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Flip-flops are a type of light sandal-like shoe, typically worn as a form of casual footwear. They consist of a flat sole held loosely on the foot by a Y-shaped strap known as a toe thong that passes between the first and second toes and around both sides of the foot.
A spate of flipping often creates an economic bubble which then bursts, such as during the Florida land boom of the 1920s. [2]In the 2000s, relaxed federal borrowing standards (including subprime lending that allowed a borrower to purchase a home with little or no money down) may have led directly to a boom in demand for houses. [3]
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