In the wake of the housing market collapse, a growing number of households have opted to stay in their current home and remodel, rather than face the current conditions in the marketplace.
According to real estate data from BuildFax, home remodeling activity rose for the third consecutive month in February to roughly 2.89 million projects. This is a 3 percent increase from the previous month and a 23 percent surge from a year earlier, with activity rising in all four areas of the country.
"February 2012 is the first month over the past twelve to show significant increases in residential remodeling activity across all U.S. regions," said BuildFax vice president of research and development Joe Emison.
Regionally, the Northeast reported to greatest increase in home resident projects, as they rose 24 percent from the previous month a 33 percent from February 2011. Meanwhile, activity in the South was up 3 percent from January, while the Midwest reported a 4 percent spike during the same period. In addition, the West saw a 9 percent rise to an estimated 830,000 projects.