The Real Story Wrap: November 24: U.S. stocks soared into the close Monday after the government announced an aid package for Citigroup and President-elect Barack Obama unveiled key members of his economic team.
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Centex (CTX), Lennar (LEN), KB Home (KBH), Horton (DHI) and Pulte (PHM) look so cheap they are scrumptious ... until you look at their credit lines, which make them seem downright expensive.

2.6

Cramer based his conclusion on an analysis of the charts of the seven largest home builders, including Toll Brothers (TOL), Centex (CTX), D.R. Horton (DHI), Pulte Homes (PHM), Lennar (LEN), MDC Holdings (MDC) and KB Homes (KBH).

Cramer: Housing's Bottom Is Near:
With Bob Toll changing his tune on housing, he signals to the market housing isn't as bad as mainstream media thinks, says Jim Cramer.

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People still have fresh capital to speculate on a bottom in Lennar (LEN) or Pulte (PHM) or D.R. Horton (DHI).

getting hammered, should be nice in recovery

For those of you who are high risk traders, you might want to dip your toe in Centex (CTX), DR Horton (DHI), KB Homes (KBH) or Toll Brothers (TOL), Adami counsels.

Cramer: Don't Be Too Bearish on Homebuilders
The homebuilders may not have reached a bottom, but it's still no time to short them, says Jim Cramer.

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3 month
-buy signal 1/9
-sell signal 2/4
-buy signal 2/20
-sell signal 2/28
-buy signal 3/12

Home builder won't make money for years.

One - two combo of poor home market complinebted by equally poor management.

Weakening economy, subprime mess

no hope for a quick turnaround in home builders

Housing is a disaster.

same as above

bottom line is housing is down

Cramer noted that DR Horton (DHI-NYSE) is the most leveraged since it bought large property rights and has the least-written down property values of the sector.

outlook is getting dimmer

Housing will decline