That seems to be this year's sentiment according to CNBC News. While there are reports that America's housing market is still going down and millions of foreclosed properties sit idle, the remodeling industry has continued to soar. CNBC says that's because Americans feel stronger about their finances, and some are just "dipping their toes back into the housing waters" with remodeling projects. That's all well and good, but are homeowners really going to gain much from remodeling projects? Joe Emison, the creator of BuildFax remodeling index, a Texas-based company, talked about the remodeling industry growth and how it is affecting homeowner's decisions towards their homes.
"Residential remodeling this winter is as strong as it has been in more than five years. We expected residential remodeling to continue to grow throughout 2012," stated Emison to CNBC.
But how is this growth even measured? Well, all you really have to do is look at the number of permits being pulled to see that there has been significant growth according to insiders. Emison states that there was up 13 percent in December. The Midwest and West areas of America are remodeling the most, according to other numbers by BuildFax.
This is obviously a breath of fresh air to remodeling companies and contractors in America, as well as home construction and repair companies that benefit as well. Sherwin Williams has been riding steady as the market earthquakes all around, and Home Depot and Lowes are seeing some highs that haven't been experienced since 2002. Lowe's and Home Depot also only get revenue from American consumers so it's clear that there isn't a shortage of spending flow when it comes to home improvement projects.
The article from CNBC seems to think that homebuyers will trickle in this spring, but the main focus will continue to be on renovations and home improvements. The market is mainly dependent on how banks handle loans and foreclosures in the months to come. While homeowners work on their houses, the question really is will these improvements pay off? That is still undecided as the housing market continues to be stuck in a rut.