Housing Rebound on Horizon, Retail Will Catch Up
Many positive stories hit the news this morning saying the housing market is showing sure signs of recovery. The online Redding.com (California) site reports good news,
Has the north state’s housing market hit bottom? Data from Zillow.com, among the many Web sites that track values, suggest that prices have not only bottomed out but are coming back up.
The Associated Press provides a detailed analysis about the housing market, economic growth and unemployment. A recovery is definitely in sight for housing, but companies will continue to be cautious about spending and hiring.
Forecasters are hopeful that the housing slump _ in terms of home sales _ will hit bottom this year. However, economists were divided over whether the low point would be reached in the second, third or fourth quarters of this year. House prices, though, are still expected to drop this year and next.
The good news is the story waits until the third paragraph to use the “R” word: Recession.
In other retail news, Lowe’s - the big daddy of building supply - is definitely feeling the pain of the slow housing market. Sales were down according to Bloomburg Business News,
Sales in stores open at least 13 months fell 8.4 percent in the quarter. They dropped 12 percent in February and March and 1 percent in April, helped by better weather and demand for flowers, plants and bushes…
I’m glad to have helped out Lowe’s and Home Depot. We bought new flower pots for outside, some pansies, and yellow lantana flowers that I’d never heard of but are pretty.
Special Note for you would be gardeners: I just searched for a photo of the lantana flower to share with you and learned that it’s an invasive weed-type flower and poisonous to boot.
