Remodeling Bug Bites Hard

Feel like dipping into your bank account for that new bathroom tile? How about a small loan to build that backyard deck you’ve always dreamed about?

You’re not alone. Remodeling spending is on the rise, thanks in part to homeowners taking advantage of the stock market, according to a new study by Harvard’s Joint Center for Housing Studies.

Consumers spent $93.4 billion redoing kitchens, bathrooms and other household areas during second-quarter 1999. Spending in 1998 hit $86.6 billion, up from $78.8 billion in 1997.