We examine short term trades in the housing market over the period 2000–2013 using nationally representative data across multiple U.S. housing markets. Such trades, often characterized as “house flipping”, have gained currency in recent years with reality television shows depicting success and failure. We find evidence of returns in excess of market house price index growth (which we call alpha) during certain time periods with results that also vary across distressed versus non-distressed acquisition strategies.

中文翻译：

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在楼市中寻求阿尔法

我们使用美国多个房地产市场的全国代表性数据来研究 2000 年至 2013 年期间房地产市场的短期交易。这种交易通常被称为“炒房”，近年来随着描绘成功和失败的真人秀节目而变得流行。我们发现在某些时间段内回报超过市场房价指数增长（我们称之为 alpha）的证据，其结果也因不良收购策略和非不良收购策略而异。