Latest data from the housing market shows that the misery is set to continue for a while yet. But Christian Hill says investors can still make money by shorting two real estate specific ETFs (IYR, VNQ). A more speculative play is the UltraShort Real Estate ProShares (NYSE:SRS) inverse ETF.

Everyone knows the perils of investing in the toxic US housing market. But not many are aware of the opportunities for safe and steady profits that still exist in real estate. Robert Williams says one REIT (real estate investment trust) raised its dividend three times in 2008. And it stands to make huge capital gains when the housing market recovers.