Each morning when I go to the Lowes or HD, theyt are like ghost towns. I am usually the only one in the store. I thought the economy was supposedly “getting better”. Guess not?
I am busy but not near busy enough.
How is everyone else doing?
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Slower than it has been in FL Panhandle.
Local big boxes are packed.
Lots and lots of DIYer's on weekends. We have not been effected like the rest of the country, of course according to our Sec of State, when running for senate, I live in Appalachia!
Yeah ours are packed with DIYers on weekends but no contractors during the week.
Same thing here in Ft Myers. The help drives me nuts asking if they can help me find something. I'd like to go back to being ignored.
Although I must say being one of the few in the store has its benefits. At Lowes they often give me a 10% off coupon just for being there and being a familiar face. Kind of nice to feel wanted.
Heck my wife gives me $10 just to leave the house in the morning so its a winwin deal!
Heck my wife gives me $10 just to leave the house in the morning so its a winwin deal!
I have to give my wife $10
You get off cheap!
I have to give my wife my whole paycheck!
What paycheck?
Boy , you arent kidding. It's like Crocidile Dundee in the movie walking down the street, Gday, Gday, Gday.
I was putting a sink in our church basement last weekend, and hadn't even made it into an asile before at least three employees asked if I had trouble finding anything.
MikeInsert initially amusing but ultimately annoying catch phrase here.
FWIWhttp://www.nytimes.com/2009/07/29/business/economy/29housing.html?ref=todayspaper
Recovery Signs in Housing Market Stir Some HopeIsaac Brekken for The New York Times
By DAVID STREITFELD
Published: July 28, 2009
After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.(July 29, 2009)
Marc Serota for The New York Times
Kirit Shah, his wife, Jayshri, and son, Parth, are decorating their house in Royal Palm Beach, Fla.
Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat.For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.“We’ve found the bottom,†said Mark Fleming, chief economist for First American CoreLogic, a data firm.The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor’s, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years.All of these improvements are tentative, and come after a relentless decline that knocked more than half the value off houses in the worst-hit cities.Some skeptics say they believe the market is merely pausing before it resumes falling and that much of the life in the market is coming from speculators. Even the most enthusiastic analysts acknowledge that rising unemployment, another leap in foreclosures or a significant jump in interest rates could snuff out progress.Still, hope is growing in some quarters that the worst has passed.“Recession is over, economy is recovering — let’s look forward and stop the backward-looking focus,†John E. Silvia, the Wells Fargo chief economist, wrote Tuesday in a research note.Kirit Shah decided to look forward a few weeks ago. A retired forensic chemist for the New York Police Department, he closed on a house in Royal Palm Beach, Fla.Mr. Shah was not dissuaded when the salesman at K. Hovnanian Homes told him the five-bedroom place had been empty since it was finished three years ago. “It was waiting for me,†said Mr. Shah, 64. “I’m on a lakefront. I never dreamed I would be on a lakefront. I’m within walking distance of a swimming pool.â€But the thing he likes best is this: he paid $260,000 for the five-bedroom house, half of what that model was fetching during the boom. “An excellent deal,†he said. “Plus I got a good rate on my mortgage, under 5 percent.â€Turning markets are full of uncertainty. If Mr. Shah was one reason new home sales were up 11 percent in June from May, it is unclear just how many others like him are out there.Brad Hunter, chief economist for Metrostudy, a research firm, said the new home numbers appeared to illustrate less a return of buyers like Mr. Shah and more a resurgence of investors and speculators. Metrostudy’s own data showed that the number of buyers during the second quarter who actually moved into their new house declined 2.6 percent.“Investors are turning right around and putting the houses on the market for sale or for rent,†Mr. Hunter said. “What appears to have been an absorption of excess inventory can be just a changing of ownership of that inventory.â€The good news in the Case-Shiller index, the most widely watched source of price information about the housing market, is equally provisionary. Tracking only large urban areas, the monthly index does not represent the country as a whole.The Case-Shiller figures released Tuesday showed May prices were down 17.1 compared with May 2008. As bad as that may sound, it was the fourth consecutive month that price declines slowed — a step in the right direction, but perhaps not cause for widespread celebration.More attention was focused on the news that, when May was compared with April, the price index for 20 major cities showed a half-percent gain. It was the first month-over-month increase in the index in 34 months.“It is very possible that years from now we will say that April 2009 was the trough in home prices,†said Maureen Maitland, vice president for index services at Standard & Poor’s.When the numbers were adjusted for seasonal factors, however — the usual way housing figures are presented — the slight gain disappeared and the index was essentially flat. Half of the cities showed continued declines.One reason the market is perking up in some places, real estate agents say, is the encouragement offered by such measures as the first time buyer’s tax credit of $8,000.All the more reason, said the National Association of Realtors, to not only extend the credit but expand it. The association is lobbying for the current credit, which expires in December, to be replaced with a $15,000 credit for all buyers.