>> an industrywide moritorium, a state of activity on the loan modification front. we can't stem the height of foreclosures. it's beyond what anybody expected. >> i look at mortgage rates all the time. i'm obsessed. they are 5.4%. with rates that low, you would think people are running to get new mortgages, refinancing. i still hear there's trouble. what does it take to get a new mortgage? >> there's an influx of buyers refinancing their homes. the key is qualifying. those who are upsidedown -- >> meaning they owe? >> they owe more than their house is worth or they can't show enough income. the people that are benefiting are showing tax returns, have a 700 credit score. >> it's a high hurdle for a lot of people. who are the buyers in the marketplace. i recently read vegas has the highest number of sales ever in the previous month. what is buying? >> what bob said is correct. you have first time home buyers qualifying for fha loans and investors. they are using nontraditional financing, cash or private lending. those comprise 80% of the buyers market now. >> private