According to Jim Cramer, the housing market has officially bottomed.
CNBC: Residential real estate has finally found a floor, Cramer told viewers on Tuesday. The sector’s long, steep descent is all but over.
Optimism is one thing. Reality is another. There’s been more the 1 million foreclosures filed in the U.S. so far this fiscal year, and we continue to have significant problem with the failure to get modifications. In addition, there are currently 10-million loans in the pipeline that are headed toward foreclosure. In other words, 10-million homeowners will be foreclosed through 2012. A sobering statistic I’d say of the magnitude of the problems that still face the housing market.
How can Cramer be so sure housing has hit bottom. He explains:
