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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...

Important asset, probably your biggest debt, too, your house. we asked them is it weak, improving, strong or very strong? where do we stand right now? and the answer to a person with no disagreement is that the state of american housing is still weak. here's what mark zandy from moody's analytics said. >> housing is the economy's weakest link. of course, it was ground zero for the financial panic in the great recession. we still have more work to do. home sales and housing construction have stabilized at incredibly low levels. unfortunately i think we've got more house price declines coming. w...

Three months then i tell you it is hard to imagine that unless something dramatically happens, you'll have to see job gains of 500,000, 600,000 in a month in these last three, four months before november so i have a feeling that it does feel like it's cooked. look this thing -- the only thing that i'll say is that the republican parties -- the one thing that -- they have one land mine and that's themselves at this point. there is certainly a sense out there that people, they want -- they certainly want to throw the bums out and the democrats are the ones sitting there, but there isn't a positi...

Over the last three months not a single one of it has changed perceptions in the way people feel about the economy. and i have to say if they -- if it hasn't happened in the last three months then i tell you it is hard to imagine that unless something dramatically happens, you'll have to see job gains of 500,000, 600,000 in a month in these last three, four months before november so i have a feeling that it does feel like it's cooked. look this thing -- the only thing that i'll say is that the republican parties -- the one thing that -- they have one land mine and that's themselves at this poi...

You democrat and republican very powerful people in the finance world together? did that signal that republicans and democrats are going to pass something here? >> i think it could go either way today, more likely than not they could get something done. once you get to this step in the process, you tend to be able to get something across the finish line but i don't know for sure because there's a lot of angst on the democratic side and they've had a very good push back on policy. it doesn't mean they don't think there should be wall street reform. everybody knows that but they're interested on...