Growth in residential remodeling spending is expected to fall through 2H20, according to the Leading Indicator of Remodeling Activity (LIRA) published by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
The leading indicator [LIRA] forecasts that annual growth in homeowner expenditures for improvement will plunge 6.3% in the current quarter to just .40% by late spring 2020, an ominous sign that a deep structural slowdown which started in 1Q18 is now spreading like cancer through the broader economy.
Fannie Mae has reported sales of existing homes will total 5.35 million in 2019, flat from last year's 5.34 million. Data from the National Association of Realtors shows existing-home sales reached a post-housing-bust high of 5.51 million in 2017 - but since - the trend has stalled.
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2 comments:
BS. They remodel because it's cheaper. Where can you build when developer's already own the land. Why does everyone has to be a negative Nellie with no FACTS??
"Expected" is the key word
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