The most recent release of the Remodeling Market Index (RMI) brought something unfamiliar to the industry in 2007: good news. The current conditions portion of the index jumped from 44.8 to 46.2 in the third quarter of 2007.

Credit: National Association of Home Builders

Delving into the data a bit further, a press release by the National Association of Home Builders (NAHB), which publishes the RMI, said that the amount of work completed in the third quarter rose in comparison to the previous quarter, with minor additions and alterations accounting for most of that increase. Remodelers also reported slightly more work committed than in the previous quarter.

These are small victories, however. The RMI, which is not seasonally adjusted, is down from the third quarter of 2006. Furthermore, NAHB chief economist David Seiders' forecast remained unchanged. “We expect activity to contract in 2008, but to resume positive growth in 2009 and beyond,” he said in a press release.

Figure This

4.1%

Inflation rate for 2007, the highest in 17 years; up from 2.5% in 2006

Source: Department of Labor

260

Mortgage fraud convictions, out of 1,210 cases, in the 2007 fiscal year; up from 123 in 2006

Source: Federal Bureau of Investigation

1, 2

Rank of the GMC Sierra pickup and Ford F-Series pickup, respectively, among most expensive vehicles to insure

3, 7

Rank of the Dodge Ram pickup and Chevrolet Silverado C/K pickup, respectively — best among pickups — among least expensive vehicles to insure

Source: Insure.com