Remodeling activity continues to drop

The number of homeowners remodeling their properties continued to decline in the third quarter, according to a new survey from the National Association of Home Buildings. The group’s remodeling market index — on which any score below 50 signals that more industry professionals believe remodeling activity is dropping than those who believe it is increasing — remained flat with a score of just under 41 points. The index hasn’t been above the 50-point threshold since the end of 2005. “The remodeling market hit the same mid-year stall that the rest of the housing market and the economy hit,” said David Crowe, chief economist for the NAHB. “Remodeling continues to remain weak as consumers hold off on investing in their home until they feel more confident about the overall economy.” TRD