So if mortgage purchase apps are down and there are fewer cash buyers seems sales are staying down?

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 5, 2014. This week’s results included an adjustment for the Labor Day holiday. …

The Refinance Index decreased 11 percent from the previous week, to the lowest level since November 2008. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier, to the lowest level since February 2014. …

According to the MBA, the unadjusted purchase index is down about 12% from a year ago.

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Las Vegas Real Estate in August: YoY Non-contingent Inventory up 39%, Distressed Sales and Cash Buying down YoY