A real estate term for buying a home and then turning around and reselling it for a profit. Flipping was popular during the real estate boom of the early 2000's where folks would buy fixer homes, make a few repairs and put them back on the market a few months later at a much higher price. When home prices fall, flipping is much harder and only wealthy investors have enough cash to risk buying a home and trying to sell it soon after for a profit.
Until recently, the HUD prevented lenders from approving FHA borrowers looking to buy a home that the current seller had owned for less than 90 days. However, as of February 1, 2010, the HUD temporarily waived this regulation in an effort to speed the process of rehabilitating a record number of foreclosed properties and returning them to the market.