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How to Play the Rebound in Housing

Tickers in this article: CSGP
NEW YORK (TheStreet) -- Gone are the campouts to get in line for the release of phase 2 of Canyon View Estates. Gone are the no money down, low-interest rate loans. Gone are the "if you can fog a mirror" loan qualifications. And gone is a whole a lot of equity in our homes.

Investors once again learned a very harsh lesson on valuation. Value does matter! Real estate had been appreciating at rates way beyond the norm for several years. Cheap money, loose lending practices and a horde of buyers chasing a dwindling supply of new homes created yet another value bubble that had to burst at some point.

And burst it did. Just ask the little town in Norway that had invested in U.S.-made mortgage-backed securities. Just ask the local real estate appraiser whose business all but dried up. Just ask Lehman Brother or Bear Steans. It was a very nasty popping of a very extended bubble.

I wrote an article for TheStreet back in October titled "This Housing Recovery is Real." You only have to look at the monthly Case-Schiller reports since then to determine if I was right or not. Home values or up over 20% in many market year over year.

The real estate market continues to come back. Many real estate-related stocks have been very good investments since the lows in the market back in 2009.

One of my biggest holdings at Gunderson Capital Management continues to be CoStar Group .

CoStar is a commercial real estate information and analytics provider. It was founded in 1987 to form a database of commercial real estate information in order to interpret values of properties and interpret market conditions.

The company provides real estate information services to brokers, property owners, developers, bankers, and government agencies. Current market capitalization is about $3.5 billion.

Data from Best Stocks Now App

This stock is a domestic small-cap growth company that would be suitable for growth investors. Small and mid-cap domestic stocks continue to be the leading asset classes among 35 that I track.

Data from Best Stocks Now App