The BuildFax Remodeling Index showed permits were issued at a seasonally adjusted rate of 2.998 million, up from 2.705 million the previous year.
“Residential remodeling this winter is as strong as it has been in more than five years,” said Joe Emison, vice president of research and development at BuildFax. “We expect residential remodeling to continue to grow throughout 2012.”
The BuildFax index is an estimate of all building permits issued for work on existing homes, including work done by real estate investors on houses for flipping and buy-and-hold investing.
Here is a regional breakdown of the numbers, with annual rate of permits, change from December and change from January 2011:
What do you think? Is this a positive sign for the housing market? Feel free to leave your comments below: