Frank Blake, CEO of Atlanta-based retail giant Home Depot (NYSE: HD) predicted rising home prices would increase renovation spending Bloomberg reported Friday.
“As home prices go up, people start going, ‘OK, my house is now back to being a significant source of value for me,’” said Blake.
Although rising mortgage rates may potentially squeeze home sales, Blake said the company would benefit from a surge in private equity investment firms and investors renovating properties for rental.
On August 20, the company announced its second-quarter profit for 2013 had jumped 17 percent.
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