I bet we could name 100 industries and 10000 companies that are gonna get slaughtered as housing melts down, the housing ATM is towed away, and the crash plays out.
Effects of Housing Meltdown Spread - Housing Meltdown Spreads As Companies in Myriad Industries See Lower Profits, Sales
NEW YORK (AP) -- It was supposed to be contained slump, but there's no avoiding it any more: The housing sector's woes are spreading, squeezing makers of everything from the fireplace to the kitchen sink.
The market's two-year meltdown has already claimed a number of obvious victims, from the homebuilders who overextended themselves trying to satisfy unsustainable demand, to aggressive lenders who scuttled vetting procedures to cash in on commissions -- but the recent round of earnings reports indicates the turmoil is more widespread than people first expected.
"We look at the overall (housing) market and say there's still correction that lies ahead of us," Home Depot Chief Executive Frank Blake told investors last week, as the company cut its earnings forecast for the year.
Publishers, who derive the lion's share of their revenue from advertising, joined in Thursday, saying housing's downturn led to lower real-estate advertising.
Media General Inc., publisher of the Richmond Times-Dispatch and The Tampa Tribune, said Florida's economic troubles -- due in large part to one of the most severe regional housing declines -- led to a 75 percent drop in quarterly earnings.
"Florida's economy has dramatically reversed, driven by an adjustment in the housing market following several record-breaking years," the company said in a statement.