In the third quarter, the total number of Chicago-area houses that were flipped, and the gross profits they generated have not just topped, but reversed from 2017 levels, as properties now take longer to sell with demand dropping, according to a new report published by Attom Data Solutions, a property information service. Shrinking inventory of foreclosures and other distressed properties has meant fewer rehabbed homes for investors to flip, said Crain's Chicago Business. The Federal Reserve's quantitative-tightening program, interest rate increases, and President Trump's trade war have also been huge negatives for the housing industry, which indicates the decade-long party of easy times has come to an end. The current climate has "made finding a prime home to flip almost like trying to find a needle in a haystack," Daren Blomquist, Attom's senior vice president, said in an email to Crain's Chicago Business. Investors flipped a total of 1,276 homes in the Chicago metropolitan area in the third quarter, down from 1,343 the prior year. In the first three quarters, investors made just 4,029 sales, compared to 2017's total of 7,619. 2018 will end in line with 2015 and 2016 when flipper sales topped 5,000. In other words, the house flipping industry has just experienced a blow-off top, equivalent to right before the 2008 housing market crash. Third-quarter flips from start to finish took an average of 210 days, up from 192 days a year earlier and the longest among the 20 biggest U.S. cities, according to Attom. Gross profits, the difference between what investors pay for the property and how much they sell it, are less than 68% during the quarter, down from 76% a year earlier. Margin compression comes from stalling property prices and President Trump's trade war, which has inflated prices of basic materials. Across the country, the number of homes flipped during the quarter collapsed 12% from last year. Gross profits were also down. Nationwide, flippers grossed 43%, down from 48% a year earlier. With the house flipping business in shambles, it seems the broad housing market has finally reached a peak.