NEW YORK (TheStreet) -- In 2006, Fortune ran an infamous (if only to me) cover called "How to Invest in the New Web Boom -- Carefully." Now it's time for the same kind of thinking about housing.

Thursday's news that July existing-home sales topped an annual level of 5.5 million for the first time since February 2007 was just the latest confirmation that the housing nightmare is mostly over.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.