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Unable to Sell, Homeowners Remodel


Unable to Sell, Homeowners Remodel

Unable to Sell, Homeowners Remodel
News from Smartmoney.com:

With home values still falling, many homeowners have put aside their dreams of selling and settled for the next best thing: remodeling.

A growing number of Americans are spending more on home renovations, and new data suggest they’re not just throwing on a new coat of paint or replacing that leaky fridge. Homeowners spent an estimated $ 115.9 billion in the year ended June, according to the Joint Center for Housing Studies at Harvard University. That’s a 4.6% jump from the year ended March and the largest increase in more than five years. What’s more, the number of residential remodeling permits, which homeowners typically apply for to make major changes to their homes, soared 24% in July compared to July 2010 — the highest level since 2004, according to data released this week by building permit tracker BuildFax. “During the first half of this year, we started to finally see some growth,” says Abbe Will, research analyst at Harvard’s Joint Center for Housing Studies.

continues on Smartmoney.com
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