but by market participants sentiment.
The remodeling index they mention is defined here:
The BuildFax Remodeling Index is based on construction permits filed with local building departments across the country. The index tracks the number of properties permitted. The national and regional indexes all have an initial value of 100 set in April of 2004, are based on a three-month moving average, and are not seasonally adjusted.It doesn't make much sense to me.
Hopefully, CalculatedRisk has some nice charts showing the state of the construction industry, including a chart of the this Remodeling Index:
It's amazing how sentiment is disconnected from economic reality and fundamentals...