Buildfax Reveals Residential Remodeling Highs
BuildFax — the new go-to source for property history reports — recently unveiled its BuildFax Remodeling Index (BFRI) for May 2011, which revealed that the month of May had the highest level of remodeling activity since the Index was introduced in 2004.
The report shows continued month-over-month gains for every region of the country, with data demonstrating that consumers are continuing to invest in remodeling, even as home prices continue to dip and unemployment continues to rise. The latest BFRI, detailing remodeling activity from May 2011, indicates that residential remodeling activity registered the nineteenth-straight month of year-over-year gains, demonstrating that many Americans are continuing to remodel their current homes, rather than purchasing new homes.
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.
The May 2011 index rose 22 percent to 124.3, the highest number ever in the index to date.
“Through the first five months of 2011 we have seen impressive gains within the remodeling index and May has continued that trend with a record setting month,” says Joe Emison, Vice President of Research and Development at BuildFax. “Even with the continued struggles in the economy, the remodeling industry has been a bright spot, as consumers look to make upgrades to their current homes, rather than purchasing a new residence. Based on the trends from the first months of this year, we expect to continue seeing strong gains from coast to coast.”
To help consumers know detailed information about the “life story” of their new home, BuildFax recently announced that it is now offering consumers access to free BuildFax Buyer’s Reports, which include relevant permit data regarding key upgrades and repairs made to the property, simply by searching for an address.
A BuildFax Buyer’s Report provides comprehensive information that allows both buyers and sellers to “see within the walls” like never before. The reports, previously only available to industry professionals, are available for free at www.BuildFax.com/freereport. The free trial offer runs until July 31, 2011. After that date, reports will be available for $39.99 each. BuildFax tracks 60 percent of the country’s permit volume and is able to provide reports on millions of properties from coast to coast.
About BuildFax: 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 60 percent of the U.S. commercial and residential building stock with 6 billion data point.
– Gina Kramer
