Remodeling Market Improves in First Quarter

Washington, DC, April 28, 2011 -- The remodeling market is heading into recovery, according to the National Home Builders Association.

Its remodeling index rose to 46.5 in the first quarter from 41.5 in the fourth quarter of 2010.

This marks the highest level for the RMI since the fourth quarter of 2006. However, the index still shows that more remodelers report market activity is lower than report it is higher.

The overall RMI combines ratings of current remodeling activity with indicators of future activity like calls for bids.

"Remodelers report a jump in activity so far this year and have been receiving more calls for work and appointments," said NAHB Remodelers Chairman Bob Peterson.

"However, many home owners are still slow to commit to remodeling due to feeling uncertain about the economic recovery and difficulty obtaining loans."