A rise in existing home sales last month shows things are getting better in the U.S. housing market, but the still-dire unemployment situation and the looming possibility of a jobless recovery may halt the rally by the end of the year. That makes the extension of an $8,000 tax credit for first-time homebuyers imperative.

European orders increase more than expected… Was Cash for Clunkers necessary?… Roubini sees a ‘W’ not a ‘V’…
Lessons from Mary Poppins…And Now… Today’s Pfennig!

Fed sees the bright side… Bernanke says worst it over, inflation not a worry… Warren Buffett can’t see any green shoots… even after eye surgery… Alan Knuckman on how to survive a sideways stock market… Byron King says now’s a good time to book profits on this sector… Housing still out of whack… one chart foreshadows the market’s next move…

Fed confuses markets, risk assets get sold…  SNB intervenes to stop franc’s rise… ECB issues 12-month liquidity… Bernanke to get grilled? And Now… Today’s Pfennig!

No real surprise here, Existing Homes Sales are expected to increase. It should be a combination of two factors, too-good-to-pass-up deals on foreclosed homes, and families moving to new school districts over the summer to avoid switching schools mid-year.

Existing Home Sales Up 2.9%; Malaysia’s Economy Shrinks 6.2%; Staples Beats Estimates; U.K. Millionaires Halved by Financial Crisis; Treasury Yield Spread Hits Record High; Intel Won’t Cut Dividend After Euro Fine; Moody’s: U.S. Aaa Credit Rating Stable; Oil Surges to Six-Month High

On Monday it was announced that Homebuilder Sentiment rose again in April, marking the eight-straight month of increases. Yesterday the April Building Permit and Housing Start reports came out, and they both woefully missed estimates.

How did it get here, and where is it going? What a difference a year makes. While March lions and April showers were at work in 2008, so were these factors in the U.S. and global economies:

Has the housing market hit an absolute bottom yet? Perhaps, but probably not. But there are at least indications however that things could start turning around.

Geithner rescues the stock market…  Commercial real estate, the next big drag…  Norway: the new safe haven…  China pushes for a new reserve currency… And Now… Today’s Pfennig!