FT: Home Depot chief warns on US housing

Growing optimism over the US housing market may be premature, a leading retailer warned on Tuesday. Frank Blake, CEO of Home Depot, said housing market signals were still mixed. “We are concerned about the accelerating rates of foreclosures, particularly in the western part of the country,” he said, noting that one out of every 54 homes in California was in foreclosure. Foreclosure filings in April were up 1pc from the previous month and up 32pc from last year. Even the best stores were seeing only a slower rate of decline in sales rather than increases. “Getting to less bad is not the same as getting to recovery,” he said. The retailer said it was seeing strong sales of security equipment such as outdoor lighting and locks. Other retailers have reported robust sales of handguns and safes.