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The biggest bull market out there might be the housing market, and the best play might be a stealth one, “ Mad Money ” host Jim Cramer said Monday.
“Yep, for years I’ve been saying that housing would finally turn in 2012,” he said. “Sure enough, now that we’re halfway through the year, it’s crystal clear from multiple inputs that the entire housing business is rebounding. “
While housing data released last week showed that pending home sales were down 1.4 percent month over month and new home sales clocked in at 350,000 — about 20,000 less than experts predicted – there was a footnote worth heeding: Weak pending home sales were being caused by low inventory , according to the National Association of Realtors.
“Can you believe that? Low inventories! In other words, not enough homes,” Cramer said.
Moreover, the trade group asked banks to speed up foreclosures to get more homes on the market.
“If that’s not bullish, I don’t know what is,” he added.
Cramer also said that he takes broad macro statistics “less seriously than what the individual companies in the sector are actually saying because it’s the companies that have their finger on the pulse of the industry.”
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