This is really the first fall that everybody's on it, ... I think there's some social pressure.

A lot of first-time homebuyers think they have to have a sizable down payment when that's not necessarily the case because the 100 percent product, and even the ones where closing costs are absorbed, are really prevalent nowadays,

I don't think they were getting nervous. We put more pressure on them than we did in the first half and it changed things.

The difference in the first two rounds and this round is like night and day. The pressure goes up, and so does the level of your opponent.

But because over 6,000 Harvard kids signed up within the first three weeks, it seemed ridiculous not to open it up to a few other schools,

I think in the first quarter we'll fall back into the 1210 to 1246 range on the S&P 500.