Remodeling activity fell flat during the first quarter this year, according to the ""National Association of Home Builders"":http://www.nahb.org/ (NAHB).[IMAGE]
The trade group recently released a Remodeling Market Index that found remodeling activity dropping to 47 from 48 over the last quarter. Anything below 50 for the index indicates that more remodelers say that market activity is less than high.
The index climbed down by one point to 49 over the first quarter, with future indicators of remodeling business down two points to 44.
""We are seeing that the demand for remodeling work has been pulled forward because of a mild[COLUMN_BREAK]
winter,"" NAHB Remodelers Chairman George Moore said in a statement. ""That is why many remodelers reported lower numbers for future activity.""
Three components shifted in different directions over the first quarter. The NAHB found major additions staying unchanged at 44, minor ones lifting one point to 52, and repairs falling four points to 51.
Two of the four components observing futures fell, with remodeling jobs descending four points to 43 and appointments for proposals down five points to 45.
Calls for bids went up by one point to 47, while the amount of remodeling commitments over the next three months stayed the same at 42.
""Even though many remodelers report that consumers are showing increased interest in remodeling, they are hesitant to act because of financing constraints and the spotty nature of the economic recovery, which so far has failed to reach some of the larger markets in country,"" added NAHB Chief Economist David Crowe.
Remodeling market conditions declined regionally for the most part. The Midwest registered a decline by two points to 50; the Northeast, by seven to 48; and the South, by three points to 46. Conditions in the West ticked up three points to 47.