"Contractors are bending over backward - even for small jobs like bathroom renovations and cabinetry - as the housing slump infects the remodeling industry and gives homeowners the upper hand in price negotiations.
While not taking the hit that the for-sale market is, home remodeling has slowed as pessimism about home values sets in. Activity remained sluggish in the second quarter, according to an industry index from the National Association of Home Builders, and expectations for future activity were nearly flat.
Total money spent on home improvements and maintenance is expected to dip this year by more than 4 percent to $216.3 billion from $226.4 billion in 2007, the association estimates. The group doesn't expect spending to reach 2007 levels again until 2010."
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Home-remodeling activity declines
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