Home Depot sees signs of improving housing market
The observations in this article mimmick what I am seeing in the Palm Springs and surrounding Desert Cities.
Many home owners have been spending the Summer getting their homes ready to sell in the Fall and Winter, the busiest season for home selling in the Desert. A lot of home owners that are not planning on seling quite yet are tired of holding off on home improvement projects because they weren't quite sure about the economic recovery. I have observed a great deal of optmism that it's now a good time to start spending money again on home improvements. Some neighborhoods are jammed with construction trucks and workers that are doing small projects to many complete, top-to-bottom renovations.
ATLANTA (AP) — The Home Depot Inc. is feeling more optimistic about the recovery of the housing market after customers spent more on sprucing up their homes in the second quarter.
The country's biggest home-improvement retailer said Tuesday that strong cost controls and healthy sales of paint, bathroom accessories and kitchen installations helped lift its net income by 12 percent during the period.
The Atlanta-based company boosted its full-year outlook, citing its performance so far this year.
In a conference call with investors, Chairman and CEO Frank Blake noted that some of the strongest growth in the latest quarter came from the markets that were hit hardest in the downturn, such as California and Florida.
"These are encouraging signs of stabilization in the housing market," Blake said. read full article