only at the point when the vast majority of investors regard housing as a lousy investment. You will know its the right time to buy when the media stops covering the housing meltdown and housing stocks are generally regarded by the street as uninvestable. Wait for a high profile bancruptcy. At this point you will have long ceased any interest in these stocks and will chide others for even suggesting such an absurd idea. This will be the time to buy, but you won't want to pull the trigger.