The New York Times reports that, with the housing market in the doldrums and inflation running at a pace unseen in nearly two decades, consumers are not buying new homes. Instead they are focusing on repairs.

The New York Times reports that consumers wallets are being “pinched,” and, with the housing market tanking and inflation increasing at a pace unseen in nearly two decades, they’re not buying new homes. Instead they are fixing up the ones they have, “a trend that is beginning to show up in the financial reports of retailers.”

According to Carol B. Tomé, chief financial officer and executive vice president for corporate services at Home Depot, “Customers are moving away from discretionary projects and are spending money on small repair projects.”

Home Depot reported a 24 percent decline in profit in its second quarter on Tuesday, though it beat Wall Street estimates. Some of its best-performing categories were related to home repair, like plumbing and goods for the kitchen and bath.

“Plumbing is as basic as it can get in terms of repair,” Tomé said in the article. “It outperformed the company average.”

Read the complete article at NYTimes.com >>