Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?
- New home construction has fallen spectacularly, and "by next June we won’t be building enough homes to accommodate demand."
- Congress has authorized $300 billion in FHA loans. Foreclosures and supply will both nosedive as a result.
- By next summer, prices will be low enough to motivate holdouts, and "homes will seem irresistible to the many millions of potential buyers."
- Wall Street turmoil has done all it can to roil the New York market. "When the last areas fall, the bottoming process begins in earnest."
- The Fannie/Freddie takeover will turn mortgages into “the world’s best investments.”
To see the complete list, click the link below. And make a note: “On June 29, call your broker.”