“Home remodeling and design professionals are optimistic as the year draws to a close, with more firms anticipating an increase in business activity than a decrease in the final quarter of 2024. This follows an overall decline in business activity in the third quarter of the year. Meanwhile, wait times in the industry are similar to last year’s and hovering around historic averages..” Read more
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Mortgage Delinquencies Decrease Slightly in the Third Quarter of 2024, Up on Annual Basis
A recent survey from the Mortgage Bankers Association indicates a slight decline in the mortgage delinquency rate to 3.93% by the end of Q3 2024. However the rate remains 30 basis points higher than a year ago. Early-stage (30-day) delinquencies saw a modest decrease, while more serious delinquencies (60-day and 90-day+) continued to rise across all loan types. Read more
Read MoreDisaster Survivors Face These Roadblocks to Rebuild Safer, More Sustainable Homes
Pricey sustainable rebuilds, insurance hesitancy, and a thinly stretched Federal Emergency budget are just some of the roadblocks survivors face when rebuilding their homes after a disaster. Read more
Read MoreConstruction Job Openings Fall Post-Helene
The U.S. Bureau of Labor Statistics reported that open construction jobs decreased by 288,000 on the last day of September. Read more
Read MoreFour Practical Ways to Reduce Construction Costs Without Hurting Quality
“Managing costs without compromising on quality is a primary concern for contractors. Effective construction cost management involves strategic planning, accurate estimation and efficient billing processes. By implementing these practical strategies, contractors can optimize their resources, enhance project efficiency and maintain high standards of quality.” Read more
Read MoreWhat’s the Best Time of Year to Renovate?
“Weather, cost, holidays and work come into play when thinking about the best time of year to complete a home renovation project.” In this article RenoFi weighs the pros and cons for home remodels for each season. Read more
Read MoreU.S. Home Improvement Analysis Report 2024: A $615.58 Billion Market by 2029, Fueled by Rising Demand for Personalization and Customization, & Smart Home Technology Integration
The U.S. Home Improvement Market is projected to reach $615 billion by 2029, rising at a CAGR of 2.78%. Dominating the market is the South region, with its rapid population growth, numerous single-family home builds, and warm climate. Homeowners in this region are more likely to invest in a variety of outdoor features, including pools, gardens, and patios, as well as energy-efficient home systems that create ease and improve security. Read more
Read MoreNavigating Regulations and Permits: Top Five Tips for Remodelers
NARI reports that remodelers who want to streamline their processes and create better experiences for homeowners should follow these five tips: understand local requirements; obtain necessary permits; acquire licensing and insurance; consider lead safety regulations; and stay informed about regulations. Read more
Read MoreBernie Marcus, Home Depot Co-Founder Who Pledged to Give Away His Billions, Has Died
It was in 1978 when Bernie Marcus and Arthur Blank were both fired from Handy Dan, a home improvement chain, that set Marcus and Blank off on the lightning-speed path to founding Home Depot only one year later. The idea was to gather all home-improvement needs under one expansive roof. By 1990, Home Depot was the largest home improvement chain in America. NPR reports that Marcus died on Monday at the age of 95. Read more
Read MoreMost Homeowners Over Budget on Remodels, Report Finds
According to research from Clever Real Estate, a St. Louis-based real estate company, 2/3 of homeowners who embarked on a home remodeling project have fallen into debt. While some went over budget by $5,000, many more experienced unforeseen challenges, resulting in halted projects and mid-project layoffs. Still, 93% of homeowners say they plan to pursue a major renovation in the future, though more than half may undertake DIY projects to save money. Read more
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