Remodeling Market Index Up Three Points – NMP Skip to main content

Remodeling Market Index Up Three Points

NationalMortgageProfessional.com
Jul 25, 2014

The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) rose three points to 56 in the second quarter of 2014, regaining the momentum built in 2013. This is the fifth consecutive quarter for an RMI reading above 50. An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity. "With many homeowners on better financial footing, home remodeling has become more popular," said NAHB Remodelers Chair Paul Sullivan, CAPS, CGR, CGP, of Waterville Valley, N.H. "The completion of postponed work has helped remodelers in all regions regain confidence in the remodeling market." The RMI's future market conditions index rose to 56 from 52 in the previous quarter, under the strength of an increase in all four of its subcomponents: calls for bids, amount of work committed for the next three months, backlog of jobs and appointments for proposals. The current market conditions component of the RMI increased three points to 56 this quarter. Remodeling jobs valued at $25,000 or more rebounded to 54, the same level as the end of 2013. Smaller remodeling jobs and maintenance and repair components performed well this quarter with readings of 56 and 58, respectively. "The recent improvement in the job market has helped restore remodelers' confidence after a dip in the first quarter that was probably in part weather-related. As homeowners feel more secure about their economic situation, they become more willing to undertake remodeling projects--especially larger, discretionary projects," said NAHB Chief Economist David Crowe. "In addition, fewer new homebuilders are looking to remodeling as a way supplement their revenue, and this has somewhat reduced competition for remodeling projects."
Published
Jul 25, 2014
Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

So far, up to 11 people have plead guilty in Federal Court to the multi-year mortgage fraud scheme, which netted more than $21 million in fraudulent mortgage loans.

Industry News
Jan 24, 2022
Crypto-Craze In The Mortgage Industry

'It’s time to tell the Emperor he has no clothes.'

Industry News
Jan 24, 2022
What Millennials Want from the Homebuying Process

Research backs the need for education and technology in creating the kind of efficient, customer-focused homebuying experience younger consumers expect.

Analysis and Data
Jan 24, 2022
Ross Mortgage Makes Three Leadership Promotions

Ross Mortgage Corporation's president, Tim Pascarella, announced three leadership promotions within the company.

Community
Jan 24, 2022
Rising Mortgage Rates Could Propel Buyers To Purchase Homes Sooner

First American Financial Corporation published its Nov. 2021 First American Real Estate House Price Index, which found that rising mortgage rates may have a strong effect on prospective buyers.

Analysis and Data
Jan 24, 2022
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022