Wednesday, May 20, 2009
This may be old news for some ... but it sounds apocalyptic to me
Property Week: Home Depot sounds US housing caution
Growing optimism over the US housing market could be premature, a retailer warned yesterday. Frank Blake, chief executive 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 in every 54 homes in California was in foreclosure. Blake said that a slowing foreclosure rate in California during the fourth quarter had led to an improvement in regional store sales but the trend had then reversed as foreclosure rates rose again in the first quarter. ONE IN FIFTY FOUR???
Posted by mark wadsworth @ 01:44 PM (521 views) Add Comment
7 Comments
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1. drewster said...
I did post this same story earlier :-)
HPC: No green shoots at the garden centre
"Getting to less bad is not the same as getting to recovery."
"Other retailers have reported robust sales of handguns and safes."
2. crunchy said...
1. drewster
America, the home of the brave. I forsee terrible things. For once in my life, I wish I were wrong!
3. happy mondays said...
Only when the last tree has been cut down; Only when the last river has been poisoned; Only when the last fish has been caught; Only then will you find that money cannot be eaten. Hopi indian
4. drewster said...
Crunchy,
I don't expect society to collapse, despite the guns. At worst America might become a bit more like Mexico or India, with a vast gap between rich and poor and a much smaller middle class. That would imply more violence in the poorer areas and a rise in crime generally. The moral of the story is, don't be poor in America. Easier said than done!
5. crunchy said...
4. drewster
Fingers crossed, because I think it will be a close call. Inflation and order are not a good match in these hard times.
If the armed looting starts, rioting could ensue, and all hell could break loose. Americans can only be pushed so far.
6. drewster said...
Crunchy,
We have to separate the possible from the probable. It is possible that widespread armed riots and looting break out, but it is unlikely. More probable is some localised disturbances, people see it on the tv news and think "we don't want that trouble here", so they stay home and keep calm.
7. crunchy said...
OK drewster!