Housing is at the top of the list when highlighting the bright spots in the current credit markets, PIMCO Managing Director Mark Kiesel said.

He credits rising home prices, historically low mortgage rates and a developing seller’s market for this.

"We anticipate that home inventories, which are good forward-looking indicators of prices, may continue to come down faster than many expect; we also believe that household formation should pick up," Kiesel said. 

Total existing home sales increased 0.4% to a seasonally adjusted annual rate of 4.92 million in January 2013, up from 4.90 million in December and up 9.1% from 4.51 million units last year, according to the National Association of Realtors.

President Gary Thomas at NAR said that homes are selling at a faster pace.

"The typical home is selling nearly four weeks faster than it did a year ago," he said. "In this environment, Realtors can help buyers strike a balance between moving quickly and protecting their interests, such as making offers contingent upon a satisfactory home inspection and obtaining a loan; of course, a loan pre-qualification may help too."

Thus, housing and housing-related sectors are expected to have strong potential to expand even though the economy is expected to grow by 2%, Kiesel noted.

Similarly, head of multi-asset investments David Coombs at Rathbones noted that he has become bullish on the U.S. economy once again due to housing.

"Something is going on in the U.S. economy, the housing market is on a path of recovery and shale gas will be a game changer. How many green shoots do you need before you become bullish," Coombs said.

Throughout the year, Kiesel stated that PIMCO will look to take advantage of credits that will benefit the most from the rebuild and remodel cycles including building materials and lumber, "as well as companies that should benefit from a gradual improvement in housing activity, sales and prices."