A report by analysts at Fitch Ratings puts a fine point on what Atlanta-based Home Depot has been saying for several quarters: Home improvement spending is down for the second year in row.
And it’s expected to decline again this year.
In 2008, sales of home improvement products were $290.5 billion, down 4.5 percent from the previous year. The figures are from the Home Improvement Research Institute.
Despite the negative housing trends, the Fitch report said contractors are getting more calls for estimates. Homeowners are looking for affordable, eco-friendly repairs, such as replacing windows and siding.
Homes bought in foreclosure may also present a silver lining.
“Home improvement spending may benefit from banks or new owners renovating these properties,” the report said, though the spending spurt could be temporary.
Perhaps we are leaving the penny wise, pound foolish ideology that the housing bubble brought with it. But we really believe Top Ramen does taste better off granite counters. Because it tastes pretty bad eating our laminates!