The property industry is grappling with a pullback from investors, financing challenges and even more layoffs.
MBS made up 45% of TCW's Metropolitan West Total Return Bond Fund's $64 billion portfolio -- its biggest holding -- as of Sept. 30.
Banks are privately gauging buyer appetites for office loans in cities where demand has dropped off.
Rising interest rates threaten to drag down property values and make cheap debt harder to come by.
The state has already been losing thousands of people every month to lower-cost locales.
Rents rose 7.8% in September to a median $1,759, slowing from double-digit increases seen for more than a year.
Portfolio manager Erin Browne also suggested investment-grade corporate and tax-advantaged municipal bonds.
Listings are lingering longer because demand has collapsed.
Fewer people are willing to pay a premium for living in the country's most expensive housing region.
The stock market has mistakenly given the benefit of the doubt to the Fed, Rebecca Patterson said.
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