I have done a lot of upgrades and reconditioning over the last 9 years of ownership. ( new roof, new a/c , tile floors, new energy efficient windows etc... ) I am thinking about finishing up the remodeling with the cash from the refi, and using the rest on a down payment on a new house and renting my current house out.

I would also point out that these numbers are national and each specific local real estate market will be affected differently depending on their past and present RE conditions.