Interesting statement by the CEO of Home Depot regarding his concerns about foreclosure activity picking up again. If anyone would have a true pulse on the housing industry, it would probably be someone in his position.
Frank Blake, chairman and chief executive: “We are concerned about accelerating rates of foreclosures particularly in the western part of the country where there is already high density of houses in foreclosure. In the fourth quarter of ‘08, we saw foreclosures decelerate in areas of California and along with that an improvement in our comps. Those trends reversed this past quarter which provides a cautionary note on signaling a recovery prematurely.”
.
