Can we remodel it? YES WE CAN! The BuildFax Remodeling index for April just came out, and it found that major residential remodeling (the kind of stuff that requires a permit) was up nationwide by 12 percent over last year, and up 14 percent in the South. (It’s also up month to month.)

So what?

That’s bad news for Realtors in a sense because it’s reflective of consumers deciding to stay and fix up their existing homes, rather than looking to buy a new one. (Which means that those homes aren’t available for others to buy, too.)

But it’s good news because it means an improvement in property values for those neighborhoods. In a sense, the money and sweat put into a remodel is shared across the community. So in the long term that’s a good thing for prices. (Especially as all those REOs are going to have the opposite effect as they begin to deteriorate.)

Read more over at BuildFax itself.