I am not sure if cash sales trending down is  a good or bad thing for the real estate  market.

Yes it indicates investors are buying less and yes it means that first time home buyers will not have as much competition. It may mean a stabilization of rental properties and some communities.

We are entering a more normal market. We have been for some time, It is a market and it is local and it may be more related to the individual property and it’s intended use.

This is but one part of the market and we will need to watch it and be more aware of the ramifications in the future. The market is like a ladder and traditionally cash sales have been at the bottom rung. We will se if it has any effect on prices at different levels but it may take some time.