nicolas retsinas, we'll start with you. so what do you see in the latest numbers? is there any sign of hope there? >> well, there's always a sign of hope but the signs are very slim. it's amazing. interest rates are at a 50-year low and yet we have such a tepid housing market. yes, prices have gone up in a number of cities over the last couple months but they're down from a year ago and really down from where they were almost at beginning of the decade. it's still a very difficult sort of shaky time in the housing market. >> brown: the uptick, such as it is, came in the second quarter. the quarter was up but the year is down. i mean that's... it was interesting to read the reports this morning, just to parse it. >> yeah, it's a little bit-- emphasis on little-- bit of good news. most people would say the real number to look at is the year- over-year change. as long as we keep declining, that's bad news. cumulative, we've already seen a 30% or so decline according to the case schiller index. this is just more bad news. >> brown: just to help us with it a little bit

it makes it a very difficult decision. >> brown: nicolas retsinas, to bring it full circle, now we're in the fall season. what do you look at normally in the housing market? what is supposed to happen? what do we need to happen next? >> well, i need... again i go back to foreclosures, foreclosures, foreclosures. as long as foreclosures, distress sales, short sales are 30%-40% of the market there will continue to be downward pressure on the market. i'm afraid the silver linings we saw in the numbers today may only be temporary. >> brown: closing word. >> i agree 100% with what nick said. you know, the foreclosure situation is the real nut that has to be cracked. that's going to take time to do it. we're not making any progress on it. in fact, we're delaying it. >> brown: guy, nicolas retsinas, thank you both very much. >> you're welcome. >> ifill: now, we have another story in our series on global population issues. it's a partnership with "national geographic" magazine, which has been reporting on this topic throughout 2011. the september issue examines the declining birth rate in bra