After accounting for one out of four home sales in the depths of the housing recession and fueled turn-arounds in dozens of markets, real estate investors today are playing a greatly diminished role in the housing recovery.

Campbell/Inside Mortgage Finance HousingPulse Tracking Survey suggest first-time homebuyers and current homeowners — not investors — are the major players in this year's market.

The active presence of non-investor homebuyers is helping create a remarkably strong market for non-distressed properties leading into the important spring-summer home buying season.