Bright Future for Remodeling according to JCHS

Green remodeling and redevelopment of foreclosed and abandoned properties are recognized by JCHS to reverse the current remodeling downturn

The Joint Center for Housing Studies (JCHS) of Harvard University predicts a bright future for home improvements when the housing crisis recovers. At times of financial difficulties, homeowners are likely to take up remodeling projects that improve energy efficiency, induce cost savings and endure the test of time. Green remodeling and sustainable design are in growing demand, and together with 130 million homes in constant need of upgrade, repair and maintenance – all point to a bright future for the remodeling market.

According to Nicholas P. Retsinas, director of JCHS - “earlier this decade, the ability to borrow against equity created by rising home prices fueled remodeling activity, as well as broader consumer spending… Now that prices have softened, owners cannot finance home improvement projects as easily. Even those with equity find credit harder to obtain due to tighter standards.” Thanks to the Housing and Economic Recovery Act of 2008, which allocated $4 billion for the redevelopment of abandoned and foreclosed properties - foreclosures will help increase remodeling demand as banks and new owners will want to repair and upgrade existing properties.

Redevelopment of foreclosed and abandoned properties, growing interest in green remodeling and lasting design, and the continuous request of 130 million homeowners for renovation – will all reverse the downturn of the remodeling market. Remodeling New York takes care of big and small renovations, and offers green remodeling solutions to your complete satisfaction.