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Hissing housing bubble.(INSIDER REPORT)
William H. Gross is chief investment officer at Pacific Investment Management Co. (PIMCO), the world's largest bond-fund manager, with $513 billion in assets. In an interview published in the October 26 Business Week, Gross observed: "Housing is the asset that has kept this economy going. The second-mortgage loans and the like. The homeowner taking advantage of capital gains and withdrawing equity--that's what has kept consumption going. If housing stops, equity withdrawal ceases"--and the consumer economy grinds to a halt.
Indications are rife that the housing market has cooled off and started to contract. Nick Godt, market analyst for The Street, noted on October 27 that the "average price of a new home ... fell to $285,700 in September, from $287,500 in August.... Amid slowing sales, the supply of new homes on the market has risen sharply and is now up 20% year on year." "No wonder price gains are slowing," comments Ian Shepherdson, chief U.S. economist at High Frequency Economics. "Builders have over built and have to cut inventory."
For several years, analysts have ...
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