Cramer Calls Housing Bottom Again
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Tonight, on Mad Money, Jim Cramer said the housing bottom will occur 12 months out. However, this directly contradicts what he has said on thestreet.com several times and Howard Stern over the past 18 months. He has said several times that he thought housing has bottomed and now he is changing his mind and moving his prediction out to Q3 of '09.
He continuously mentions FHA taking bad loans and making it easier for homeowners to pay their monthly mortgage payments and he believes the rate of foreclosures will slow and he says that's how you get a bottom. I question where are all the people going to come from to occupy all these vacant houses as investors were buying all multiple homes and now investors are on the sidelines.
Thus far, Jim has been eating crow on his multiple bottom calls in housing (remember he recommended buying Countrywide multiple times in '07), but hopefully for our economy's sake, he is finally right.
He continuously mentions FHA taking bad loans and making it easier for homeowners to pay their monthly mortgage payments and he believes the rate of foreclosures will slow and he says that's how you get a bottom. I question where are all the people going to come from to occupy all these vacant houses as investors were buying all multiple homes and now investors are on the sidelines.
Thus far, Jim has been eating crow on his multiple bottom calls in housing (remember he recommended buying Countrywide multiple times in '07), but hopefully for our economy's sake, he is finally right.
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