Nothing I love more than hearing I got outbid on yet another house by another investor from Shanghai in a highest and best bidding war orchestrated by the realtors, by the way.
For every buyer that feels 'ripped off' because the were outbid by someone from Shanghai, there is a SELLER that got a higher price than they would have otherwise. And if this Shanghai person really 'overpaid', then they'll lose money in the long run
And don't make me feel dirty by defending Realtors -- but if they do something that results in a higher price for their client, that's their job
"And don't make me feel dirty by defending Realtors -- but if they do something that results in a higher price for their client, that's their job"
that's their job - agreed, which is my point in including them as one of the factors contributing to the housing crisis brought up by the OP.