Remodeling Index Reaches 4-Year High

With the summer remodeling season fast approaching, the National Association of Homebuilders' Remodeling Market Index (RMI), a survey that measures current and future market conditions, reached a four-year high of 46.5 in the first quarter; during the final quarter of 2010, the RMI rested at 41.5. Still, an RMI below 50 does indicate that more remodelers think activity is declining. Current market conditions for the first quarter of 2011 rose to 46.1 from 43.3 in the previous quarter, while future market indicators climbed to 46.8 from 39.7. "Remodelers report a jump in activity so far this year and have been receiving more calls for work and appointments," said NAHB Remodelers Chairman Bob Peterson, a remodeler from Ft. Collins, Colo. "However, many home owners are still slow to commit to remodeling due to feeling uncertain about the economic recovery and difficulty obtaining loans."