With property values still declining in markets across the country, homeowners continue to invest in their houses by remodeling, according to a recently released BuildFax Remodeling Index.
The July index, which tracked construction permits issued for home improvement projects across the country, included numbers through May 2011. Residential remodels rose 13 percent from April, increasing for the 19th consecutive month. For May, the index showed 22 percent year-over-year growth, and at 124.3 was the highest it has been since launching in 2004.
Though the Midwest continues to trail other regions in total remodeled homes, it posted the best April to May growth, of 18 percent. During that same period, the index rose 12 percent in the Northeast and 7 percent in the South and West.
Joe Emison, BuildFax Vice President of Research and Development, said the historically strong index provides further proof owners are choosing to undertake home improvements during this time when real estate sales prices are low and sliding.
Home builders are also selectively remodeling new construction. Bloomberg News recently described how builders are adding environmentally friendly features to newly constructed homes to attract buyers who might otherwise opt for an affordable foreclosure property.
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Related posts:
- March delinquency rate continues downward trend
- February brings improvement in pending home sales
- Women assume bigger roles in the home improvement realm
- Prices drop nationally, but metro areas see improvement
- Delinquency improvement continued near end of 2010
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