Here’s an interesting housing update from the CEO of Home Depot who was interviewed by Reuters. He says the housing market is far from a real recovery and that this could be a headfake. Here are some highlights (via Reuters):
“It’s starting to recover, but we’re a long way away from true recovery,” Blake, 63, told Reuters in a wide-ranging interview that touched on his views of the so-called Fiscal Cliff to why he sees the internet as Home Depot’s next frontier.
“This housing market’s been very, very bad and it’s going to take some time to recover,” Blake said.
“The way we look at it is there’s going to be a period of a workout, a fine period of one to two years and then you’re going to get a more robust recovery,” Blake said.
“We’ve had head fakes on the housing market coming back, so you always worry that this is a little bit of a head fake,” Blake said.
Read the full article here.