Housing

I've said a few times that it's hard to see how the economy turns around before the housing market is fixed.

First-quarter economic growth will be lower than most people expect because of continued problems in the housing market, Pimco Chief Executive Mohamed El-Erian told CNBC Thursday.

"I think people are going to be surprised that the first quarter, which was initially thought to be a four percent quarter, may end up two percent or below," he said.