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Harvard Sees Remodeling Slowing in Second Half of 2008
Home owner spending for home improvement activity is expected to decline through the balance of this year, falling at an annual rate of 4.8%, according to the Leading Indicator for Remodeling Activity (LIRA), which was released on April 17 by Harvard’s Joint Center for Housing Studies.
Remodeling activity is being inhibited by falling consumer confidence and a slumping economy, Harvard said.
“Spending on home improvements continues to be sluggish, as home owners respond to falling home prices,” said Nicolas Retsinas, the center’s director. “The fall-off in pending home sales suggests a long and slow recovery,” he added.
“It looks unlikely that we will see any improvement in the remodeling market until 2009,” said Kermit Baker, director of the center’s Remodeling Futures Program. “Currently, the second half of this year is shaping up to be weaker than the first half.”
The LIRA is a new initiative from the Remodeling Futures Program that is designed to estimate future national remodeling activity with a horizon of three quarters.
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