Pimco’s Gross Warns that Further U.S. Housing Declines Could Be “Ruinous”

Housing price declines remain the greatest challenge to financial markets and could prompt a deep recession, according to Pimco's Bill Gross. "Home prices which have fallen by 10% over the past 12 months and are set for a repeat by this time in 2009. Lower Fed Funds? They would, in Pimco's ...