30% of all sales are vacation-home buyers and investment home buyers.  Sure that number has dropped from 33%, but it's still a very strong number.

Who are the buyers?  Investment-home buyers in 2008 had a median age of 47, earned $85,000, and bought a home that was fairly close to their primary residence.

WSJ Article here

The thing is, the investors that are buying now are much more financially stronger than the bulk of investors that purchased 3-5 years ago.  Today they are coming in with at least 30-35% down and all too often, cash for full purchase.  They are also looking for serious deals, which has resulted in the buying of REO's and Short-Sales more frequently than a traditional re-sale.