Oct 26 2007 1:20PM | Permalink | Email this | Comments (0) |
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I just got back from the Remodeling Futures Steering Committee Meeting at Harvard University, during which the Joint Center for Housing Studies released its Leading Indicator for Remodeling Activity. The LIRA shows that overall homeowner remodeling spending for 2007 is projected to end up 2.3 percent lower than 2006. What's more, Harvard said it expects the declines to extend well into 2008 because of falling house prices, a slowing economy and a dramatically reduced level of cash-out mortgage refinancing activity, which has always been a key source of funding for home improvements. What does your local market look like? Have you seen a downturn in business in 2007, and if so, how much? What is your company's forecast for 2008? Click "Post a Comment" below and let us know.