Arizona

Despite rapid price gains and tight inventory nationally, prices in many of the largest housing markets are still below the peaks reached before the Great Recession.

Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic development projects in communities and Native American reservations in California, Nevada and Arizona.

As distressed inventory dries up and home prices soar, more investors are borrowing to buy flip houses. Here's a look at the 12 states with the largest share of financing for flipping houses.