CAMBRIDGE, MA -- Falling consumer confidence and a weakening economy are inhibiting remodeling spending according to Harvard's Joint Center for Housing Studies. The Leading Indicator for Remodeling Activity (LIRA) reports that homeowner spending for home improvement activity will continue to decline, falling by an annual rate of 4.8% through the end of 2008.
"Spending on home improvements continues to be sluggish, as homeowners respond to falling home prices," notes Nicolas P. Retsinas, director of the Joint Center for Housing Studies. "The fall-off in pending home sales suggests a long and slow recovery."
"It looks unlikely that we will see any improvement in the remodeling market until 2009," remarks Kermit Baker, director of the Remodeling Futures Program of the Joint Center. "Currently, the second half of this year is shaping up to be weaker than the first half."
To view a historical chart of Homeowner Remodeling Activity, go here
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