Q: What happens when there are fewer home sales?
A. Fewer people move.
The parent of Allied Van Lines, which knows this all too well, said today that it has reached a deal with lenders to restructure its debt through Chapter 11 bankruptcy to be "better positioned to weather the continuing weak U.S. housing market." Sirva Inc. also handles other moving-related businesses, including home purchase services, mortgage services and settlement services, which have also felt the pain. Read Sirva's announcement HERE.
Other companies affected by the sales slump range from the obvious -- homebuilders -- to the trickle-down, like retailers dependent on consumers with less money and less ability to borrower post-boom.
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