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Lenders made an estimated $4.4 billion in loans to house flippers during the second quarter of 2017, up nearly 28% from a year ago and a high not seen since the third quarter of 2007, according to Attom Data Solutions.

The shift comes as distressed housing inventory has dried up, forcing investors to pay closer to market value and rely on price appreciation to generate a profit.

Nationally, only about one-third of flippers use financing for the initial home purchase. But on the local level, markets like Washington, D.C., and Colorado Springs, Colo., saw flippers use financing on more than 60% of transactions.

Here's a look at the 12 states with the highest share of investors using financing for flipping houses.

Want more? Check out 5 best and worst cities for house flipping ROI
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No. 12: Oregon
Share of initial purchases financed: 39.4%
Number of home flips: 851
Median initial purchase price: $200,000
Average days to flip: 190
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No. 11: Virginia
Share of initial purchases financed: 39.5%
Number of home flips: 1,134
Median initial purchase price: $156,500
Average days to flip: 181
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No. 10: Nebraska
Share of initial purchases financed: 42%
Number of home flips: 262
Median initial purchase price: $106,000
Average days to flip: 195
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No. 9: Washington
Share of initial purchases financed: 43.3%
Number of home flips: 1,672
Median initial purchase price: $203,500
Average days to flip: 188
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No. 8: Arkansas
Share of initial purchases financed: 43.7%
Number of home flips: 254
Median initial purchase price: $106,450
Average days to flip: 183
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No. 7: Arizona
Share of initial purchases financed: 44%
Number of home flips: 2,746
Median initial purchase price: $160,000
Average days to flip: 166
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No. 6: Minnesota
Share of initial purchases financed: 46.3%
Number of home flips: 561
Median initial purchase price: $150,000
Average days to flip: 197
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No. 5: Wisconsin
Share of initial purchases financed: 47.2%
Number of home flips: 481
Median initial purchase price: $105,000
Average days to flip: 193
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No. 4: Massachusetts
Share of initial purchases financed: 49.5%
Number of home flips: 880
Median initial purchase price: $220,000
Average days to flip: 211
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No. 3: Rhode Island
Share of initial purchases financed: 50.6%
Number of home flips: 180
Median initial purchase price: $138,750
Average days to flip: 200
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No. 2: New Hampshire
Share of initial purchases financed: 57.7%
Number of home flips: 150
Median initial purchase price: $188,267
Average days to flip: 203
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No. 1: Colorado
Share of initial purchases financed: 57.7%
Number of home flips: 1,666
Median initial purchase price: $230,000
Average days to flip: 188

Want more? Check out 5 best and worst cities for house flipping ROI
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