The Housing Market - If You Don’t Know, Now You Know

the news saved by the Bell. With the housing market red hot, prospective buyers are trying not to get burned as demands sores, but supply is limited, home prices rising at their highest rate in fifteen years, and demands so intense that Redfin reports nearly half of homes are selling within a week of hitting the market. Perspective home buyers in astronomical bidding wars, homes vanishing from listings hours after

being posted. You go to an open house, there could be fifty cars in a line outside waiting to see that property. People are are so desperate that they'll court favors, get you know, potential sellers, tickets to rare events. Even houses with notorious histories are selling. This is the one hundred year old Mediterranean style home in l A where the Charles Manson family murdered Leno and Rosemary Lavianka in nineteen sixty nine, but in today's market it was snapped

up from one point eight million dollars. Okay, okay, okay, I know what you're thinking right now, Why on earth would you buy that house? Someone was murdered there, Yeah, exactly, someone has already been murdered there. What are the odds that will happen again? I mean, I'd sleep like a baby in that place. But seriously, people, the housing market has gotten crazy in America. I mean, some people are

buying a house just hours off it's posted online House Ours. Meanwhile, I read reviews for six months before I finally decide which water bottle to buy. Now that I think about, I should have gotten a blue one. But the question is why has it become so hard to buy a home in America. Well, let's find out why in another installment of If you don't know, Now you know. When it comes to why the housing market has gotten so insane lately, it's kind of a perfect storm of many

different factors. Right. You've got not enough homes being built to keep up with the population growth. You've got historically low mortgage rates so more people can buy houses. And then on top of that, more people are able to work from home, so they're leaving the city for the suburbs where maybe, yes, there's not as much excitement, but you and your spouse have way more space to murder

your neighbors. But it turns out there's something else driving up demand for homes, and that's who is competing for them more than ever before, starting with the guys who tend to ruin everything Wall Streets. With home prices soaring to record highs, there are mounting questions about the billions of dollars big financial firms are pouring into the market

and pricing out some would be buyers. Blackstone has been on a single family home buying rampage to begin late last year, going ahead to head with other major Wall Shape players. Large financial firms often backed by private equity, buy up and rent out single family homes. The companies typically use computer algorithms to identify desirable property so they

can bid quickly. They're very aggressive. Their office come in all cash, they come in side and seem so as soon as the house hits the market that you got an offer from them, okay um, and they're ready to close within a few days. There's about twenty five the houses in this neighborhood are owned by Wall Street landlords. One of them is Invitation Homes, which owns more than twelve thousand single family houses in the Atlanta area. In nationwide,

more than eighty one thousand. Three other large firms own more than one hundred thousand homes combined. One of them just announced the five billion dollar fund to buy more. Okay, okay, I know what you're thinking right now. Why on earth would we allow Wall Street to mess with the housing market. They caused the housing crisis? Yeah, exactly, they already caused a housing crisis. What are the odds that happens again?

Not sleep like a baby in that place. But yes, Wall Street is now buying up tons of homes all across America because what better way to fix your image problem than to become the nation's biggest landlord. I guess. And regular people, regular people trying to buy homes, well, they don't have much of a chance going up against Wall Streets. I mean, Wall Street usually has more money. That's kind of the whole thing. Your only hope is to like try and distract them by asking how their

crypto was doing. Yeah, and then by the time they've done answering, he will be an escrow. But it turns out there's another group. There's another group that's driving up prices, and they're not bankers. Yeah, it's not evil, greedy bankers. In fact, it's your mom. There is a generation on fight that's playing now and personally to blame for more

expensive home prices. You've got ninety million millennials, largest generation in US history, storm in the marketplace and really looking for that you know, dream of home ownership, to start building well through owning their own property. So we have millennials aging into their home buying years. Baby Boomers, meanwhile, are healthier, they're living longer, and they want to age in place. They're all competing for the same smaller houses.

