Despite the rise in foreclosures and bankruptcies during 2010, there are signs that point toward an economic recovery. Earlier this week, we discussed how the commercial real estate market has shown signs of improvement. Today we will discuss how consumer spending habits suggest that more individuals are interested in remodeling their homes and willing to spend money on home improvements.
According to reports, home remodeling is finally on the rise after one of the worst economic downturns. Foreclosed properties that have been purchased need some care from homeowners after sitting on the market, and other individuals have resigned to the fact that they may not be able to sell their home due to a loss in property value. Retailers and home remodelers in Florida have also noticed an increased interest in residents wanting to remodel their homes. The president of Allied Kitchen & Bath in Fort Lauderdale said, "My showroom has been nonstop busy. We're getting big orders on a consistent basis." Why are homeowners suddenly interested in remodeling?