![]() ![]() Harvard's Joint Center for Housing predicts that the annual gains in home improvement and maintenance spending will decline "sharply" by the middle of next year, but only to a 6.5% growth rate from an unusually high 16% rate. "However, an aging housing stock, work from home trends and a decline for household mobility all favor remodeling spending."ĭietz also points to the "interest rate lock-in effects," meaning people don't want to sell a home where they might be paying a 2.75% mortgage interest rate and trade up to another home where the rate would likely be around 7% today. "The growth rate for improvement spending will slow due to declines for existing home sales," said Robert Dietz, NAHB's chief economist. "So when you look at all those factors, those things bode well for home improvement, and we feel really good about our current trends," said Ellison in an interview Wednesday on CNBC's "Squawk Box." Building vs. ![]() housing stock - which is roughly 40 years old, the oldest since World War II - as well as high levels of personal disposable income. He pointed to home price appreciation, the age of the U.S. That equity is part of a three-pronged driver of home improvement, according to the CEO of Lowe's, Marvin Ellison. Per homeowner, it amounts to roughly $207,000 in tappable equity. ![]() That equity grew by an unprecedented $1.2 trillion in the first quarter of this year alone. That is the amount a borrower can take out of their home while still leaving 20% equity in it. Personal Loans for 670 Credit Score or Lowerīy the end of the first quarter of this year, before the steep runup in mortgage rates caused the housing market to falter, homeowners had a collective $11 trillion dollars in so-called tappable equity, according to Black Knight. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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