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James J. Cramer: New York's False Prophet?

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By Oliver Haydock

September 8, 2008 | 10:33 a.m.

Expect June 30, 2009, to be a big day for the national housing market, assuming that people still listen to James J. Cramer and his manic economic musings. In his column for New York, Mr. Cramer lists not one, but 10 (10!) reasons why the sales market worm will finally turn, citing, among other favorable developments, the slow down in building development, the stabilization of Fannie Mae and Freddie Mac, and the bottoming out of troubled markets in places like California and Florida.

But can this man be trusted? After all, this is the same James J. Cramer who told his viewers on Tuesday, March 11, “Bear Stearns is fine! Do not take your money out.” Three days later and the rest is history. (Classic YouTube clip above.)

So, home buyers, beware: June 30, 2009 may (or may not) be the day to buy that dream house.