With the economy improving, we have entered a new phase of the cycle. The risk on part. Investors have stopped fearing fear and have moved on. Are we in the greed stage? The problem is that real estate investors cannot find yield or attractive opportunities in safer or more stabilized investments and are now pursuing riskier investments–new construction, value add, tertiary markets. Investors are moving off of the sidelines and on to the playing field. Once we talked about underwater mortgages, then Greece, and now we talk about yield.