It's a close figure, a correlation. You mentioned applications; we look at mortgage credit growth. In 2008 mortgage credit growth was about 14% per year. That has declined to about 6%, so mortgage credit growth has slowed.
In addition to that, the nature of that growth has changed in composition. In 2008 and 2009 about four out of 10 mortgages were insured mortgages. That has declined to about two out of 10 right now, so not only has mortgage credit growth declined, the composition of that credit growth has changed as well.