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Momentum Building for Home Improvement Activity – LIRA Report
The Joint Center for Housing Studies / Harvard University / April 18, 2013
Spending by homeowners on improvement projects is expected to accelerate as the year progresses, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. On top of the almost 10% growth reflected in U.S. Census Bureau figures for 2012, the LIRA projects strong gains in homeowner remodeling spending continuing throughout 2013, with some moderation in the pace of growth toward the end of the year.
“Existing home sales were up almost 9% last year, and house prices are increasing in most markets across the country,” says Eric S. Belsky, managing director of the Joint Center. “This has increased the home equity levels for most homeowners, encouraging them to reinvest in their homes.”