<p>I appreciate your anecdotal data on the summer melt. I haven’t seen
any of this myself but I haven’t been following closely this summer.</p>
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<p>Northeastern University. I was pretty surprised when I found out that
a relative was going to be studying in another country - I expected
her to be in Boston this fall. I spoke to another person with a
student at Northeastern and she knew about the study abroad the first
semester thing too - she didn’t know what the selection process was
for those students.</p>
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<p>I recall watching the mortgage bubble unfold and this was in 2002 and
2003. We couldn’t believe what was happening back then but it took two
more years for prices to peak and two additional years before things
fell off a cliff. I have seen other markets like this. They go further
than anyone thinks possible based on fundamental reasons and then they
fall off a cliff.</p>