A twist in the real-estate tale

The real-estate market is far more dysfunctional than investment markets in stocks or even bonds. Perhaps many of you will disagree, so let me explain. So, what is a properly functioning market? A properly functioning market is one where there is market-wide transparency and easy flow of information about the characteristics of what is being bought and sold, and about demand, supply, pricing and transactions. If these things are there, then buyers and sellers are much more likely to get a fair deal and have the confidence that they will get it. Note that having that confidence is just as important as actually getting it. Of course, the financial markets are far from perfect in this regard. In the realm of smaller companies and thinly traded stocks, the markets are quite dysfunctional. Still, they're nowhere near as dysfunctio