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Cramer: Build position in Home Depot?

(Click for video linked to a searchable transcript of this Mad Money segment)

"I don't think the run is over," said Jim Cramer. "If the stock comes in, I'd look to establish a position."

That's what the Mad Money host said after talking with Home Depot CEO Frank Blake.

During the exclusive conversation, Blake spoke about many bullish catalysts for the company including products such as WiFi enabled locks and light bulbs that could potentially last more than 20 years.

"Products such as those give people new reasons to visit Home Depot," reminded Cramer.

However, Cramer's optimism was hardly limited to new products.

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During the interview, Blake confirmed something that Cramer has believed for quite some time – that the renaissance in the housing industry remains in its early stages.

According to Blake a slew of metrics suggests that the sector could be about to explode.

For example, "People ages 22-35 are still living in multi-generational homes or with their parents. We don't think that's something they want to be doing," he said.

Also Blake said home buying remains at significantly depressed levels; by some estimates it's at 60-year lows. However, according to Blake's proprietary research, not only has the trend started to improve its on its way to much higher levels.

And he added that although people were reluctant to spend on their homes as home prices fell, sentiment has shifted significantly as home prices rebound. "People are willing to invest in home improvement when they can feel confident that they will see that money again down the road," Blake said.

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All told, Cramer sees every reason for Home Depot to continue its move higher.

"Home Depot is projecting 5% comp growth for 2014," Blake told Cramer. "For a company of our size, that's enormous."

"I don't understand why so many analysts on Wall Street don't get that," Cramer added.

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