The BuildFax Remodeling Index (BFRI) indicated on Monday that May 2011 became the month with the highest level of remodeling activity since the BFRI was introduced in 2004.
Residential remodeling activity registered the nineteenth straight month of year-over-year gains, suggesting that many Americans are continuing to remodel their current homes rather than purchasing new homes.
The May 2011 index rose 22 percent year-over-year to 124.3, the highest number ever in the index to date.
All regions were up month-over-month, with the Northeast up 9.8 points (12 percent), the South up 7.3 points (7 percent), the Midwest up 16.3 points (18 percent) and the West up 8.7 points (7 percent).
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