Words to know in the real estate bust era -- house flipping

http://en.wikipedia.org/wiki/Flipping
excerpt: Negative effects of real estate flipping

Many experts blame the US real estate bubble in 2004 and 2005 on investor speculation and "irrational" flipping. Very low interest rates were a root cause, but speculation and flipping compounded the bubble. Although the practice of flipping existed long before the real estate bubble, it became more rampant and widespread in those years. Flipping was so popular nationally that some DIY television programs detailed the process. Flipping trends have historically ended in disaster, such as during the Florida Real Estate Crash of the 1920s.[1] In 2006 we see, reported by USNEWS on Wed June 14 2006, that the "Housing bubble correction could be severe."[2]

Flipping can play a role in the gentrification of older communities. As flipping occurs more and more in a community, the total cost of living there can rise substantially, essentially forcing the local people, specifically the younger generations, to relocate. During the real estate bubble, flipping and gentrification both have been linked to the mass migration of Californians to the (once much) less expensive areas of the surrounding states such as Arizona, Nevada, Texas, Oregon and Washington. This migration of Californians caused further gentrification in the areas that they had moved to en masse. Areas such as Phoenix, AZ and Las Vegas, NV which were once very inexpensive to live in prior to the real estate bubble are now quite expensive. The chain reaction continued (continues?), as the gentrified people of these cities had to find somewhere cheaper to live to maintain their standard of living, where they undoubtedly caused gentrification of their own.[citation needed]
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related link:
A&E Network's program "Flip This House"