Remember when we passed along Jim Cramer's emphatic call of a housing market bottom? It's time to take another look at Cramer's proclamation.
You may recall that in June, Cramer said, "I am frantically trying to buy multiple properties right now." Cramer went so far as to definitively declare a bottom to the housing market. His words: "This is patently obvious."
Karl Denninger points out just how wrong Cramer was. Take this Bloomberg report from today, for example:
"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.Here's Denninger:
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."
"Jim, we haven't seen a decline in the second derivative. In fact, housing prices dropped by a RECORD 15.6% in the second quarter....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 do they Jim? I'll lay odds you won't mention this report tonight on your show, nor will you apologize for being wrong."To be fair, Cramer also said in that interview that he was running out to buy Bank Of America stock. Since the interview BofA stock price has risen to $16 from $13. Perhaps, Cramer should stick to touting stocks.