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by CareyBot

Estimated recent growth of homeowner remodeling spending has eased substantially but still remains near its long-term rate of 5 percent, according to a new report. Homeowners spent more than an estimated $155 billion on home improvements and repairs over the past four quarters, representing a 4.5 percent increase over this period, according to Harvard's Joint Center for Housing Studies' Remodeling Activity Indicator released today. "Rising interest rates and a cooling housing market have started to impact spending on home improvements. Delays in initiating major improvement projects are likely to moderate spending over the next year," said Nicolas P. Retsinas, director of the Joint Center. Kermit Baker, director of the Remodeling Futures Program of the Joint Center, commenting on this yea...