Business News and Information

I’m sure most of my readers are aware that our country’s in a serious real estate slump. Homes aren’t selling, lenders are closing shop left and right, and the rate of foreclosures is skyrocketing.

It seems that this crisis will not be contained to the housing market. Like most business sectors, what happens in one industry will undoubtedly affect another. This article posted on MSNBC.com from the AP newswire explains how the furniture industry is being affected.

Needless to say, sales are down. According to Jerry Epperson a furniture analyst with investment firm Mann, Armistead and Epperson, home furniture sales posted a 6.6 percent increase in 2006. This year the growth rate is projected to be a flat 1.5 percent and 2.2 percent for 2008.

Somehow I think IKEA will weather this storm (click here to visit the retailers Google Finance page).