“This is a relatively low-cost way to keep the housing market moving forward,†said Paul Bishop, the association’s managing director of research.Another reason for the market’s resurgence is the prevalence of foreclosures, which make up about a third of all existing home sales. In some troubled regions, agents say they cannot remember the last transaction that did not involve a bank disposing of a property.These communities are not yet showing any improvement in prices. Las Vegas was the worst-performing city in the May Case-Shiller index, falling 2.6 percent. Prices have fallen there by a third in the last year.“The mom and pop that work at the Hilton can now afford a home here again,†said Justin Pechonis, a Las Vegas real estate agent. “Las Vegas is a great place to buy now.†But not from him. Sickened by seeing so many clients foreclosed on, he is getting out of the business. He now drives a taxi.All this uncertainty breeds a hesitancy that seems to show up in nearly every sale, especially at the higher end of the market. When Margot and Pascal Lalonde decided in April to sell their two-bedroom condominium in the North End of Boston, they methodically quizzed six experienced agents about a good price.List it for under $500,000 unless you want to be here for months, said one agent. Two others said they should demand $675,000. The other three were in between.“In a market with so few sales, no one knows what to do,†said Ms. Lalonde, a consultant.After 80 days on the market and two small price reductions, the condo is now under contract for $550,000. The buyers examined the apartment six times. The Lalondes, who are moving to Short Hills, N.J., expect to be no less careful when they buy.View Image
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they alot of project I like to start but with the price of material so high, I just cant do them, I wonder if others are feeling this too.
brownbagg,
Indeed! I get calls from prospective customers who think since its slow, materials have decreased in price. Not so in my area.
I will say that concrete has stabilized but drywall and lumber have gone up over the past year. Not alot mind you but they haven't come down at all!
Mike
Amen brother.. I have the wood needed but not the nails screws, glue, or shellac. Plus I have a ton of time..
Lowes is always busy here...
HD is pretty much a ghost town....
Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming
WOW!!! What a Ride!
Forget the primal scream, just ROAR!!!
All the Lowes / HD's around town are dead. Aside from one HD. Deep in the heart of the ghetto. It was a big deal for neighborhood redelevopment" when they decided to build one there. Current job and last job have been for yuppies that moved into the city into a fringe neighborhood that's said to be on the rise out of the gutter.
Both couples bought big houses and are putting a fair amout of money into them.
I was suprised the first time I went into that HD. Started that first job beginning of last winter. I've started early, worked late and have worked week days and weekends between the two jobs.
That HD is packed morning, noon and night. It's now more of s chock when I travel to the HD's and Lowes I normally shop, in outlaying areas, and see how empty the stores are on a consistent basis.
Have no idea why, but that ghetto store always does a brisk business. Was saying to my partner the other day, Bet the manager that got "stuck" in this one is thinking his lucky stars now!
For what it's worth, it is one of the better run stores. Good employees, must have great management, and they have the best selection out of any of the other HD's. Everything is in stock, and they seem to carry a wider variety of HD's usual stock items.
I've made it a point to let HD management, local and corporate know I think it's the best HD in the area. Heck, even the homeless crackhead in the parking lot is friendly as he begs for money every day. Vic
you must be in a parrell universe...
Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming<!----><!----><!---->
WOW!!! What a Ride!
Forget the primal scream, just ROAR!!!
"Some days it's just not worth chewing through the restraints"
I'll guess "parallel". Anyways, either that, or the ghetto is always hoping.
I look at it like this, they didn't have a ton of money in the stock market, they didn't lose a ton of money in the stock market. Poor folk is still poor folk, but they still have to keep their houses from collapsing. Repairs still need to be done. Paid out of the same "week to week paycheck" they've always used. The cynic in me would say the Gov Check keeps on coming no matter what. Vic
Does your screen name have anything to do with "The Shield"?
Jon Blakemore RappahannockINC.com Fredericksburg, VA
Never heard of it. Vic
Thats a funny deal.
If you win games you get recruits . How do you win with out recruits ? Thats the major task.
I met with National Home Center manager . I told him they werent stocking stuff I was using they had stocked before and its a long list. He told me he cant get it stocked because he wasnt selling it . Once they make that determination its locked out for stock.
New Chevy store is the same deal. I asked why they had so many trucks and not too many cars? We sell a bunch of trucks and they increase our inventory . You guessed it . We dont sell cars in a farming town very often. Too many people driving the new pickup to church. Mama goes to Walmart in the new truck and daddy works in the old one . Kinda town it is . So if ya want a car , go to the city and youll see service vans as well but none here.
back in the seventy, we went to Paragould ark. at every light there was nine trucks to one car. It was really different from being from the city
"back in the seventy, we went to Paragould ark. at every light there was nine trucks to one car. It was really different from being from the city"
Paragould is another farming town.
