I think the market has priced in the housing crisis, says Karen Finerman. It's probably okay to dip your toe in the water. But if you want to play housing only look at companies with great balance sheets such as MDC Holdings (MDC) and Centex (CTX).

I think the market has priced in the housing crisis, says Karen Finerman. It's probably okay to dip your toe in the water. But if you want to play housing only look at companies with great balance sheets such as MDC Holdings (MDC) and Centex (CTX).

Stay away from those that are highly leveraged such as Hovnanian Enterprises (HOV)she counsels.

She said for the cleanest play look at SPDR S&P Homebuilders (XHB), or investors can trade alongside Warren Buffett with USG Corp. (USG).

She said for the cleanest play look at SPDR S&P Homebuilders (XHB), or investors can trade alongside Warren Buffett with USG Corp. (USG).

Adami said the best play is Home Depot (HD). Macke told investors to avoid the housing sector all together.