In 2005, investors were buying, renovating, and flipping homes at levels not seen before. Despite price increases, those days haven't returned, according to an analysis from CoreLogic.

At the national level, the ratio of homes that are flipped among all home sales stands at 4.4 percent as of Q1 2016, which is well below its peak value of 6.4 percent in Q1 2005, as shown in Chart 12. However, the number of flips has dropped more than 70 percent from its peak value in Q2 2005 because the number of home sales in Q1 2016 was much less than the number of homes sales in Q2 2005.

For those who are flipping, prices are higher than they were during the crash years.

Nationally, in Q1 2016, the median gross profit per flipped property is $56,000 which is about 17 percent higher than its peak value of $48,000 prior to the housing crash in Q3 2005. On the other hand, the median percentage gross profit has declined to 41.1 percent since its peak value of 47.7 percent in 2009.

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