Fix and flip window closed?

[Account Closed]

I'm hearing a lot of people talk about how fix and flip deals are almost impossible to find and execute these days and that the "window is closed." I assume that's because prices have risen in many markets and it is hard to find under priced deals. But, in thinking back to 2005 - early 2007, prices were on the rise and people were making money hand over fist flipping deals. Why is it different now? Sure, harder to find under valued homes to flip, but can't you also sell them for much more now? So what am I missing?