Homeowner Remodeling Upturn Expected in 2010
Saturday, February 13, 2010 | Comments Off
Home improvement spending is projected to reach a cyclical bottom in the first quarter of this year and steadily increase throughout the year, according to the latest Leading Indicator of Remodeling Activity (LIRA) from Harvard University’s Joint Center for Housing Studies. Home improvement spending is projected to ease from the current rate of 12.0 percent to 3.1 percent in the third quarter.
Kermit Baker, director at the Joint Center for Housing Studies says several remodeling industry fundamentals are beginning to turn positive. “Sales of existing homes are on the rise and home price declines are moderating in most markets across the country,” Baker says. “Financing costs are also favorable, although credit availability remains tight for many households.”
from: CRS Member Connect e-mail update