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In my column last week, I pointed to the importance of the U.S. housing market to the overall health of the global economy.

Today, we got more evidence that things are, perhaps, stabilizing in this important economic engine.

Existing home sales jumped 6.8 percent in March, much better than most economists were expecting.

Much of that gain comes from U.S. government incentives — namely an expiring tax credit for home buyers.

But it's a positive development, to say the least.