Is this the worst of it for remodelers?
The current quarter may be the worst point of the economic downturn for home remodelers, according to a report out Thursday from Harvard University's Joint Center for Housing Studies. Spending on remodeling is likely to start increasing after this quarter ends in March, and continue rising through the rest of the year, according to the Joint Center, which publishes a Leading Indicator of Remodeling Activity report.
This quarter, spending on home remodels is forecast to decline 12 percent from last year, and the second quarter may be down 8.8 percent from a year earlier. But, while the rate of annual decline is slowing, dollar amounts, quarter-to-quarter, are forecast to increase steadily through the year.
So, if you have the money--or access to credit--now may be the very best time to call a remodeler and get on his schedule.
Tune in at 1 p.m. Friday, Jan. 22, for the Real Estate Live chat. As always, you're welcome to get your thoughts in early.
January 21, 2010; 5:17 PM ET
Categories: New construction , Remodeling and repair , Statistics , The economy
Save & Share: Previous: New tax forms released for claiming the home buyer credit
Next: Refinancers cut interest rates and shrink their debt
The comments to this entry are closed.