Housing Has Not Bottomed (But Cramer Said!)

08/12/2009 • The Market Ticker

Home price declines in the U.S. accelerated in the second quarter, dropping by a record 15.6 percent from a year earlier, as foreclosures weighed on values. The median price of an existing single-family home dropped to $174,100, the most in records dating to 1979, the National Association of Realtors said today. Total sales rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million from the first quarter and fell 2.9 percent from 2008’s second quarter. Remember, Cramer said housing bottomed June 30th. Jim, we haven't seen seen a decline in the second derivative. In fact, housing prices dropped by a RECORD 15.6% in the second quarter. Record - you know, never dropped this fast year-over-year before? Yeah. But remember Jim - you promised your viewers that it was over. That it was ok - and safe - to go back into the market. You in fact told everyone last night to buy stocks again, and you were in fact on an unmitigated pumpfest. The facts don't bother you