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Cramer: Molehills, All of Them

Plus, I think a big percentage of homes is owned by hedge and private-equity funds. I am still shaking from the postponing of the Colony American Homes deal. This is a company that spent $1 billion to buy homes in order to play the housing revival, and that deal was supposed to be the exit strategy for this colossal housing bet. It was to be part of a $2 billion investment that Colony Capital has raised to buy rental homes. Private equity has purchased an estimated $10 billion in rental homes, and the hoped-for idea was bundling these homes into securities such as Colony American Homes -- which could then go public and convert to real estate investment trust status.

What happens if those homes flood the market? What happens if the 4.4% mortgage does crimp the homebuilder sales? It makes sense that those went down.

But the rest of the market? Other than a smattering of stocks, like BlackBerry (BBRY) and UPS (UPS), there's just been no follow-through on the downside. They've all been just one big buying opportunity. Now, before you say, "Wait a second, you don't know yet," I can easily say, "and you can sell everything you bought, and lock in those profits." That's the truth, and those delicious gains can't be taken away if you do so.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long WFC.

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