Housing is back – and so is Home Depot
Stock-index futures trimmed earlier gains after the report. The contract on the Standard & Poors 500 Index maturing in December rose less than 0.1 percent to 1,699 at 8:45 a.m. in New York. SURVEY RESULTS Estimates for starts in the Bloomberg survey ranged from 880,000 to 980,000.
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A separate, seasonally adjusted measure visit this page of inventory, which Trulia calculates from NARs numbers, shows inventory has grown 7 months in a row and stood at 2.07 million units in August, up 5.1% from January but still down about 6% from a year ago. Whats happening is rising housing prices are inspiring many newly optimistic homeowners to put their property on the market, while at the same time reducing the number of underwater borrowers who until recently couldnt sell their homes because they owned more on their mortgage than the home was worth. With more people putting homes on the market and the pace of sales easing due to the regular fall slowdown and rising mortgage rates, there are more homes on the shelf. Nobody wants to sell right after prices bottomed, but its been 18 months since prices bottomed and more homeowners are feeling as if theyve waited long enough, said Jed Kolko, chief economist at Trulia. Housing inventory has taken wild swings through the housing bust and subsequent recovery, moving from a gluttonous drag on prices in the downturn to todays depleted stock that has left home buyers bidding up the little left to choose from. Inventory fell rapidly because home builders built little during the recession while hordes of big and small investors snapped up vacant housing and converted them to rentals.
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Housing Inventory Crunch Starting to Slowly Ease
We like to think of ourselves as focused around product authority, being truly the product authority in home-improvement retail, being first to market with key innovations, providing tools that will help our customers do their projects more simply, and then around customer service and how we invest in it and enable our associates. You don’t go into a grocery store and go, “What is this stalk of broccoli?” What’s unique about our stores is that customers every day come in and ask, “What is this? What do I do with it?” And so we focus on that training element of our associates and getting them so they can handle those issues. You also have an app that lets people go into the store and tell their phone what they’re looking for, and the app will direct them to the item. Yeah, the most common question from our customers is, “Where is it?” So you download our app, and we have mapped every single store, so we know by product what its bay location is.
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