ServiceMagic.com’s Q4 findings are supported by a November 2009 survey conducted by Harris Interactive on behalf of Trulia. According to Trulia’s survey, 95 percent of U.S. adults are willing to invest money in renovations when purchasing a foreclosed property. Additionally, more than half (55 percent) of respondents are willing to spend 20 percent or more of the purchase price to make improvements on a distressed property. Signs of recovery are manifesting in core improvement tasks including windows (+ 113%), siding (+ 43%), and roofing (+ 34%).

“Due to considerable increases in remodeling activity late in 2009, we predict a strong increase in home improvement projects within the first six months of 2010 with a projected peak in May – the beginning of National Home Improvement Month,” said Craig Smith, CEO of ServiceMagic.com. “What does this mean for the industry? For one, more hammers will be hitting nails, more people will be back to work and the remodeling industry in general is on the road to recovery.”

ServiceMagic.com’s Q4 Index points to several reasons as to why home remodeling projects are on the rise. For instance, skilled and qualified home professionals are now available to renovate foreclosed properties, and they will take less time to finish projects. The average project time is down 11 percent from the previous quarter, and costs have decreased by approximately ten percent, leading to overall increases in service professional productivity. Additionally, the Trulia data demonstrates that those who recently bought foreclosures are now renovating them due to the lack of maintenance from the previous owner.

“The surge of remodeling activity late in 2009 lets us know those in the position to put money into remodeling projects will likely do so at an accelerating pace in 2010,” adds Smith.

The Q4 2009 Home Remodeling and Repair Index can be found at http://ServiceMagic.com.com/survey