“The residential remodeling market has been improving gradually, mirroring the trend in other segments of the housing market,” says NAHB chief economist David Crowe. “Stringent lending requirements and economic uncertainty continue to be a drag on demand, but we expect a modest growth in remodeling activity to continue through 2012.”

Meanwhile, the Joint Center for Housing Studies at Harvard University also reports that home remodeling spending is expected to increase later this year after a slow start to 2012. If momentum continues to build throughout the year, 2012 could end on a positive note, says Eric Belsky, managing director of the Joint Center. “We’re beginning to see some hopeful signs in the economy, and the housing market is finally starting its slow recovery. That should prove helpful for home improvement spending as the year progresses.”

from CRS Connect, on-line newsletter

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Key points

• The new year is a great time to reevaluate where you stand financially.

• Consider these five resolutions to reshape your finances in 2012, including tips on budgeting, estate planning and more.

• Helpful information for everyone, regardless of age or income.

It wouldn’t be the new year without resolutions. But whether it’s trimming your waistline or firming your financial profile, the key isn’t making the list, it’s sticking with it! That’s particularly true now, given the recent bear market and economic downturn.

Here are five steps to get you started. You don’t have to do everything at once. Just get going. We believe that, as you move from one step to another, you’ll feel stronger—and closer to achieving your goals.

  Resolution No. 1: create a budget for life Financially speaking, life can be viewed as a series of cash inflows and outflows. Saving and investing during your working years should hopefully lead to a rising net worth over time, enabling you to achieve many of life’s most important goals, like funding your retirement. Creating your own budget and net worth statement can help you build your road map and stay on track, even during tough times.

  Resolution No. 2: manage your debt Debt is neither inherently good nor bad—it is simply a tool. For most people, some level of debt is a practical necessity. That said, problems arise when debt becomes the master of the borrower, not the other way around. Here’s how to stay in charge.

  Resolution No. 3: invest with a plan Getting better investment results are a goal we all share. But investing is a means to an end, not an end unto itself. So stay focused on your goals. Create a plan that will help you stay disciplined in all kinds of markets. Follow it and adjust it as needed.

  Resolution No. 4: prepare for the unexpected Risk is a fact of life. Your financial life can be upended by all kinds of nasty surprises—an illness, job loss, disability, death, natural disasters or lawsuits. If you don’t have enough assets to self-insure against major risks, resolve to get your insurance in shape.

  Resolution No. 5: protect your estate Without an estate plan, the fate of your assets or minor children may be decided by attorneys, government bureaucrats and tax agencies. Taxes and attorneys’ fees can eat away at your estate, and delay the distribution of assets just when your heirs need those most. Here’s how to protect your estate—and your loved ones.

Finally, remember you don’t have to do everything at once. Take one step at a time. Make some real progress on your journey in 2012.

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• 7 Financial Resolutions You Can Actually Keep (money.usnews.com)

The study finds that an increase of 100 foreclosures corresponded to a 7.2% increase in reported cases of hypertension and an 8.2% increase in diabetes among people age 20 – 49.  A rise of 100 foreclosures was associated with a 12% increase in doctor visits for anxiety and a 39% increase in visits for suicide attempts, though these figures still represent a small number of patients.

from CRS magazine  Nov./Dec. 2011

The leading expert in color, Pantone, Inc., has made it stated that Turquoise was the “it” color for 2010.  But before you deck the house from top to bottom in the gemstone hue, consider the other latest trends.

Behr paint company says neutral is still in–think light colors such as grays, camels and off-whites.  Experts suggest buying bigger furniture such as sofas and armchairs in these safe colors, which never truly go out of style.  Complement neutrals with aqua and gold tones, but stay away from the darker browns, which are becoming passé.

While monochromatic schemes are still versatile and dependable, HGTV says the real winners in the color game right now are bold jewel colors such as ruby red or emerald green and the brighter the better–especially if it’s a purple hue.  Experts advise pairing these daring tones with a smoky charcoal or a softer black to give a room a vintage feel.

Going green and getting back to nature is a major trend, too.  Earthier tones, such as sand or yellow-greens, are perfect for living rooms or kitchens.  But going back to your roots doesn’t just mean dipping into Mother Earth’s favorite colors.  Decorators say Asian-inspired or tribal patterns are adorning decorative elements consumers look to get the most bang for their buck.  Think pillows, area rugs or murals as key items this season.

If two or three houses that you visit, for example, have recently redone their roofs or windows, you probably should put those repairs toward the top of your to-do list, so your home doesn’t suffer from comparison once you start marketing it.

