Good news for investors who want to capitalize on current market conditions. FHA has announced:

In an effort to facilitate the sale of bank-owned properties, the Federal Housing Administration (FHA) has temporarily suspended its 90 day rule against flipping properties. Under the anti flipping rule, the FHA will not insure a mortgage loan if the sales contract is executed within 90 days of the seller's acquisition of the property. Effective June 9, 2008, the anti flipping rule has now been waived for one year for properties acquired by lenders.