As nice as they make trucks now theres no need for a car on the farm.
YOU can get more people in a truck . Truck has more uses . Has much better resale .
Trucks are passed down on the farm not traded in.
Trucks are on the same note as the cattle at the bank.
Trucks are farm free of taxes. Tax deductable . There will be 5 or 6 trucks with a family that they drive to town. Everywhere from 1/2 ton to 1 ton all parked in the yard. You get paid on a house of chickens or a truck load of cattle and buy a truck so you dont have to pay taxes. You cannot do that with a car.
Local newspaper atricle this morning, Albany, Georgia, metro area population about 100,000 . . .
For the first time in 16 years, no permits for housing starts, new residential construction in May or June. None, zero. Two months, nada.
Bad times.
Greg
No permits? So everyone is going underground???
Went to Costco, Lowes & HD today. My report:
Costco pretty dead. Relatively speaking. Got a line with only 2 in front. Only one sample booth out. Parking was medium bad. For 11:30 am on a weekday. About 5-6 in the hot dog line. Lunchtime is about 15 normally
HD Parking 3 spots from the front. Usually have to park at least 25 back. I'm so used to no service there that after years of training by HD I just look for whatever myself. When they ask I just say I'm fine.
Lowes Parking 4 spots from front. Center spot. Not real unusual there. They don't do as well as HD. Mostly location. Did find my sprinkler head about a buck cheaper at Lowes. Had to ask where the sprinklers were. Helpful, but not overly helpful staff.
Edited 7/29/2009 7:20 pm ET by Scrapr
Local paper is the Atlantic City Press, there are either no jobs for trades or once in a while an unrelated ad like black seal maintenance man might show up in the paper. Been that way since October of 2008. I used to see 15 to 20 ads for carpenters alone. Probably 40 ads per day for all trades then. As a matter of fact the entire classified consists of 20 or less ads per day now. I' m glad I'm retired but feel for the rest of the people that are looking for work.
mike
I swore off home depot just last week. I'm sick of the poor/no service and I really dont expect much to begin with. maybe some help loading the truck or open another friggin register
that self check out never works the way it should. there is always someone standing there who is preoccupied with their cell phone who could be running a cash register
not that lowes doesnt have the self check, at least they keep a couple of registers manned
but have you notice wally world been pack
Hi brownbagg,
Dropped in Wally World this evening around 6pm....they had trouble with the register I was at......they were so super friendly......normally with whatever was going on tonight you'd have to wait 15 minutes to get somebody there to help the poor cashier....within 45 seconds there was the cashier, two area managers and the shift manager all helping fix the silly little register.....uhhhh 5th row parking center aisle.....
Pedro the Mule - Sure makes gettin' in and out a breeze
Edited 7/29/2009 10:51 pm ET by PedroTheMule
The Depots here are doing okay pretty typcal crowd. There is however an army of available hired hands hanging around out front lately.
Mike
Small wheel turn by the fire and rod, big wheel turn by the grace of god.
A little hijack, I'm canceling my HD credit card. I was one day late with the payment, first time ever and got hit with a $20 late fee and $2 interest charge on a $54 bill. Yes it was my fault i misplaced the bill but screw em.
I'd call them and tell them that you paid the bill in full and it was one day late. They SHOULD waive that charge for you. It can't hurt to call and make that request; tell them that Master Card does that!! If they want you as a customer, they'll make the adjustments and credit the late charges!!
Try it. Then post back here and let us know what they did.
Bill
don't know about him but they have waived those fees twice for me over the past couple years without any difficulty. Just a longish phone call as those things always are.
At HD in Pueblo, CO yesterday about 1pm. The place was empty. A young woman, obviously bored silly, came out from behind her check stand to see if she could find someone to check out. I asked her why it was so slow. She said she didn't know.
No lines at Lowes yesteday, but there were more shoppers than at HD.
What's really sad is that the local plumbing shop I went to next was the same way, even though they know all about what they're selling and can actually help customers!
well, I like to add a cover to my back porch, use to couple hundred dollar, now the material couple thousand dollar. so no sense doing it if the next hurricane going take it. the cheap metal roofing material is now $1.50 a foot, so a twenty foot piece running $30 it use to be $7
Recent report for central Ohio said construction contracts are down 59% as compared to last year. Residential and non-residential.
Was working near Hartford CT a few weeks ago, and stopped at the Lowes in Bloomfield, must have been no more than a dozen cars in the parking lot, inside of store was dead. This was the norm the 5 times I stopped there in 2 weeks.Renaissance Restorations LLC
http://www.renaissancerestorations.com
Curious in what are of the country you live . Slow in Atlanta, too.
