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Business Headlines: Remodeling Resurgence; Bank Of America Recovery

By Lisa van der Pool, Boston Business Journal
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(Photo by Kevork Djansezian/Getty Images)

(Photo by Kevork Djansezian/Getty Images)

BOSTON (CBS) – The nation’s financial industry will never be the same, but there are signs of recovery from the biggest bank in the country.

Bank of America squeaked out $85 million in the black for 2011, barely making a profit.

That signifies a big turnaround for the bank, which had lost $2.2 billion in 2010.

Bank of America has been re-organizing from the top down, slimming down and focusing on its core businesses.

RECORD LOW RATES

Mortgage rates continue to hit all-time lows.

The average rate on a 30-year-fixed mortgage is down to 3.88 percent, the eighth time in a year that housing rates have hit record lows.

Analysts say most people who can afford to buy a new home or refinance have already done so.

REMODELING

But, if you can’t buy a new home, 2012 may be the year to improve the one you have.

Spending on home improvement projects is expected to jump this year.

According to a Harvard study, spending on remodeling will grow throughout the year and jump towards the end of the year.

And Harvard’s Joint Center For Housing Studies says the recent uptick in home sales is providing more opportunities for remodeling.

Watch Lisa’s report:

Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.

You can follow Lisa on Twitter at @lvanderpool.

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