Apr 30 2008 12:00AM | Permalink | Email this | Comments (0) |
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Standard & Poor's/Case-Shiller home price index showed U.S. home prices dropping 14 percent in the first quarter of 2008, compared with the first quarter of 2007. This was the sharpest rate of decline in at least two decades, according to the index. Home prices declined in 19 of the 20 metro areas tracked by the index, which was created in 1988. Record declines were recorded in 15 metro areas, with six areas losing more than 20 percent.
Only time will tell if these declines will further impact the remodeling market. The optimistic remodeler would see this as an opportunity to market to those who cannot sell their home and move into a bigger or better one because their home's value has dropped beyond the point that a sale would be wise. The pessimist will just throw up his hands ... and slowly but surely go out of business. Stay positive. Stay focused. Look for opportunities in your local market. Then let us hear from you about the experience.