Remodeling Activity Reaches Record Levels According to BuildFax Remodeling Index for September

AUSTIN, Texas--(BUSINESS WIRE)--

As the weather started to cool and kids went back to school, remodeling activity continued to soar in 2011. Today, BuildFax®, unveiled its BuildFax Remodeling Index (BFRI) for September 2011, which shows that remodeling activity reached a record high during the month. BuildFax also released data today stating the most popular types of remodeling projects over the past five years.

The latest BFRI showed that September 2011 became the month with the highest level of remodeling activity since the Index was introduced in 2004 and represented the 23^rd consecutive month of increases. In addition, BuildFax data revealed the most popular permitted residential remodeling jobs since 2006 have been roof remodels/replacements, followed by deck and bathroom remodels. The top eight types of remodels classified by BuildFax are:

1. Roof (21.4%)
2. Deck (7.9%)
3. Bathroom (6.9%)
4. Garage (6.1%)
5. Kitchen (4.8%)
6. Basement (2.9%)
7. Office (1.7%)
8. Sunroom (0.7%)

“Mortgage rates continue to be near record lows, and as homeowners from coast to coast refinance, they are continuing to update their current home and invest in their properties,” said Joe Emison, Vice President of Research and Development at BuildFax. “The data from BuildFax show that homeowners are not only doing important ‘maintenance' projects, such as fixing their roof, but also taking on projects that add to the ‘livability' of their homes by adding decks, remodeling their bathrooms and updating their kitchens. These are immediate fixes they will enjoy and that potential buyers look for.”

September Signifies 23 Consecutive Months of Industry Growth

The Residential BuildFax Remodeling Index rose 34 percent year-over-year—and for the twenty-third straight month—in September to 141.4, a new high number in the index. Residential remodels in September were up month-over-month 2.8 points (2 percent) from the August value of 138.6, and up year-over-year 36.3 points from the September 2010 value of 105.1.

The BFRI is the only source directly reporting residential remodeling activity across the nation with monthly information derived through related building permit activity filed with local building departments across the country. This monthly report provides month-over-month and year-over-year comparisons on trends in remodeling activity for the entire United States, as well as for the four major regions of the country: Northeast, South, Midwest, and West.

Half of Country See Month-over-Month Gains

In September 2011, the West (6.4 points; 4.6 percent) and the Midwest (5.73 points; 4.9 percent), all had month-over-month gains, while the Northeast (1.1 points; 1.5 percent) and the South (2.9 points; 2.9 percent) saw a decline. Regions up in year-over-year gains from September of 2010: the West (44.4 points; 43.5 percent), the Midwest (16.8 points; 15.9 percent) and the South (8 points; 9 percent). The Northeast dropped 3.7 points (4.7 percent).

Historic index values (going back to early 2004) are available for purchase from http://index.buildfax.com/.

BuildFax in the News:

Pertaining to the remodeling boom, this month BuildFax announced a partnership with Marshall & Swift/Boeckh that will allow them to offer a combined solution aimed at helping insurance carriers reclaim millions in premium leakage by identifying unreported property changes and remodels along with actionable replacement value updates needed to maintain accurate insurance to value (ITV). This partnership will also benefit the policy holder, by ensuring that the investments they have made in their homes are properly insured against loss.

In addition, this week MetroList, Colorado's largest multiple listing service (MLS), partnered with BuildFax to help over 14,000 Denver-area agents better understand the history of each property they represent or present to a client. These agents can subscribe through MetroList and receive access to the “BuildFax Buyer's Report” and “Neighborhood Pulse” for $4.99 per agent. MetroList is the first MLS in the country to offer BuildFax's permit data on a vendor platform.

To empower consumers with detailed information about the “life story” of their new home or a home they are looking into, BuildFax offers access to a consumer BuildFax Buyer's Reports, which include relevant permit data regarding key upgrades and repairs made to the property, simply by searching for an address.

About BuildFax (www.buildfax.com):

BuildFax®, a division of BUILDERadius, is the creator of the first and only national database of historical building permit data. Co-headquartered in Austin, Texas and Asheville, North Carolina, BuildFax® has created a proprietary property intelligence engine that contains building and permitting information from 4,000+ cities and counties throughout the country. Local building departments in each of these towns across the country inspect construction to make sure it meets quality and safety standards; as such it is an absolutely critical part of the public safety infrastructure. BuildFax® is then able to consolidate this information into the dataset, which is a tremendous asset to professionals in the insurance, financial services, inspection, and appraisal industries, as well as buyers and sellers of property. As the best and only source of a structure's “life story,” the BuildFax® database continues to grow, currently covering over 72 million residential and commercial properties in the United States, with over 6 billion data points.