Home Depot is entering a rebuild phase.

Rebuild in the delivery to the customer.
Rebuild in management. Got rid of crass CEO.
Still maintaining good dividend yield.
Positioning firm back to basics is the right course. Since the consumer is going to be target market not the contractor. 
Housing will come back,just like from the savings and loan days. People will want to invest in their own homes and maximize the return from their homes. Another point is that with the credit crunch people will not up grade as easily but they will improve their homes.
The improvement cycle can be verified in furniture purchases down the line and supported by Home Depot sales figures.

I see a solid purchase in this company for myself. I am just waiting for the price curve to verify the bottom.

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