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Cramer - Housing to bottom in 309 days, we need to nationalize fannie and freddy ASAPUser Forum Topic
Submitted by hipmatt on August 26, 2008 - 8:55pm
http://www.cnbc.com/id/26406036/site/140... Saw this on mad money today. Take a read for what its worth. The economy will never recover if housing doesn’t find its footing first. But when will that happen? Cramer said he expects a bottom by the third quarter of 2009.
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Cramer, Shamer. The best contrary indicator there is.
I want him to eat the counter in 309 days...
I saw this last night. CNBC is making similar claims here: http://www.cnbc.com/id/26390675
People still clearly don't understand the market. All these claims of a bottom due to pent up demand are unfounded and ignore the fact that in order to buy a house you have to be able to afford a house, i.e. have stable and adequate income, and now a down payment and willing lender. People are tapping their 401k to pay bills - you think they have $100k to jump into a declining RE market while there is simultaneously a declining job market?
Right, and there was no subprime spillover.
Perhaps they are talking about things on a national level while you all are talking about the local San Diego situation.
I agree.. I met up with some friends in Puerto Rico for a wedding, we were the only CA couple there. They acted like we were crazy when we talked about housing and the economy. ALL OF THEM. They simply don't feel it like we do.