Housing Armageddeon

You thought maybe there were tough times ahead for the housing market? Well, you don't know the half of it, but Jim Cramer can explain it all, if his head doesn't explode first.


Catastrophe, armaggedeon, disaster... call it what you will, I think Cramer's right, for the most part. But I don't see a lot of victims around. Anybody who clawed their way into the real estate market by buying a home with 1) no money down, 2) a sub-prime 1st trust deed and/or 3) a hard money/seller-carry 2nd that put them upsidedown the day after closing was living in a hopeful fantasyland. They might as well have gone to Vegas and put it all on Red.