For all of you who watch Jim “I’ve Sold All My Real Estate” Cramer’s program, “Mad Money,” I’m not sure he’s said the above on his show.

But on this video for TheStreet.com (he’s a co-founder,) he really doesn’t say anything people didn’t already know if they have been reading regular stories. However, his “If your house declines 20 percent in value, it’s really important to sell it,” comment is ridiculous, as if the hundreds of people in Antioch and Pittsburg don’t already know that (and aren’t having a lot of success in a market flooded with inventory.) Duh.

His other comment, “It’s smart to walk away” part is what’s getting a lot of attention.

Some people fear his loyal viewers will hear this and act. I’m not sure that Cramer is that influential, but maybe I’m wrong. Also here’s what Cramer said before:

Hindsight is 20/20.

Secondly, real estate isn’t and shouldn’t be treated as a stock. It’s a great longterm investment and always has been (unless you live in California City.) It wasn’t until recently people started treating ther homes as a cash cow with increasing short-term rewards — which is what led to a lot of people getting burned when the market busted.

Thanks to Housing Doom for the links!