Cramer's 'Mad Money Recap': Waiting for the Housing Turnaround

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"I want to be bullish on the housing stocks, but I just can't pull the trigger yet," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

He welcomed Robert Toll, chairman and CEO of Toll Brothers (TOL Quote) to the show to discuss the state of the housing market.

Cramer said that while he's been waiting for a bottom in the housing market, Toll Brothers' most recent quarterly results didn't instill enough confidence. The company reported revenue of $818 million, which was more than the year-ago quarter, and its backlog did shrink 13% to just $2 billion. However, Toll Brothers still only sold 1239 homes, down 49% from the same period last year.

Toll said that he feels confident the housing market may return after November's general election. Asked to grade the current sales performance in his communities, Toll said he'd give F's to just about all of them. On a positive note, Toll sees some strength in the California housing market and that Naples, Fla. is also starting to stabilize.

Overall, Toll reiterated that he's not willing to bet on any short-term recovery in the housing market. He said Toll Brothers is buying additional land, but only if it sees incredible value and is able to wait several years to realize that value.

Cramer asked Toll about his support for a Federal tax credit for home buyers. Toll replied that he is in favor of a $15,000 tax credit and felt that if implemented by Congress, could jump start the ailing economy. He said that he's not in favor of the proposed $300 billion injection of capital into the Federal Housing Administration (FHA).

Cramer Interviews Toll Brothers CEO