[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.