Cramer calls housing market bottom to be June 30, 2009
I regularly read Jonathan Miller, NY real estate appraiser extraordinaire on his fantastic blog, Matrix. He just guest authored on Huffington Post and talked about CNBC's Jim Cramer call last fall of the housing market bottom on June 30, 2009.
"During the week this magazine article came out, someone told me they had attended an economic conference and there was no shortage of tongue-in-cheek debate on the Cramer's housing market prognostication. Would the housing market "bottom" on the morning of June 30th or the afternoon of June 30th? Inquiring economic minds wanted to know." "emphasis added)
OK, everyone's piling on Cramer these days starting with Jon Stewart on the Daily Show and frankly, I'm a little tired of his ranting. So I'll join the chorus.
Jonathan goes on to explain what happened last fall, dismisses some of the "green shoots" and talks about the difficulties in the jumbo mortgage market. Great reading.
All I can tell you is that I'll go along with Jonathan on this one, in my opinion, until we see lower inventory levels of homes offered for sale in the Charleston real estate market, housing will not be "back to the races". But on a positive note, the Charleston real estate market has probably been doing better than most.
But June 30th is a special day to me. My parents were married on this date back in 1946 and I wish they were both here to celebrate what would have been their 63rd anniversary.