The most recent National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) remained essentially unchanged at 40.8 in the third quarter, compared to 40.7 in the second quarter, indicating that consumers aren’t willing to spend money on remodeling their homes.

An RMI below 50 indicates that more remodelers report that market activity is declining than report that it is increasing, according to a statement. Remodelers’ sentiment is that the market was still declining in the third quarter. The RMI has been running below 50 since the fourth quarter of 2005.

"Consumers remain cautious about spending due to uncertainty in the economy high unemployment and scarce credit," said NAHB Remodelers Chair Donna Shirey, a remodeler from Issaquah, Wash. "Homeowners may be looking at remodeling but they are scared to take the leap."