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The Housing Market - If You Don鈥檛 Know, Now You Know | The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
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for decades owning a home has been one
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of the core parts of the american dream
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just below dating pete davidson but
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right now
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actually buying a home is harder than
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matt gates watching the new saved by the
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bell with the housing market red hot
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prospective buyers are trying not to get
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burned as demand soars but supply is
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limited home prices rising at their
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highest rate in 15 years and demand so
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intense that redfin reports nearly half
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of homes are selling within a week of
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hitting the market prospective home
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buyers in astronomical bidding wars
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homes vanishing from listings hours
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after being posted you go to an open
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house there could be 50 cars in a line
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outside waiting to see that property
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people are are so desperate that they'll
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court favors get you know potential
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sellers uh tickets to rare events even
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houses with notorious histories are
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selling this is the 100 year old
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mediterranean mediterranean-style home
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in la where the charles manson family
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murdered leno and rosemary la bianca in
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1969 but in today's market it was
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snapped up from 1.8 million dollars okay
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okay okay i know what you're thinking
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right now why on earth would you buy
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that house someone was murdered there
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yeah exactly
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someone has already been murdered there
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what are the odds it'll happen again
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i mean i'd sleep like a baby in that
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place but seriously people the housing
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market has gotten crazy in america i
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mean some people are buying a house just
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hours after it's posted online a house
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hours
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meanwhile i read reviews for six months
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before i finally decide which water
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bottle to buy
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now that i think about i should have
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gotten the blue one but the question is
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why has it become so hard to buy a home
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in america
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well let's find out why in another
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installment of if you don't know now you
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know
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[Music]
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when it comes to why the housing market
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has gotten so insane lately it's kind of
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a perfect storm of many different
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factors
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right you've got not enough homes being
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built to keep up with the population
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growth you've got historically low
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mortgage rates so more people can buy
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houses and then on top of that
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more people are able to work from home
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so they're leaving the city for the
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suburbs where maybe yes there's not as
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much excitement but you and your spouse
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have way more space to murder your
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neighbors
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but it turns out there's something else
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driving up demand for homes and that's
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who is competing for them more than ever
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before starting with the guys who tend
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to ruin everything
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wall street
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with home prices soaring to record highs
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there are mounting questions about the
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billions of dollars big financial firms
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are pouring into the market and pricing
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out some would-be buyers blackstone has
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been on a single-family home buying
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rampage it began late last year going
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head-to-head with other major wall
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street players large financial firms
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often backed by private equity buy up
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and rent out single-family homes the
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companies typically use computer
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algorithms to identify desirable
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property so they can bid quickly they're
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very aggressive their offers come in all
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cash
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they come in sight unseen so as soon as
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the house hits the market you got an
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offer from them
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okay
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and they're ready to close within a few
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days there's about 25 to 35 percent of
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the houses in this neighborhood are
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owned by wall street landlords one of
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them is invitation homes which owns more
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than 12 000 single-family houses in the
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atlanta area and nationwide more than 81
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000. three other large firms own more
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than 100 000 homes combined one of them
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just announced a 5 billion dollar fund
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to buy more
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okay okay i know what you're thinking
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right now
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why on earth would we allow wall street
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to mess with the housing market they
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caused the housing crisis yeah exactly
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they already caused a housing crisis
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what are the odds that happens again
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not sleep like a baby in that place but
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yes
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wall street is now buying up tons of
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homes all across america because what
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better way to fix your image problem
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than to become the nation's biggest
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landlord i guess and regular people
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regular people trying to buy homes well
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they don't have much of a chance going
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up against wall street
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i mean wall street usually has more
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money that's kind of their whole thing
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your only hope is to like try and
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distract them by asking how their crypto
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is doing yeah and then by the time
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they're done answering you'll be an
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escrow
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but it turns out there's another group
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there's another group that's driving up
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prices and they're not bankers yeah it's
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not evil greedy bankers in fact
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it's your mom there is a generational
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fight that's playing out and partially
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to blame for more expensive home prices
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you've got
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90 million millennials the largest
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generation in u.s history storming the
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marketplace and really looking for that
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you know dream of home ownership to
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start building wealth through owning
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their own property so we have
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millennials aging into their home buying
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years baby boomers meanwhile are
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healthier they're living longer and they
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want to age in place they're all
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competing for the same smaller houses
