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Loans in the default process. many will go through to a distressed sale and that will put downward pressure on home values. home sales and housing construction have stabilized at incredibly low levels but unfortunately i think we have more house price declines coming. we have over 4 million mortgage loans in the default process. many will go through to a distressed sale and that will put downward pressure on housing values. >> so, in fact, housing is so weak we had mark zandti tell you twice. the state of the housing market is weak. >> that's interesting. jobs improving, small business improvi...

Bank repossessions last year, this is, you know, the padlock on the front door, carol, averaged 3,287 every single day. every single day. we're on track for that kind of number or higher for this year. according to realtytrac you've got 4 million to 5 million overall foreclosures. that's every stage of the process before that padlock on the door. what about fore clprices? mark zandy overall, maybe move up 0.6%. that's the average from realtytrac. you have forecasted all the way from -- that's just the hard facts, the state of the housing market. >> whatever way you look at it, it's ugly. it's ...