Baby Boomers are looking to downsize, while millennials and Gen xers are looking to buy smaller entry level homes. So many baby boomers are active in the housing market that it's become much more difficult for millennials to buy a house. In general, Boomers have a lot more money to outbid them. That's right. Boomers are dominating the housing market. And there's an eight hour Beatles movie on TV. They live in their best lives, what's left of them because you know

this sucks fast millennials, This wasn't the plan. Okay, you boomers were supposed to get old. Then we would sell all your ship and move you into a nursing home where you get all the jello and geriatric hand jobs that you want, and then we take your house. There was the deal. You guys get to destroy the planet,

we get the red room damage. So, with private equity squeezing them on the one side and their parents on the other, young people in particular in a difficult spot when it comes to buying a home, and they really only have two choices. Go live in the woods, you know, take a home out of sticks and mud and joined book clubs with squirrels, or get really creative. A new trend hitting the housing market, millennials are teaming up with

their friends to buy their dream home together. For a lot of these new homeowners, doing this is the only way they're able to afford a home. A growing number of young Americans are abandoning cities and flocking to the suburbs, finding their cheap dream homes in far flung places. More millennials are buying fixer uppers, a big draw for young buyers. Fixer uppers are often cheaper sometimes they go for as little as twenty tho dollars. Where are they finding these gyms?

We'll leave it to millennials to do their house shopping on Instagram, on a page called cheap old Houses. Why do you think millennials are so attractive to cheap bold houses? He's cheap and you know. Sometimes reports us the dumbest questions. Why do millennials love crappy old houses that nobody else wants because it's the only option. It's like asking me in grade school, Trevor, why do you love sitting by yourself at lunchtime? What draws you to a life of

spending recess with your imaginary friends? I mean, do you know how hard it is to buy houses off Instagram? You've got to slip into the house's d MS you Does the carpet match the drapes? No? For real, I need to know if the compet mentions the drapes. I kind afford to buying you drapes. So I just need to know, man, and I gotta budget. So that's where we are right now. Thanks to boomers and wall streets, owning a home may soon no longer be the American dream.

The good news is if you wait around long enough, you might still get a chance to date Pete Davidson. For a personal perspective on the nation's housing crisis and what can be done about it. We turn now to Dasilidik Desi. I understand that you've been looking for a house recently. Is that correct? Yes? I have. I had a two bedroom apartment, but it's just too small with three kids running around. Oh I don't know you have three kids. I don't I don't know whose kids they are.

They just showed up one day and they wouldn't leave, so I had to. I'm sorry to hear that, Daisy. Um, So how has your house search gone? It was rough at first, I mean demand is high, people are desperate. The open houses get mad if you take all the cookies. But thanks to a little outside the box thinking, I finally found the place of my dreams. Wow, Das, it actually looks amazing. Yeah, yeah it is. It's got a chef's kitchen, walk in closets, five washer dryers for all

the cult members, and a rain shower. I'm sorry, what was that lost the rain shower? No? No, do you say a cult? Did you join a cult? Okay? Yeah, look, I know what you're thinking, but let me tell you what. If you want a house in this economy, your best option is the blessed door of our god, King Craig. I mean, why pay half your salary for a three bedroom house when four for three you can live in a seventy five bedroom compound and it comes with the home gym and a breakfast nook for a daily diet

of hot dogs and s'mores. They only feed you hot dogs and smalls, yes, but the hot dogs are inside this mors. It prepares your body to merge with your future robot host or something. I don't know. I don't actually believe in any of this. What I do believe in is bathrooms and this place has fifty DESI I don't think a large house is worth submitting yourself to a cult. I mean, does this Craig guy even know that you're just doing this for the housing? I don't know.

Why don't you ask him yourself, Craig, come me, Trevor, No, no, no, no, no, please no not a day of judgment is upon us. Trevor, Noah, join my flock. On the full moon of our final suicide orgy. We'll happen next to the heated swimming pool. I'm sorry, what you've got a heated swimming pool? Yo? That ship is dope, what I know? Right, come down into suicide orgy and check it out. I mean we can leave before the suicide all right. Yeah, I'll see

you guys there. Thank you so much, Das and Craig Bye bye, God kingg Yes, yes, Daz and God King Craig. Thanks guys. What's the Daily Show? Weeknights at eleven tent Central on Comedy Central. In stream full episodes anytime on Paramount Plus. This has been a Comedy Central podcast