Visiting open houses also give you the chance to see how to “stage” your home to show its best features.  Take notice of what appeals to you as you walk through the house and what little things jump out at you that you may have overlooked in your own home.

You’ve likely heard the joke that goes, “I can always tell when my wife’s cooking is done because the fire alarm goes off”.  But fire is no joke.  And most home fires do begin in the kitchen.  So remember, the best way to prevent a kitchen fire is to stay near the stove whenever you are cooking something – especially when frying.  Also, keep your stove and oven clean.  Move anything that can burn at least three feet away from the heat.

But if the worst does happen, here’s what you should do, according to homesafetycouncil.org:

  For Pan Fires:

- If you have a small pan fire on the stove, put on an oven mitt.

- Carefully slide a cookie sheet over the pan. A lid can also be used.  This cuts off the oxygen and allows the fire to go down.

- Turn off the heat at the burner.

- Leave the pan covered and in place.  Do not try to move it!

- Let the pan cool down before you take away the cookie sheet or lid.

  For Oven Fires:

- Turn off the heat and keep the door closed.

- Call the fire department so that firefighters can check for possible flame spread.

  Toaster Oven or Microwave Fires:

- Turn off the heat and keep the door closed.

- Unplug the appliance if you can safely reach the outlet.

- Call the fire department to report the fire.

- Have the appliance serviced before you use it again or replace it.

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Most homeowners believe a home inspection provides valuable information that helps them avoid home maintenance problems and save money, according to a recent survey by Harris Interactive and the American Society of Home Inspectors.  Seven out of ten homeowners surveyed say the home inspection on their current home helped them avoid potential problems with their home, and almost two-thirds (64%) say they saved money in the long run because the inspection uncovered minor issues that could be easily remedied.  The survey also finds that nearly 90% of homeowners believe home inspections are a necessity, not a luxury.

While many homeowners who had an inspection understand the value it provides, many still incorrectly believe that certain components are included in a standard home inspection.  For example, electrical wiring and plumbing behind drywall, and swimming pools are commonly mistaken as items that are included in an inspection, but they typically are not.  Also 70% of homeowners surveyed assume all home inspectors are required to be certified and licensed, which is not necessarily the case.

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The sentiment is also strong among homeowners who are underwater on their mortgages.  Nearly two-thirds believe owning a home is worth the risk, and 83% say they are happy with their decision to own a home.

Four out of five  (80%) say they would advise a friend or family member to buy a home, while slightly fewer underwater (78%) would do the same.  Only 19% of homeowners who are underwater believe homeownership is too risky.

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In most cases, possession will be transferred after you have signed your mortgage loan and a clear title has been transferred.  Then, when you and the seller agree on a date, it will be incorporated into the written contract.  Once this is done, the date cannot be changed without written agreement.

In rare cases, a seller may request to stay in the house for a short while after closing.  If the buyer agrees, a post-sale occupancy agreement must be put into writing and included as part of the contract.  The seller may be asked to pay a rental fee, which is agreed upon by both parties.

The buyer may also request permission to take occupancy before the purchase transaction is completed.  This, too, must be agreed in writing and the rental stipulations will be included in the purchase agreement.

Many aspects of the possession date are negotiable, but special provisions should be thoroughly spelled out and mutually agreed upon in writing.

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Marketing expert and author of “Buyology” Truth and Lies About Why We Buy”, Martin Lindstrom says that “we are much more seduced by outside factors when shopping than we think we are.”  And numerous studies seem to back up this idea that consumers may not have as much control as they think over how much they spend.

So what can a thrifty shopper do to put a halt to unnecessary spending?  Here are some factors that can influence your spending and how to avoid these pitfalls:

• Shopping while hungry – if you’ve ever gone to the grocery store on an empty stomach, you know how quickly you can fill up a cart!  But hungry shoppers may also have a bigger appetite for buying clothes and other merchandise, not just food.  Lindstrom notes that some stores introduce such scents as cinnamon and vanilla with the hope of making customers a little hungrier and triggering their urge to shop that much more.  So if you feel your stomach rumbling, stay away from the store.
• Shopping while sad – consumers are more likely to spend greater amount when they are feeling sad because they feel more desperate to satisfy their urges and cheer themselves up.  Instead of turning to retail therapy for a pick-me-up, try boosting your endorphins through exercise.
• The size of your shopping cart – it may sound sill, but the larger the size of the shopping cart, the greater the likelihood that you will spend more.  The smaller carts might be harder to find, but it is worth the search when you reach the register.