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.

Resource legend tips his hat to three soon-to-bubble sectors… The housing market has “bottomed out” says PNC… our gentle retort… Alan Knuckman with an economic indicator far superior to unemployment: chicken sales… Our panel of “whiskey shooters” on the worst-case scnerio… how to get out of Dodge if the dollar collapses… Britian now REALLY in crisis… recession, taxes cause wave of pub shutdowns…

We’re confused this morning… help us understand this mess.

They’re tearing down houses out west…as you’ve probably heard. It’s cheaper than going through all the necessary steps to get the houses mortgaged out, so banks are just bulldozing McMansions.

Believe it or not, but based on the classic Wall Street definitions, we’re in a new bull market. As of last Friday, all three major market indices recovered more than 20% from their March 9 lows.

US$ continues to be propped up…  SEK moves up vs. the US$…  Japanese yen falls….  Gold prices come down … And Now Today’s Pfennig!

While members of Congress debated the merits of President Obama’s $838 billion stimulus plan, Treasury Secretary Timothy Geithner unveiled a raft of new measures aimed at returning functionality to the besieged credit markets.

Best Buy Names New CEO; IBM to Post Strong 2008 Earnings; BHP Cuts 6,000 Jobs; GM Loses Sales Crown to Toyota; Investors Retreat From Hedge Funds; Housing Market Index Hits New Low; Satyam Seeks Funding; Crude Futures Climb

Falling sales and rising foreclosures has chopped 18% from home prices in 20 major U.S. cities from Oct. 2007 to Oct. 2008, the fastest rate on record.

Big Media is hiding the truth about the housing market. Don’t believe everything you read, says Chuck Butler…