From Forbes:

If you have taken solace in recent housing figures, thinking that once prices recover your investments will take off, Bill Gross suggests you think again.

The manager of the world's largest bond fund at Pacific Investment Management Co., Gross argues that homeownership is on the wane because Americans are developing a habit of saving and will no longer trust their houses to play piggy-bank.

And that's just for starters. "Housing cannot lead us out of this big R recession no matter what the recent Case-Shiller home price numbers may suggest," Gross writes in his September outlook.

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More on housing:

The next mortgage BOMB to hit the economy

Why you're not "throwing money away" as a home renter

Top economist Rosenberg on the sheer idiocy behind the "recovery"