ServiceMagic.com, a website that connects homeowners to prescreened, customer-rated contractors nationwide, released its annual Home Modeling & Repair Index for the third quarter of 2010. The company used its own data, plus surveys of service providers and consumers, to measure trends in home improvements.
The U.S. homeownership rate is at its lowest level since 1999, said a report by the Wall Street Journal. According to the Census Bureau, 66.9 percent of households owned their homes. In 1999, the rate was 66.7 percent.
American homeowners may not spend significantly on home improvements in the near future, according to report by the Wall Street Journal. Americans tend to spend more on home improvement as home prices rise, since they are likely to see a return on their investments.
NAHB's Remodeling Market Index stays flat in the third quarter, showing no growth in business for remodelers
Existing home sales increased 10 percent in September according to the National Association of Realtors (NAR), said a report by Forbes.com. There were 4.53 million existing home sales last month, up 10 percent from the 4.12 million sales in August. Sales were 19.1 percent lower than September 2009, however, with 5.6 million existing home sales.
WD-40, in partnership with Rebuilding Together, is looking for the 2010 Rebuilding Together Tradesperson of the Year – someone who reflects the values of both brands, gives back to the community and adds value to his or her skilled trade industry.
After three years of decline in the market, remodeling is poised for a comeback in 2011, according to the Harvard University Joint Center for Housing Studies
Housing starts unexpectedly rose 0.3 percent in September, signaling that the real estate market may be stabilizing despite the new foreclosure crisis, the Commerce Department reported. The annual rate rose to 610,000, the most since April and slightly higher than the revised 608,000 rate in August.
A new look at housing starts based on data from the Census Bureau finds that single-family homes in the U.S. continued to get smaller last year, and the downward trend is likely to last significantly beyond the end of the recession. From a peak of 2,268 square feet in 2006, the median size of new single-family homes dropped consistently through last year, when the size was down to an even 2,100, according to NAHB.
Despite the stagnant and uncertain economy, renters are returning to the market in massive numbers, the Wall Street Journal reported. Nationwide, the vacancy rate fell 0.7 percent during the third quarter, one of the sharpest declines on record, to 7.2 percent.