Jim Cramer
I don’t know how many of you watch Cramer on CNBC. I usually flip through when he’s on and watch as much as I can handle, and I do get the feed from Blogging Stocks. The thing I appreciate about Cramer is he speaks his mind and gut. Sometimes he’s right, sometimes he’s not (right Jon Stewart?)
This time, I hope he’s right…
“And why not? Prices have come down gigantically. Mortgages are the cheapest in our lifetimes. There’s a new tax credit for first-time homebuyers. You combine all of these and you get two things: 1) It is dramatically cheaper to buy than to rent — by as much as $4,000 a month, and 2) You have to be an idiot not to think about buying a property right now.
Still, nobody believes. I hear such non-refutational nonsense around the clock. People email me, telling me that I have no idea what I am talking about with the “coming bottom” in real estate. Here’s the staples; you have probably heard of a lot of them by now:”
see the entire post here
Hamptons Real Estate Blog 
3 comments
April 29, 2009 at 6:55 pm
David
I ll follow Pimco’s lead on this issue. They observe the bottom in price declines are different in each town. I just traveled to Vegas, Arizona and S. Florida. The inventory in Florida is approx. 7yr supply in the face of rising unemployment. The bottom will be defined by multiple quarters of Job growth. Where you see that happen let me know, I ll be a buyer again. Try getting a jumbo loan lately?
April 30, 2009 at 12:49 pm
Maggie Knowles
Cramer is a Treasury tool, good friend of Hank Paulson of GOLDMAN SACKS-USA. No credibility, therefore, not to be taken seriously.
April 30, 2009 at 1:50 pm
Vanessa
Kramer is very wrong. Again. Have you read the Shiller report? They predict a 35-44 percent drop in the values of NYC condos. That’s 35-44 percent down from where we are now, not down from the peak. This will affect the Hamptons. We have a long way to go before this is over.