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A Housing Play for Bulls and Bears?

What's your prediction for home buying this country, recovery or relapse? Well, if you buy this stock it might not matter.

That's because CoreLogic, a four-month old company spun off by title insurer First American, benefits from both foreclosures and new mortgage originations.

Its business and information-services division, which represents half of its revenues, provides banks with information when they're considering issuing a loan or taking your house because you've missed too many payments. If the bulls are right, CLGX makes money as people take advantage of low interest rates. If the bears are right, it will profit from future foreclosures. Either way, the company makes money off the constant transactions being made.

About 25 percent of its revenues come from services related to foreclosures, so if you're a bear who thinks foreclosure will spike, Cramer said this is a good play. Its data and analytics division, which represents 35 percent of revenues, provides information to customers on a subscription basis. Cramer said management is focusing on growing this unit, which is good because it represents a higher-multiple, higher-margin industry that makes money regardless of the state of the housing market.

Cramer also thinks CoreLogic is "too cheap," as it's trading at six times estimated 2011 earnings before interest, taxes, depreciation and amortization.

"If you’re a housing bull, a housing bear or even agnostic about the whole sector," Cramer said, "this CoreLogic is a buy."

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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