Market Conditions
Market Conditions
Remodeling Spending To Tick Up Through Mid-2025
The Leading Indicator of Remodeling Activity report says things will trend up after a modest downturn
NAHB
NAHB: Remodelers Face Challenges and Opportunities
Remodelers face a uniquely strong market yet remain challenged by codes and costs
NAHB
NAHB Announces Action Plan for Housing Affordability
Six of the proposed 10 action items are important to residential remodelers
Market Conditions
Metros with the Highest and Lowest Remodel ROI
First-time homebuyers can find fixer-upper listings priced between 5 to 10% lower than move-in ready homes. The high return on investment of these projects shows that remodeling remains a strong option to navigate the current housing market
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BuildFax Remodeling Index Shows Gains for February
National index shows homeowners continue to spend on remodeling
For-sale inventory increases in some metropolitan areas
The inventory of homes for sale rose slightly in March in many metropolitan areas across the nation. According to data compiled by ZipRealty, the listing inventory rose 1.1 percent in 23 metropolitan areas between February and March, after decreasing in both January and February.
Majority of Americans oppose elimination of mortgage deduction
A new Gallup poll shows that about 60 percent of Americans want to keep the mortgage interest deduction as part of the federal tax code. The poll asked respondents if they would favor eliminating certain tax deductions in order to lower the overall income tax rate or to reduce the federal budget deficit.
Banks ordered to repair foreclosure processes
Bank of America, Wells Fargo, and JP Morgan Chase were among 14 financial institutions to receive penalties last week from the federal government for improper foreclosures. The banks were also ordered to revise their foreclosure procedures. Actions include having enough staff to handle the volume of foreclosures and establishing a single point of contact for borrowers.
Study: 81 percent still think home is best investment
Despite the housing bubble and subsequent crash, more than 80 percent of Americans still think buying a home is the best long-term investment a person can make. That's according to a recent Pew Research Center study, which found that 37 percent strongly agreed with that idea and 44 percent somewhat agreed with it.
Construction employment sees slight improvement
Construction employment saw an uptick in February, as 141 out of 337 metropolitan areas had increases in construction jobs compared to one year earlier, according to an analysis of federal employment data by the Associated General Contractors of America. Dallas-Plano-Irving, Texas, had the largest increase in jobs, adding 7,500 (8 percent).
Private residential construction spending declines
Residential construction spending dropped in February, with home improvement spending leading the decline, after an unexpected increase in January.
Russian billionaire pays highest known price for U.S. home
A Russian billionaire purchased a new home in California for $100 million, the highest known price paid for a single-family home in the U.S. Yuri Milner, who made his fortune investing in enterprises like Facebook and Groupon, built the 25,500-sf French Chateau-style home in Silicon Valley.
Shadow inventory supply remains high
The “shadow inventory”—the supply of homes in foreclosure or owned by banks but not yet listed for sale—fell in January, but could affect the housing market as weak sales and prices persist.
NAR: Second home sales drop, but hold market share
The number of second home sales dropped in 2010, but the market share held steady, according to new data released by the National Association of Realtors. The 2011 Investment and Vacation Home Buyers Survey found that sales volume for vacation homes fell 1.8 percent in 2010 from 2009, while the volume for investment homes fell 7.8 percent.