It's a harbinger of slower growth. Both home-building and remodeling helped carry the economy through slower times. Now it will be the reverse, or at the very least it won't be a source of propping up the economy.
More Quotes from Kermit Baker:
Over the last 10 years, we've seen a fairly significant core of the population spending more than half the value of their home on improvements. Some of that is because buyers increasingly are moving into older suburbs convenient to their jobs in the city, and they're renovating smaller Cape Cod and ranch-style homes.Kermit Baker
If I live in a neighborhood that has homes that routinely expect to see two-and-a-half or three baths, and my home has one-and-a-half baths, by adding that second bath I'm going to get a real phenomenal return. On the other hand if I have four baths and I add a fifth, I'm probably not going to get much return at all.
Kermit Baker
Not bigger, but better - that thought has caught on in some places.
Kermit Baker
If you need to build a hospital, you're going to build it. But things that are really maybe more spec -- office, retail and things like that -- might be more susceptible to sharpening the pencil to make sense.
Kermit Baker
Homes have been getting bigger and bigger for some while. The last time we looked, room additions were still a real important part of the remodeling market.
Kermit Baker
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