LOUISVILLE, Ky. (WDRB) -- First it was Home Depot, then it was Lowe's, announcing a slowdown in sales in the recent days.

A lot of homeowners are now putting off home improvement projects due to inflation, rising insurance rates, and rising property taxes.

The trend is now "hammering the home improvement industry."

Lowe's reported their quarterly sales down 5% from last year, while Home Depot is seeing a 3% drop.

It's a sharp contrast to 2022, when homeowners with stimulus checks and low interest rates were flocking to home and garden shows, planning big projects.

Now in 2024, stimulus checks are gone and interest rates are high.

Many of those homeowners are now spending their money on clothing and groceries, pushing off those DIY projects to next year.

If the Federal Reserve lowers interest rates in a few weeks, as expected, that will in turn bring down credit card rates and home equity loan rates. All good news for homeowners!

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