TheStreet’s Jim Cramer says there is a surge in remodeling of homes in this country that is benefiting companies like Home Depot and Lowe’s. Cramer explains that some 3.6 million single-family homes in the U.S. went into rental status because there were too many homes on the market thanks to the boom. Now those homes are starting to go back on the market. Home Depot CFO Carol Tome told Wall Street analysts that the homes are ‘under-maintained’ and in need of remodeling. Cramer says it’s that kind of professional work that is being done that is driving a lot of the additional sales in Home Depot and Lowe’s. Home Depot posted quarterly same-store sales on Tuesday that beat estimates. On Wednesday, Lowe’s reported a 7.3% increase in same-store sales during the fourth quarter.
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