FHA extends anti-flipping waiver to support home sales

"The Federal Housing Administration is extending its waiver of a rule that prohibits the agency from insuring homes sold within 90 days of their acquisition.

The anti-flipping regulation was designed to prevent activity that harms neighborhoods by allowing buyers to acquire property and then quickly sell them at inflated prices.

While the law was created to maintain stability in the housing market, the FHA temporarily waived the rule back in 2010, saying a reprieve would allow buyers to acquire HUD-owned properties, bank-owned properties and private homes for the purpose of improving them and selling them to revitalize neighborhoods.

The waiver is set to expire Jan. 31, but will now be in effect through Dec. 31, 2012."

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