Institutional funds buy less than 5% of homes, but the belief that Wall Street buys everything still convinces young people they can't afford one. Ben Allgeyer says most real estate agents don't earn their commission, and tells the story of an agent who listed a foreclosure without asking about a $230,000 payoff, costing the owner two weeks he didn't have. His one number for a 25-year-old: two X, twice your down payment in the bank before you buy. He says licensing classes in Missouri and Kansas hand out the test answers and teach nothing about negotiation or marketing. Jerremy Alexander Newsome and Dave Conley close with their own debrief on rising foreclosures, adjustable-rate mortgages and why elections are bad for housing.

Timestamps:

• (00:00) Lightning round – Is Wall Street why young people can't buy?
• (01:15) The worst buyer advice – It usually comes from real estate agents
• (02:11) The two-X rule – The cash you need before buying a house
• (02:59) Do agents earn it? – One listing cost a foreclosure two weeks
• (06:53) A licensing joke – The class hands out the test answers
• (07:38) The costliest guru lesson – You haven't earned the right to delegate
• (09:34) The hosts' debrief – Rising foreclosures and why elections hurt housing

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