After a slow beginning, homeowners should begin spending more on improvements later in 2012, according to the Leading Indicator of Remodeling Activity (LIRA) released Thursday by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
Also, if the momentum continues to build in the latter part of 2012, remodeling activity would be on course to end the year on a positive note.
"We're beginning to see some hopeful signs in the economy, and the housing market is finally starting its slow recovery," said Eric Belsky, managing director of the Joint Center. "That should prove helpful for home improvement spending as the year progresses."
"Sales of existing homes have been increasing in recent months, offering more opportunities for home improvement projects," said Kermit Baker, director of the Remodeling Futures Program at the Joint Center. "As lending institutions become less fearful of the real estate sector, financing will become more readily available to owners looking to undertake remodeling."
