Throwback Thursday: Pat Farrah’s Radio Days
The virtues of do-it-yourself home improvement projects were celebrated on a local Atlanta radio station with your host Pat Farrah, co founder and executive VP of the Home Depot.
The Dec. 15, 1980 issue of National Home Center News, the forerunner of HBSDealer, told the story under the headline: “Home Depot’s Pat Farrah stars in DIY radio show.”
The weekly call-in show was part of WSB radio’s “Merry-Go-Round” program.
The story explains: “The show also gives Farrah a platform to introduce new products that are now in the four Home Depot stores. Home Depot spokesman ‘Super Handyman’ Al Carrell also joins Farrah on the show to lend a hand in answering questions.”
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Housing value rises through the roof
U.S. housing reached a record-high total value of $29.6 trillion, a 5.7% increase from 2015, according to analysts at real estate site Zillow.
Other big bullet points from the analysis:
• Los Angeles is the most valuable metro, worth a cumulative $2.5 trillion;
• Portland, Ore. had the biggest increase in value among the largest housing markets, growing 13.4 percent in 2016; and
• Renters paid a cumulative $478.5 billion in 2016, a 3.8% increase from 2015.
The number crunchers at Zillow say the U.S. housing market has regained all the value lost during the housing crisis. The cumulative value of all homes in the U.S. declined by $6.4 trillion between 2006 and 2012 as the housing market collapsed.
"Housing is incredibly important to us personally and to the economy as a whole," said Zillow Chief Economist Dr. Svenja Gudell. "The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery. As buying a home gets more expensive, affordability remains a concern for many, and these numbers highlight just how much people are spending on housing. The total value of the housing stock grew nearly 6% this year, a pace that will likely mean some American families are priced out of homeownership."
Los Angeles and New York metros hold the highest shares of the country's overall housing value, at 8.6% and 8%, respectively. The next most valuable metro is San Francisco, worth 4.2% of the overall housing value.
While several markets are now more valuable than they were at the height of the housing bubble, about 60% of the markets in the U.S. are still below the maximum values reached during the bubble years. For example, Chicago is still about $134 billion below the highest value it reached in 2006.
Renters this year paid $478.5 billion, a $17.7 billion increase from 2015. About 635,000 new renter households formed in 2016, contributing to the amount of rent spent even as rent appreciation slowed. Apartment renters spent nearly $50 billion more than renters of single-family homes, as more multifamily construction became available this year.
Renters in the New York/Northern New Jersey metro paid the most this year, spending nearly $55 billion on rent.