Mortgage applications were at  9 year low according to Mortgage Bankers Association. The survey is for the week of November 6th. Applications by home purchasers fell 11.7%. This is the lowest level since December 2000. The NAR  reported a 5.9% increase in resales  compared with  the third quarter of 2008. How do we reconcile the fact that mortgage applications by home purchasers are down 11.7% yet resales are up? Substantial number of these sales may be cash sales, not involving applications for a mortgage. I don't have information on the ratio of approved mortgages, but variations in approvals may have an impact on the statistics quoted above.