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Remodeling Slows

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Remodeling Slows (post #119356)

Remodeling Slows Down As Housing Market Continues Slump Remodeling Slows As Housing Market Struggles

Source: Virginian - Pilot
Publication date: August 18, 2007

The Record

HACKENSACK, N.J. - When people buy houses, the first thing many of them do is rip out the bathroom, replace the roof or make other improvements.

So it's no surprise that when house sales slow down - as they have recently - remodeling follows.

The National Association of Home Builders reported this week that remodeling activity nationwide slipped in the second quarter of 2007. Moreover, fewer than half of remodeling professionals surveyed anticipate quick improvement in the market.

"The remodeling market is following the downswing we are seeing in the overall housing market," said NAHB chief economist David Seiders. "We expect some further erosion in the second half of this year and in 2008, followed by a gradual recovery in 2009 and beyond."

"I would say things are just a bit slower," said Dennis Cohen, president of New Home Improvements of North Jersey Inc.

The NAHB also reported that remodelers are focusing more attention on renovating properties for homeowners who want to age in place. That means widening doorways, adding shower grab bars and making other changes to make a home more livable for people with health issues.

More than 75 percent of the remodeling professionals surveyed said they have seen a rise in requests for such features over the past five years. The main reasons clients gave were planning for future needs, living with older parents and age-related disabilities.

Cohen said his company is working on such a project now, for a client who is battling cancer. The company replaced the client's tub with a shower, including a built-in seat and grab bars, for easier use.

(c) 2007 Virginian - Pilot. Provided by ProQuest Information and Learning. All rights Reserved.

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Edited 9/13/2007 6:15 pm ET by rez