Most people investing around the popping housing bubble have been doing it directly, via the homebuilders themselves. Some investors are beginning to play with the CME real estate futures (plugged in today's WSJ (sub. req.) by Bob Shiller), but there are other options.
One possibility is via the housing bubble media. An entire home improvement media has appeared around the housing bubble, with such programs playing seemingly non-stop, both on regularly network television, as well as on niche cable channels, like HGTV.
With the preceding in mind, I have been idly looking at the E.W. Scripps Company (NYSE:SSP), which operates HGTV, the Food Network, the DIY Network, etc. It is currently trading not far from five-year highs, and network advertising represents around 25% of overall revenues.
SSP 1-yr chart: