here to help us break down those numbers and what they mean for the housing market rick sherga, the senior vice president of realtytrac and the founder and ceo of americana mortgage. welcome to both of you. >> good morning, gerri. thank you very much. >> rick, i want to start with you with these foreclosure numbers. i was expecting maybe, maybe we might get some kind of improvement but not yet the numbers are worse. why is that? >> well, it's clear that despite an industry wide moratorium, numerous legislative delays and state of activity on the loan modification front we don't have a handle on how to stem the tide of these foreclosures so what we're seeing a run-up that's probably beyond what anybody expected at this point. >> you know, bob, i look at mortgage rates all the time. i'm obsessed with them. 5.4% according to bankrate.com and you would think with rates that low people would be running to get new mortgages, refinancing old mortgages and yet i still hear there is trouble in the marketplace. what does it take these days to get a new mortgage? >> there's an influx of borrowers ref