Cramer's TheStreet.com TV Recap: Tech Warrants a Look

That may not be the case because of 6% mortgages, he said. "If you're a national homebuilder you can now pick and choose, and say, 'You know what? I'm not going to build any more in the Northeast, but this Texas market is really hot,'" Cramer said.

He said he believes that we are seeing a return to regional areas that are strong and that stocks are beginning to go up because the decline in mortgage rates is making it so you can build again in select areas.

"There is demand, we are still a growth country and people will still buy houses with mortgage rates this low because they don't want to lose the rates," Cramer said.

As for drugs and oil, Cramer said oil is due for a little decline, and drug stocks seem to be very stalled. He alluded to the problem over at Pfizer (PFE Quote) and that there's a lot of concern that the issue may not be isolated, although he said he believes it is.

Cramer said that if he were an analyst following Goldman Sachs (GS Quote), a stock he owns for his Action Alerts PLUS charitable trust, he would make a call Thursday and advise people to buy the stock because its numbers are too low.