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Existing Home Sales Give Back Incentivized Gains. Jobs Still the Main Roadblock - After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008.

The national median existing-home price for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008. The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago.

Looking ahead, nothing has changed, the same old issues are seen as being roadblocks to expansion in the housing market and macroeconomy.

We need to work off current supply of all homes available on the market. In order for that to happen we need qualified buyers and borrowers. Those buyers and borrowers need stable jobs.

Until jobs are being created for the herd of citizens on unemployment benefits, the housing market will likely undergo a slow, frustrating recovery process.

The first time home buyer tax credit has been a huge help in this effort, so too has the Fed's MBS Purchase Program. While the extension and expansion of the home buyer tax credit is progressive, from a buyer's perspective we still have several issues that will deter demand.

Stocks muster gains - CNNMoney.com -- Stocks managed slim gains Monday as investors weighed recent worries about the bank sector and the likelihood of Federal Reserve Chairman Ben Bernanke serving for a second term.

The Dow Jones industrial average added 23 points or 0.2%. The S&P 500 index added 5 points or 0.5%. The Nasdaq composite gained 5 points or 0.3%.

Gains in large bank stocks, techs and big industrial firms helped give stocks a leg up, But a weaker-than-expected housing market report put a lid on any gains.