Home prices rise in Case-Shiller Index
The S&P/Case-Shiller Index, a closely watched indicator for the new housing market, has reported a monthly increase in prices for its 10- and 20-city composites for the first time in eight months. The composites were up 0.8% and 0.7%, respectively, in April versus March.
However, both indices are lower than a year ago, with the 10-city composite down 3.1% and the 20-city composite off 4.0% from its April 2010 levels.
Six of the 20 MSAs tracked by Case-Shiller showed new index lows in April — Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa. Thirteen of the cities and both composites posted positive monthly changes.
“In a welcome shift from recent months, this month is better than last [because] April’s numbers beat March,” said David Blitzer, chairman of the Index Committee at S&P Indices. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home-buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.”
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Home Depot accused of “Buy American Act” violations
A San Francisco attorney is suing Home Depot for allegedly making purchases of Chinese-made product for government contract work, according to a report by Dow Jones Newswire. The whistle-blower lawsuit has drawn the attention of the U.S. Department of Justice (DOJ), which has reportedly opened up an investigation into the matter.
The lawsuit originated when two former employees working for Actus Lend Lease, a developer that has built military housing for the U.S. armed forces, filed suit against Actus and several other companies (including Home Depot) for violations of the Buy American Act. Actus has since settled the lawsuit, but Home Depot remains as a defendant.
Home Depot confirmed to Dow Jones Newswires that the DOJ is taking a closer look at the whistleblower lawsuit. In a statement, the company said: "[We] would never knowingly sell prohibited goods under any circumstances, and we have been cooperating with the government to provide requested information. We believe the plaintiffs have an inaccurate view of the facts."
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Retailers select Golden Hammer Committee Choice winners
Of the 32 vendor companies that were recognized as Golden Hammer Award winners during the 2011 ceremony in Las Vegas, five received special commendation in the form of a Committee Choice award.
These five award winners were selected by the Golden Hammer retail committee as examples of the best-of-the-best in the home improvement industry. The panel recognized high performance in five disciplines — new product innovation, inventory management, serving the pros, category management and quality control.
Here are the 2011 Golden Hammer Committee Choice Award winners:
• New Product Innovation: Scotts Miracle-Gro
• Inventory Management: Irwin Tools
• Serving the Pros: Andersen
• Category Management: 3M
• Quality Control: Weber-Stephens
The retail committee in 2011 consists Mike Clark, VP and chief merchandising officer, True Value Co.; Mickey Shulte, VP purchasing and marketing, Handy Hardware Wholesale; Steve Markley, VP merchandising, Do it Best Corp.; and George Smith, CEO, Westlake Ace Hardware.
"Home Channel News appreciates the thoughtful consideration of the retail committee and congratulates the winners, " said Jim Reynolds, national sales manager for Home Channel News.
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