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Remodeling market at a five-year high

Remodeling is at its highest in five years, according to the National Association of Home Builders.

Remodeling is at its highest in five years, according to the National Association of Home Builders.

According to the National Association of Home Builder's Remodeling Market Index for the fourth quarter of 2011, remodeling rose to the highest levels since 2006.

The RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter. The NAHB reported that market conditions improved considerably in all four regions over the third quarter of 2011, with the RMI reporting higher market activity in major additions, which increased from 45.2 to 52.3, and minor additions, which increased from 45.7 to 50.1.

“With several key components above 50, the latest RMI provides reason for guarded optimism going forward,” said David Crowe, NAHB chief economist. “The residential remodeling market has been improving gradually, mirroring the trend in other segments of the housing market. Stringent lending requirements and economic uncertainty continue to be a drag on demand, but we expect a modest growth in remodeling activity to continue throughout 2012.”

Statistics also recently showed U.S. home sales increased in December, revealing Americans are finally able to afford the relocation cost of packing up and moving into their dream homes.