As the housing market continued its recovery over the last several years, home prices have risen and home maintenance and remodeling spends have risen with it.
But after a solid five-year run, it appears things are cooling off – and fast.
It’s a strong sign that the economy is slowing down, just as many analysts have predicted. But the quick change of pace may mean that it’s slowing faster than expected.
Homeowners and investors are pulling back on their housing-related spends, as the number of construction permits, home maintenance activity and remodeling expenditures all declined in March for the fifth consecutive month.
According to a recent report by BuildFax, a property…