Home Improvement another Positive Housing Sign

Door and Window Market Magazine states a study by the Joint Center for Housing Studies at Harvard University indicates the market for remodeling is being stimulated by foreclosures being revitalized, seniors retrofitting their homes in response to changing needs, and energy conscious homeowners making their homes more sustainable. Homeowners over 55 accounted for more than 45 percent of all home remodeling, up from about 30 percent a decade earlier. Joint Center Director Eric S. Belsky says, “After limited spending during the housing bust, renovating the more than one million distressed properties that were sold in 2011 contributed nearly $10 billion to home improvement spending. With about three million more foreclosures and short sales in the pipeline, there is even more such spending ahead of us.” The study showed market spending on energy-related projects increased from 23 percent in 2007 to 33 percent four years later. MHProNews understands some of the remodeling uptick is the result of refinancings that save borrowers on their house payment.

(Photo credit: digplanet)

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