Harvard Researchers See Big Pick-Up in Remodeling

Cambridge, MA, Oct. 22, 2010 -- Spending on home improvements will increase by double-digits next year, according to a prediction by Harvard University researchers.

The Joint Center for Housing Studies at Harvard forecast that remodeling activity would bottom out in the third quarter and edge up 3.1% in the fourth quarter. Activity is forecast to climb sharply beginning in the first quarter of next year.

"A recovering economy should stabilize house prices and consumer confidence levels, encouraging homeowners to reinvest in their homes and undertake deferred repairs and replacements," said Eric S. Belsky, managing director of the Joint Center.

Contractors are more optimistic about the next year, as low interest rates should help fuel spending and buyers of foreclosed homes that need repairs likely will spend on renovations.


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