The second-home market in particular is being hit by a triple whammy of rising oil and gas prices, rising raw materials costs and rising interest rates, Cramer said.
Jim Cramer does not have much respect in my book. As oc0010 eloquently wrote in a comment on the Housing Bubble 2 Blog "I cant believe what a waffler this guy is. Just a few months ago he was saying there is no housing bubble. Now he sees that he was wrong so he changes his mind. He did the same thing with the dotcom bust." Nevertheless, Jim Cramer has a large audience and he joins a growing chorus of 'experts' who now take a bubblehead position.