It was real estate that led the market into recession, and David Goldberg of UBS thinks it's getting ready to lead it out.
First, though, it's going to need some government help.
"One thing that's been talked about is some sort of stimulus package from the government," he told CNBC. "Maybe, that would include a buy-down of rates, and that certainly would help stimulate some demand."
Goldberg thinks there's a lot of demand waiting on the sidelines for now. He admits that fundamentals for homebuilding companies are low, and likely to remain so for at least the next nine months. This, he believes, is the time to buy on valuation.
At the top of his shopping list isLennar, which UBS upgraded last week to "buy" from "neutral."
It's followed by Centex and Toll Brothers, which Goldberg says has better land positions than its rivals.
He also likes Ryland Group.