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Residential real estate is the new target of cash investors, pushing national home prices lower per Campbell/Inside Mortgage Finance's latest HousingPulse Tracking Survey.

Cash buyers make up 33.2% of the housing market currently, a new record, compared to 29.6% of last year.

Meanwhile, the investor class relied heavily on cash to buy homes, with 74% of investors using cash to buy homes in December.

Investors represented 22.8% of home purchases in December alone, up slightly from 22.2% a month earlier.

The study says investor bids are bringing prices lower by waiting for other buyers to lose bids through the extensive mortgage approval process. The study says investors are nabbing properties at lower prices when other buyers lose bids during the extensive mortgage approval process or appraisals.

Real estate agents that responded to the survey said investors usually offer 10% to 20% below the listing price up to a price of $250,000.

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