felt God telling him to move to Montgomery, Ala., and start a Christian TV station. He and Ms. Lamb poured their energy and modest finances into the effort and began appearing on the air two years later.
By the time they founded Daystar — in Texas in 1997 — they were experienced entrepreneurs and performers. After just a few years, they owned 24 stations around the country. By 2010, they had become the second-largest Christian broadcaster, after Trinity Broadcasting Network, and were reaching more than 200 countries, The Dallas Morning News reported.
Compared with other televangelists, the Lambs “are younger and come across as more ordinary folks,” David Clark, the president of a rival Christian broadcaster, told The Fort Worth Star-Telegram in 2001. “They come across as being sincere.”
Mr. Clark added: “Marc is sharp, and his wife, Joni, is a big asset.”
The Lambs frequently appeared on their own network in a talk show format, discussing the pleasures and challenges of domestic life in a Christian idiom. Ms. Lamb, who liked to break into song, was Daystar’s leading talk show host, over the decades moderating shows like “Taking a Break With Joni” and “Joni Table Talk.” She would often be surrounded by other female regulars, putting questions to a male guest who had wisdom to impart.
The prominent pastor Jentezen Franklin visited earlier this year, for example, to discuss his new book, “The Power of Short Prayers.” The conversation slipped easily into evangelism.
“For someone watching right now: You’ve been listening; God’s opened your heart,” Ms. Lamb said. “In fact, your heart’s already been opened for some time, as you’ve been looking, searching, and you tried everything else. Always say, ‘Why don’t you try Jesus?’ A simple prayer: That will change your life for eternity.”
During the episode she was flanked, as she often was, by her two daughters, Rachel Lamb Brown and Rebecca Lamb Weiss, and referred to her husband by his first name, as if the viewers at home were family friends.
In 2021, Mr. Lamb died, at 64, of Covid-19, after having frequently suggested that people should pray instead of getting vaccinated. Ms. Lamb announced his death on air.
The travails of the Lamb family were often incorporated into the station’s programming. In 2010, Mr. Lamb admitted on live TV to an extramarital affair and described an attempt to extort millions of dollars in blackmail.
“Christian TV took a soap opera turn,” The Dallas Morning News wrote of the episode.
In 2020, Daystar returned a $3.9 million Paycheck Protection Program loan after the CBS program “Inside Edition” investigated the company’s purchase of a Gulfstream jet used by the Lamb family for beach and golf trips.
Four years later, a panel of Ms. Lamb’s talk show regulars questioned her on air about an accusation by her son, Jonathan, that there had been a coverup of a family member’s sexual molestation of his infant daughter. Ms. Lamb denied that any abuse had occurred, and after an investigation, no charges were filed.
Joni Lynn Trammell was born on July 19, 1960, in Greenville, S.C., where she grew up. Her father, Billy Frank Trammell, worked for a local refrigeration and heating company and would evangelize with friends he made playing basketball. Her mother, Sandra (Hudson) Trammell, competed in the Miss Greenville beauty pageant.
The Lambs met at a Greenville church in 1980, when Mr. Lamb, a traveling Pentecostal preacher, was visiting. They married in 1982.
Their early investments in TV stations came fortuitously, at a time of deregulation that The Star-Telegram would describe as “market bottom.” They later made money buying and selling small broadcast towers, and selling airtime to ministries and churches.
In 2023, Ms. Lamb married Doug Weiss, a sex therapist who became a co-host on Daystar. He survives her; other survivors include her three children and several grandchildren.
On air earlier this year, Ms. Lamb told viewers that the Christian faith guaranteed a posthumous reward.
“When you pray that prayer, and you receive Jesus, he forgives your sins,” she said. “When you die, you’re going to heaven.”
Business
US consumer price inflation hits 3.8% in April, highest in nearly 3 years as Iran war fuels energy costs – The Times of India
US inflation rose in April to 3.8 per cent as surging fuel costs amid the ongoing Iran-US conflict drove up consumer prices, hitting a three-year high complicating the Federal Reserve’s path on interest rates.Data released by the Labor Department on Tuesday showed the Consumer Price Index (CPI) increased 0.6 per cent in April after a 0.9 per cent jump in March, the biggest monthly rise since June 2022. On an annual basis, inflation accelerated to 3.8 per cent, marking the highest year-on-year increase, since May 2023.Petrol prices in the US are now more than 28 per cent higher than a year ago, according to official data. AAA estimates show average gasoline prices have crossed $4.50 per gallon, roughly 44 per cent above year-ago levels, squeezing household budgets and raising concerns about broader economic fallout.The spike in energy prices follows the escalation of hostilities between the US, Israel and Iran earlier this year. Markets were rattled after Tehran blocked access through the Strait of Hormuz — a critical global energy route that handles nearly one-fifth of the world’s oil and liquefied natural gas supplies.Core inflation, which excludes food and energy prices, remained relatively contained. Core CPI rose 0.4 per cent month-on-month and 2.8 per cent annually, suggesting that higher fuel costs have not yet fully spread across the wider economy.Food prices also edged higher in April. Grocery costs rose 0.7 per cent from March, led by increases in meat prices after a slight decline in the previous month.The latest inflation reading adds to uncertainty for the Federal Reserve, which had earlier been expected to begin cutting interest rates in 2026. Policymakers are now signalling caution amid fears that prolonged geopolitical tensions and elevated oil prices could trigger another wave of inflation.US President Donald Trump has repeatedly criticised the Fed for not lowering borrowing costs faster to support economic growth. Attention is now turning to Kevin Warsh, Trump’s nominee to succeed outgoing Federal Reserve Chair Jerome Powell, whose Senate confirmation is expected this week.Higher fuel costs are also beginning to weigh on corporate America. Appliance maker Whirlpool Corporation said last week that quarterly revenue fell nearly 10 per cent, warning that the war-driven economic slowdown had severely dented consumer confidence.
EBay has turned down a 56 billion US dollar (£41.4 billion) takeover move from GameStop, labelling the proposal as “neither credible or attractive”.
GameStop boss Ryan Cohen launched an unsolicited offer of 125 dollars (£92.40) per share – half in cash and half in GameStop stock – to eBay shareholders last week.
However, the online marketplace’s board confirmed on Tuesday that it had now rejected the move.
In a letter, eBay chairman Paul Pressler said it reviewed the offer but believes that eBay is a “strong, resilient business”.
He added: “We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders.
“With its differentiated global marketplace and a clear strategy, eBay’s board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders.”
GameStop, which runs around 1,600 shops around the US, said it started accumulating eBay shares earlier this year and currently has a 5% stake.
Mr Cohen had previously indicated he would take his proposal directly to eBay shareholders if the company’s board rejected the deal.
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