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Home › Forums › Housing › Jim Cramer: Don’t you DARE buy a house now!!…..

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  • September 26, 2007 at 8:09 PM #10422
    bubble_contagion
    Participant

    From today’s NBC Today show. He says: Don’t you DARE buy a house now, you WILL loose money. He also says that the Feds will continue to cut interest rates and that by June 2008 the market will rebound.

    I imagine that in June 2008 he will be saying that in July 2009 it will rebound and so on until he is right.

    http://video.msn.com/?mkt=en-US&brand=&vid=e597a344-a2d5-4438-9c1a-ca641b2190b3

    September 26, 2007 at 10:30 PM #86051
    Arty
    Participant

    Fed lower rate again? I don’t know, big Ben is taking a lot of heat from dollar devaluation.

    September 27, 2007 at 7:11 AM #86067
    The-Shoveler
    Participant

    Nor_LA-Temcu-SD-Guy

    wasn’t he the one saying to buy (stocks of ) the builders about 6 or 8 months ago ??

    anyway they should put him and that ColdWell Banker CEO in the same room with a few feral cats and see what happens.

    September 27, 2007 at 7:48 AM #86071
    h82rent
    Participant

    I’m not defending the guy, but he’s a trader, not an investor. By that, he could recommend a stock to get a pop, then recommend a sell on it week later to cash in and get out. He seems rather permabull on the markets, but has been bashing housing stocks for quite a while (months). Like him or hate him, it’s nice to see permabulls be negative on housing at least (for those hoping for price declines!).

    September 27, 2007 at 9:26 AM #86095
    Anonymous
    Guest

    Prior to Jim’s comment about “Don’t Buy a House Now!” he also said that prices will break and we will be out of this by this time next year. So, my question to Jim is, how are ordinary buyers supposed to time the market so they know when it hits bottom? I mean, if the majority of buyers heed his advice and stay on the sidelines until he says jump back in, then won’t that create a frenzied market again? I’m a Realtor and the majority of “buyers” I talk to are waiting for the bottom. I’m not an economist but it seems to me that if everyone waits and prices plummet, then when everyone jumps in, we will be right back where we were before with escalating prices.

    September 27, 2007 at 9:31 AM #86096
    HereWeGo
    Participant

    Jim’s instincts were on earlier in the year, he could seemingly do no wrong, but of late, the best advice would be to do just the opposite of Cramer’s opinions. He’s a smart guy, but his instincts are completely scrambled at this point.

    For example, he predicted market downturns preceding each of the last 3 weeks. Ouch.

    September 27, 2007 at 10:18 AM #86100
    cr
    Participant

    I can’t stand this guy, he’s gonna have a heart attack.

    He’s a too-tightly-wound pessimistic cheerleader riding shotgun in the bandwagon of irrational exuberance, panic, euphoria and mindlessness typical of today’s volatile markets.

    September 27, 2007 at 10:56 AM #86106
    jeeman
    Participant

    “I’m not an economist but it seems to me that if everyone waits and prices plummet, then when everyone jumps in, we will be right back where we were before with escalating prices.”

    Not investors. It takes a while to change their psychology, especially if real estate turns out to be a horrible investment like it always has been.

    During the boom, non-owner occupied purchases were 48% of the activity. That means half of all purchases were investors/speculators.

    Jeeman

    September 27, 2007 at 12:05 PM #86114
    ucodegen
    Participant

    @cooprider14

    He’s a too-tightly-wound pessimistic cheerleader riding shotgun in the bandwagon of irrational exuberance, panic, euphoria and mindlessness typical of today’s volatile markets.

    Oh, you mean he is seriously bipolar with ADD and hyperactivity disorder?

    September 27, 2007 at 12:14 PM #86116
    kewp
    Participant

    Isn’t there a site where a monkey makes stock picks that beat Cramer?

    September 27, 2007 at 12:58 PM #86123
    Anonymous
    Guest

    I agree with your stat about investors making up a huge part of the market in the boom and the fact they are non-existent in this current market, but I’ve got investor clients chomping at the bit to get back into the game. (I’m one of them also!)

    September 27, 2007 at 1:02 PM #86125
    jyurasek02
    Participant

    “non-owner occupied purchases were 48%”
    How/where do you get these numbers?

    September 27, 2007 at 1:48 PM #86135
    temeculaguy
    Participant

    While it pains me to say it, he was the only one I read that called the meltdown at Standard Pacific, saying that was the one builder he wouldn’t loan money for a cup of coffee to. This was about two months ago and other writers were listing them as one of the builders that would be fine. They went from the 20’s to 5 in the time since he said that. I don’t like Cramer for a couple of reasons but his advice on the builder stocks in the last few months has been more accurate than any of the prognosticators.

    September 27, 2007 at 2:25 PM #86141
    jeeman
    Participant

    “How/where do you get these numbers?”

    I wish I could show you my source, but it was over 2 years ago…probably the Union Tribune. I may be off a percent or two, but it was in the high 40s.

    Jeeman

    September 27, 2007 at 3:12 PM #86150
    cr
    Participant

    ucodegen –

    That was good, I actually laughed at that because I just picture him with a vein about to pop in his head.

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