Use Options to 'Time' Housing's Top

"It's very hard for me to say 'top.'"

-- David Lereah, chief economist of the National Association of Realtors, speaking on CNBC Tuesday, Aug. 9, 2005.

Indeed, the word "top" is not only hard to say but it has proved extremely costly for short-sellers trying to time a top in homebuilding stocks. But after more than three years of increasing prices and improving fundamentals, could the bears' arguments for an eventual downturn finally have time on their side? ...