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Down 34% in 2022, Is Home Depot Stock a Buy?

Down 34% in 2022, Is Home Depot Stock a Buy?

Rising mortgage rates and a softening housing market can unsurprisingly have a negative impact on Home Depot's (NYSE: HD) business. In this kind of macroeconomic environment, consumers are less inclined to take on costly renovation projects, something they can delay until better days are on the horizon. With shares down substantially this year, is it time to buy Home Depot stock?