Repointing between cinder blocks
 

My 1968 ranch home is built on a slab. The bottom row of cinder blocks
is half below soil level. The mortar between the blocks is
deteriorating, and as I gouge it out it's wet even as far in as one inch
from the exposed exterior face of the block. After repointing the
joints, should I paint them with some kind of true waterproofing stuff?
If so, what do you suggest using?

TIA

Ray