Just throwing my two cents in here from the Bay Area and in a similar market. The things that are wrong with real estate aren't headline producing or interesting.

- Blind bids sound completely unethical. Why are real estate agents enabling this? Are they not bound to a code of ethics?

- Allowing buyers to offer cash on top of the value of a home should be illegal. You should be allowed to sell your home for what it appraises for, no more. Again, why are real estate agents enabling this behavior?

- Requiring buyers to submit letters, photos, and videos in order to buy a home is insane. They did away with this in California, but is it gone everywhere else? Another question of real estate agent ethics.

- Stop allowing companies to acquire residential real estate. This just, doesn't even make sense.

Patch these things up and you'll have major progress in freeing up a lot of real estate transactions and overvaluations.