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May 13, 2002: Home Remodeling Rebounds In The First Quarter

May 13, 2002
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WASHINGTON, DC — Residential remodeling made a solid rebound in the first quarter of this year, according to the latest Remodeling Market Index (RMI) released by the National Association of Home Builders (NAHB). Following a slowdown in remodeling activity during the second half of 2001, the NAHB reports that the RMI showed across-the-board gains in all the components that make up the index.

During the first quarter of 2002, the RMI for current market conditions climbed seven points to a 52.7 rating. The RMI for future expectations made a stronger recovery, climbing from 42.8 in the fourth quarter of last year to a 54.6 score in the first quarter.

“This is welcome news that means remodeling activity has come back close to the levels of the first half of last year,” said Bill Owens, CGR, NAHB Remodelors™ Council chairman and a remodeling contractor from Columbus, OH.

“Homeowners are showing restored confidence in the economy and choosing remodeling to improve the comfort and investment value of their homes. With interest rates holding steady at favorable levels and continued growth in housing equity, it looks as if remodeling could reach new highs this year.”

Publication date: 05/13/2002

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