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Homebuilders Report Steep Uptick in Remodeling Demand




The Remodeling Market Index has been consistently below 50 since the fourth quarter of 2005 and dipped into the low 20s in the fourth quarter of 2008. This is the best showing for the index since Quarter 1 of 2006 - Photo Courtesy of NAHB

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Declaring that the decline in remodeling activity may be reaching an end, the National Association of Homebuilders released the results of its Remodeling Market Index for the first quarter of 2010.

The three part index measures remodelers' perceptions of market demand for current and future residential remodeling projects. Any result below 50 indicates that more respondents feel that the market is getting worse than indicate it is improving.

The data is collected and reported to include impressions of both the current and impending market and NAHB has created a new unified index combining the two perceptions. The first segment of the index measuring current market conditions jumped to 47.0 from 36.4 in the fourth quarter of 2009. The index of remodeler perceptions of future conditions had an even greater improvement, soaring to 48.9 from 31.4. The unified measure was up from 33.9 in the previous quarter to 47.9

''Although the overall RMI and most of its components are still slightly below the break-even point of 50, the recent improvements suggest that the remodeling market may soon reach its bottom and begin to grow in the coming months,'' said NAHB Chief Economist David Crowe. ''However, professional remodelers are still operating in a highly competitive marketplace and dealing with consumers who are uncertain about the future.''

Summary indices for future market indicators swelled substantially with calls for bids jumping to 56.3 (from 37.5 in fourth quarter 2009)) and appointments for proposals soaring to 59.2 (from 34.4). The amount of work committed for the next three months expanded to 33.0 (from 21.9) and the backlog of remodeling jobs also strengthened to 47.2 (from 31.9). These are all positive signs for the remodeling industry. Hopefully this portends a brighter future for landscape professionals, too.

-- Courtesy of Mortgage News Daily

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October 23, 2019, 9:54 pm PDT

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