Last week we reported that housing starts were up. That was true on average. Some areas were way up. Some were actually down, but on average, new homes started were up. But as builders start to feel the aftershocks of the sub-prime mortgage issue, they are growing increasingly wary of starting new homes (especially spec homes.)
If you would like to find out which regions were up and which were down, you can get the whole story here.
The National Association of Home Builders (NAHB) reports that their Remodeling Market Index (RMI) shows a growth in remodeling activity for the first quarter of 2006. “The current market conditions index increased from 46.6 to 48.1 and future expectations moved from 47.5 to 48.9.” Further, Baby Boomers (ages 46 to 64) are doing most of the remodeling.
And, how were the results all around the country?
“Regionally, there was strong growth throughout the country except the West, though that area still remains well within the positive range. The Northeast’s current conditions increased by nearly 10 points from 41.6 to 51.1 and the future index jumped from 41.0 to 47.3. Current conditions increased in the Midwest from 41.1 to 44.3 with the future expectations increasing by .4 to 46.6.”
Read More: NAHB remodeling report
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