Looking to avoid a real estate bubble in the U.S.? Think global, says CGM Capital Management's Kenneth Heebner.
"There is no bubble in Mexico," says Heebner, the portfolio manager of the CGM Realty Fund . That's why he's investing in Homex Development, the No. 1 homebuilder South of the Border.
Heebner, who also manages the the CGM Focus Fund, told "Squawk on the Street" viewers that he sees ongoing "powerful synchronous growth" across nations like China, India and Brazil -- but expects the U.S.' real GDP only to grow an anemic 0% to 2% this year. His advice: play global real estate, which he defines "broadly" to include worldwide mining operations.