Cramer needs to lay off the crack pipe. The Fed cuts won’t solve the affordability problem, at least in California. Either incomes will rise dramatically or prices still have a long way to fall.
Agree, but first we have to get through the liquidity crisis. Now that lenders are being more picky, the number of people who can quality for houses has shrunk dramatically. Even at affordable prices, there are far less people who could obtain a loan than could do so in 2005.