Just a few years ago people throughout the country were afraid of losing their homes, however today the dynamic has totally shifted and homeowners are more worried about paint colors and kitchen cabinets.
In a welcome turn of events, homeowners and investors are now spending more on home improvement, which is excellent news for the housing market. In fact, the nation’s largest home improvement retailer, The Home Depot Inc., saw net income rise 12 percent during the second quarter. This is partially due to an increase in sales of bathroom accessories, kitchen installations and paint.
During a call with investors on Tuesday, Chairman and CEO Frank Blake stated that sales were very strong in areas hit hardest by the crash of the housing market, such as California and Florida. These states are flooded with distressed properties in need of TLC.
With housing inventory dwindling and home values on the rise, real estate investors and homebuyers are looking to renovate outdated properties. To do so they need supplies, and that’s where The Home Depot comes into play.
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