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baby boomers are looking to downsize
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while millennials and gen xers are
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looking to buy smaller entry-level homes
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so many baby boomers are active in the
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housing market that it's become much
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more difficult for millennials to buy a
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house in general boomers have a lot more
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money to outbid them that's right
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boomers are dominating the housing
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market and
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there's an eight-hour beatles movie on
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tv
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they're living their best lives what's
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left of them
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because you know this sucks for us
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millennials this wasn't the plan okay
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you boomers were supposed to get old
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then we would sell all your and
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move you into a nursing home where you
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get all the jello and geriatric hand
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jobs that you want and then we take your
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house that was the deal
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you guys get to destroy the planet we
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get the wreck rooms damn it
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so with private equity squeezing them on
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the one side and their parents on the
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other young people in particular are in
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a difficult spot when it comes to buying
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a home and they rarely only have two
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choices
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go live in the woods
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you know make a home out of sticks and
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mud and join book clubs with squirrels
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or
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get really creative
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a new trend hitting the housing market
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millennials are teaming up with their
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friends to buy their dream home together
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for a lot of these new homeowners doing
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this is the only way they're able to
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afford a home a growing number of young
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americans are abandoning cities and
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flocking to the suburbs finding their
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cheap dream homes in far flung places
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more millennials are buying fixer-uppers
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a big draw for young buyers fixer-uppers
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are often cheaper sometimes they go for
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as little as 20 thousand dollars where
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are they finding these gyms well leave
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it to millennials to do their house
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shopping on instagram on a page called
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cheap old houses why do you think
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millennials are so attracted to cheap
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bold houses
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it's cheap and it's all right
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you know sometimes reporters ask the
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dumbest questions why do millennials
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love crappy old houses that nobody else
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wants cause it's their only option
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it's like asking me in grade school
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trevor why do you love sitting by
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yourself at lunch time what draws you to
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a life of spending recess with your
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imaginary friends i mean do you know how
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hard it is to buy houses off instagram
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you got to slip into the house's dms yo
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does the carpet match the drapes
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no for real i need to know if the copper
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matches the drapes i can't afford to buy
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a new drape so i just need to know man
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i've got a budget so that's where we are
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right now thanks to boomers and wall
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street owning a home may soon no longer
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be the american dream the good news is
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if you wait around long enough you might
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still get a chance to date pete davidson
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for a personal perspective on the
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nation's housing crisis and what can be
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done about it we turn now to desi lydic
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desi i understand that you've been
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looking for a house recently is that
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correct yes i have i had a two-bedroom
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apartment but it's just too small with
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three kids running around
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oh
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i don't know you have three kids oh i
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don't i don't know whose kids they are
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they just showed up one day and they
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wouldn't leave so i had to i'm sorry to
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hear that desi um so how has your house
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searched gone
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ugh it was rough at first i mean demand
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is high people are desperate the open
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houses get mad if you take all the
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cookies but
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thanks to a little outside the box
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thinking i finally found the place of my
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dreams yeah wow dizzy it actually looks
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amazing yeah yeah it is it's got a
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chef's kitchen walk-in closets five
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washer dryers for all the cult members
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and a rain shower i'm sorry wait what
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was that lost pod the rain shower no no
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do you say a cult
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did you join a cult okay yeah look i
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know what you're thinking but let me
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tell you what if you want a house in
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this economy your best option is the
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blessed door of our god king craig i
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mean why pay half your salary for a
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three bedroom house when for free you
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can live in a 75 bedroom compound and it
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comes with a home gym and a breakfast
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nook for a daily diet of hot dogs and
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s'mores
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they only feed you hot dogs and s'mores
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yes but the hot dogs are inside the
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s'mores it prepares your body to merge
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with your future robot host or something
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i don't know i don't actually believe in
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any of this what i do believe in is
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bathrooms and this place has 50. desi i
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don't think a large house is worth
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submitting yourself to a cult i mean
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does this craig guy even know that
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you're just doing this for the housing
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i don't know why don't you ask him
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yourself craig come meet trevor no no no
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no no please no day of judgment is upon
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us trevor noah
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join my flock on the full moon of our
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final suicide orgy i'll have it next to
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the heated swimming pool
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i'm sorry what
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you've got a heated swimming pool yo
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that is dope what
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i know right
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come down to the suicide orgy and check
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it out come on
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we can leave before the suicide
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um all right yeah i'll see you guys
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there uh thank you so much desi and
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craig
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bye-bye
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god king craig
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yes yes desi and god king craig thanks
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guys
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[Music]
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you
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