WASHINGTON - The Remodeling Market Index climbed to 50 in the third quarter of 2012, up from 45 in the previous quarter, reports the National Association of Home Builders NAHB Remodelers group.
The index, a measure of homeowners' plans to remodel, is at its highest point since the third quarter of 2005, tracking the positive trends recently seen in the rest of the housing sector.
An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future activity.
"Home owners are investing in remodels as home prices stabilize," George "Geep" Moore Jr., owner of Moore-Built Construction & Restoration in Elm Grove, LA and chairman of the NAHB Remodelers. "They are beginning to undertake projects to improve their comfort that they had been putting off."
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