Existing-Home Sales Slide
Even creditworthy borrowers find financing difficult
Citing results that were adversely affected by continued softness in both new housing construction and consumer spending for home improvement products, the publicly traded Masco said that second-quarter sales totaled $2.6 billion, compared with $3.1 billion for the second quarter of 2007.
Masco’s holdings include Delta Faucet Company, Merillat, KraftMaid, Quality Cabinets, Hansgrohe and Alsons Corp., among other major companies.
Fortune Brands’ Sales Slow
Fortune Brands, the publicly traded conglomerate whose home and hardware brands include Moen faucets and cabinet brands Aristokraft, Omega, Diamond and Kitchen Craft, reported a 9 percent sales decline in the second quarter of 2008, largely a reflection of the continued downturn in housing.
Strong growth in Asian markets for some of the company’s other brands “partly offset the adverse impact of the ongoing correction in the U.S. housing market and the softening consumer environment in the U.S.,” the company said.
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