Housing Doom

Is he serious?

I can’t believe this guy. He was just saying no bubble and so forth, now this? I don’t know what is in the water in my neck of Jersey but I got Cramer in my one neighboring county and Lou Dobbs in the other.

“One of the most important things a shutdown corner has is a short memory.” … walks away shaking head

(Igor’s spam-word … flippers)

Yeah Twist crosswinds are pretty bad here, mostly from hot air though. (Especially form politicians!)

John-

This one has been picked up all over the Yahoo Gossip Boards, and quite a few fellow housing blogs and some financial boards.

Cramer as a bear is quite a novelty.

TemekuT-

I think there’s a certain lack of practicality, shall we say, in Cramer’s recommendations? I’m accustomed to “buy,” “hold,” or “sell,” but this is the first I’ve heard “level.”

I’m wondering if he’s giving a “level” recommendation to other bubble markets.

I’ve never watched his “Mad Money” show before, but I did tonight after seeing this video.

Wow! The presentation is like a frantic circus!

I didn’t quite follow the whole one man shouting match, but my ears DID perk up when he said something to the effect of:
“If I owned a house in the Inland Empire, I’d make sure my insurance was in place and burn it down.”

It caught my attention because I know someone who’s finishing up 10 years in prison (away from his wife & young children) for just such a stunt…. so it didn’t seem so funny to me after watching how those kids have grown up without a dad around.

Anyway, it was… interesting.

Moin,

is this the same Cramer who called

Panic Over Option ARMS Is Just Noise

Everyone who uses a Option ARM is an idiot and will lose his house when rates go higher. There. There’s a constant theme in the drumbeat of the press that the housing market is the Achilles heel of the economy.

What a joke. OK, so 12% of borrowers have taken out these unique loans that allow you to call your own shots, up from 8% a year ago. You get to have a teaser low rate that is much below what you would have without it.

Sorry, that’s just stupid. I am sure some of the borrowers are speculative, but you know what? Funny thing. The borrowers are not morons. They can read the papers, too. They recognize that homes aren’t selling

I would bet that most of these borrowers are simply younger people with new jobs who are correctly taking advantage of a low rate. People who have taken this rate have been very right. The long end hasn’t gone up. It seems like it won’t go up now. So while they build up some savings with the low rate, they get stronger down the road and then can take the higher rate.

The media call it dangerous. I call it prudence. !

Bearmaster-

I thought maybe he’d put up a more moderate retraction today- but no…

I just put up today’s clarification- he says he’s dead serious about walking away.

I’m speechless….