I'm in the Tampa area of Florida.
- Lowe's Cos LOW, the No. 2
U.S. home improvement chain, curbed its expansion plans and
forecast worse-than-expected results in the third quarter as
recession-weary consumers put off big renovations, sending its
shares down more than 11 percent.
The forecast dragged down shares of industry leader Home
Depot HD, which reports its quarterly results on Tuesday.
Lowe's, which posted a 19 percent drop in quarterly profit
on Monday, blamed weak demand for its decision to scale back
North American store expansion plans. It will walk away from a
number of future store projects too, the company said.
"I think it's the right decision... this industry does not
need more capacity," said Stifel Nicolaus analyst David
Schick.
Lowe's said it will provide more details on its expansion
plans at its analyst conference next month.
Lowe's plans to open 62 to 66 stores in 2009. It previously
said it would open 60 to 70. It expects to open 35 to 45 stores
in 2010, fewer than it had anticipated.
"The decision to cut bait on several projects is an
acknowledgment of the challenging environment that is likely to
persist for some time," JP Morgan analyst Christopher Horvers
said in a note.
Sales at home-improvement chains have tumbled as people
save money by buying fewer things that they do not need.
Although the housing market and economy are showing signs
of bottoming out, Lowe's Chief Executive Robert Niblock said he
sees consumers remaining under pressure for now.
"Significant headwinds remain including the pressures of
the economic backdrop and cycling last year's hurricane
spending along the Gulf Coast," Niblock said.
Lowe's and Home Depot shares will stay under pressure as
investors abandon their expectations for improving sales in the
second half of the year, but margin trends at both retailers
are strong, said Credit Suisse analyst Gary Balter.
"We believe that both Lowe's and Home Depot are well
positioned for an eventual bottoming in housing," he said.
Schick, who has a "buy" rating on Home Depot and Lowe's,
called Lowe's outlook "somewhat conservative" and said the
company was entering "less bad housing headwinds" and getting
better by taking a tougher look at operations.
He has a "buy" rating on Home Depot and Lowe's.
Schick said he expects Home Depot's numbers to look "less
bad" on Tuesday citing improvements at its business in certain
regions, especially California.
"Home Depot has been at the slower growth game longer,
allowing for even better inventory controls and productivity
tweaks to the operating model," he added.
Earlier this year, Lowe's raised its full-year forecast
after seeing signs that the worst of the U.S. housing slump
might have passed. Home Depot did the same in June.
New U.S. housing starts and permits jumped in June,
suggesting that the battered housing sector was beginning to
stabilize, a government report showed in July.
While sales of expensive goods suffer, both chains have
done well with products for outdoor, "do-it-yourself" projects
like landscaping and painting.
BAD WEATHER, WEAK ECONOMY
In the second quarter, which ended on July 31, Lowe's said
it earned $759 million, or 51 cents a share, down from $938
million, or 63 cents a share, a year earlier.
Excluding a charge of $48 million related mainly to the
projects that Lowe's no longer plans to pursue, profit was 54
cents a share, in line with the analysts' average forecast,
according to Reuters Estimates.
Wavering consumer confidence and an unseasonably cool, wet
summer in key markets, especially in the Northeast, restrained
customer spending and hurt sales, Niblock said.
Sales at Lowe's fell 4.6 percent to $13.8 billion. Sales at
stores open at least a year, an important retail measure, fell
9.5 percent.
For the third quarter, Lowe's forecast earnings of 21 cents
to 25 cents a share, while analysts had expected 27 cents.
The Mooresville, North Carolina, company said it expected
sales to fall 2 percent to 5 percent, and same-store sales to
fall 6 percent to 10 percent.
Lowe's shares were down 11 percent at $20.30 on the New
York Stock Exchange, while Home Depot fell 4 percent to
$26.05.
In other words, free-market capitalism is the best path to prosperity.
In Canada the government offered an incentive to encourage home renovations as a way to kick start the economy - and its working (bout time they got one right...)Basically, first $1,500 no credit, then after that, 10% on the next 13,500 - (so a max of $1,350) becomes a tax credit (usable only to reduce taxes payable). Applies to either paying a contractor, or buying direct from the retailer. Runs until Feb 2010.As a result, in Toronto, most of the HDs are pretty busy weekdays with both contractors and DIY, as well as weekends. Not what it was 2 years ago, but not far off. Good days, parking 5 rows back, bad days its 10.My SO runs a tool distributor and handles defects and returns for several lines for one of the large tool conglomerates (big company whose name starts with B): their sales in Canada actually went up ~10% this year.GGavin Pitchford"Sail fast - live slow" (build even slower)
Edited 8/18/2009 9:33 am ET by Accelar