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A Bright Spot in Housing

By Jim Cramer

 About this article:
 Forget the crummy quarter that KB Home just reported. Forget that they still have plenty of liquidity, so, unfortunately for the housing market, they can still pump out new homes just when we want them to cut back. The real takeaway of the conference call was the housing bottom that they saw in Southern California. It's huge. They said sales are up by hundreds of percent -- that's the term they used -- because the affordability is the best in 20 years, and rates are the best in 47 years. Two years ago, KBH's Southern California home business hit a retaining wall going 200 miles an hour. It has seen nothing but price cuts and foreclosures and cancellations in its projects ever since ... UNTIL THIS QUARTER. In this quarter, they saw month-to-month-to-month stronger sales, as housing prices are down as much as 45% in some of...

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