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Home Depot Suffers through More Housing Declines
The Home Depot, Inc. (NYSE: HD) shares moved marginally higher despite more negative news out of the U.S. housing industry. The Commerce Department released a report showing sales of new homes in the United States declining to their lowest level in more than 17 years. Sales are down 35.7% compared to the same period last year and down 2.9% compared to last month. The fall in home sales was less than some experts forecasted. Economists expected a fall to 400,000 units (annualized) while actual figures came in at around 407,000 units. However, most analysts don’t expect any improvement in sales until the middle of next year. Meanwhile, the number of re-foreclosures also has many concerned that government efforts to correct the market may be failing. A continued downturn in the United States housing market is bad news for home improvement retailers like Home Depot. The retailer has traditionally relied on real estate developers to purchase its products to build new construction projects. Meanwhile, slower consumer spending numbers have put a damper on consumers looking to fix up their houses. Home Depot is a home improvement retailer that operates full-service, warehouse-style stores. The Home Depot stores sell an assortment of building materials, home improvement, and lawn and garden products, which are sold to do-it-yourself customers, do-it-for-me customers and professional customers. http://dowindustrials.com/1223/home-depot-suffers-through-more -housing-declines/ |
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