Home remodeling hits record pace
The National Association of Home Builders (NAHB) reports that "Americans spent $198.6 billion on remodeling projects last year according to the U.S. Census Bureau, up from $176.9 in 2003 and the largest increase in more than a decade."
Rising home prices have contributed to this record pace, as home owners elect to remain in their current residence and remodel, rather than move to more expensive housing. And, favorable interest rates combined with increased equity in their homes have allowed home owners to be able to finance the improvements.
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