Other problem is ownership transfer isn't even necessarily the bottleneck to liquidity of real estate. Most real estate is still occupied by people using the pr

Other problem is ownership transfer isn't even necessarily the bottleneck to liquidity of real estate. Most real estate is still occupied by people using the property for some reason, either for a place of business or because the live there. Moving their business or family to a new piece of land and someone else onto theirs requires changing school districts, updating bank records, work records, canceling utilities, physically moving all of the objects, packing, unpacking. All of that is much more cumbersome than transferring the legal ownership rights to the lot. Housing stock will never have high liquidity regardless of how you record ownership. If you want liquidity while exposing yourself to real estate as an investment vehicle, that's why REITs, MBSs, and CDOs exist. You don't want to trade physical houses.