Industry News

Real estate remodeling strong in 2nd quarter

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Remodeling activity continued to grow in the second quarter of 2005, according to the National Association of Home Builders' Remodeling Market Index. Today's second-quarter results were slightly below the seasonally adjusted first quarter of 2005 but remained in the positive-growth range. "The high rates of home sales and home-price appreciation are helping fuel strong remodeling activity," said Remodelors Council Chairman Don Novak, a remodeler from Cedar Rapids, Iowa. "Though we saw little change overall, the RMI still shows above-average activity for the past quarter and this will continue into the third." The RMI is derived from a quarterly national survey of more than 500 remodelers and is seasonally adjusted. The current market conditions index dropped one half a point from 52.9 to 52.4. The future expectations index also moved down from 53.6 to 52.8. Both indexes continue to show above-normal activity. Regionally, strong readings in the Northeast, South and West were partia...