Mortgage Rates Push US Housing, Economy to "Blood Bath"

The worst is yet to come for the US housing market. "It's a blood bath," said Mark Kiesel, executive vice president of the Newport Beach, California-based Pacific Investment Management Co., and the manager of $668 billion in bond funds. "We're talking about a two- to three-year downturn that will take a whole host of characters with it, from job creation to consumer confidence. Eventually it will take the stock market and corporate profit."
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