Remodeling market slows

U.S. home remodeling activity dropped in the third quarter to the lowest level since the months following the Sept. 11 terrorist attacks, as Americans put off spending money on their homes in a slow economy, according to the National Assn. of Home Builders.

Despite the third quarter slip, spending on remodeling is expected to rise 6% this year to $169 billion, passing last year’s record of $159 billion.