Upside-down borrowers locked into homes
Study finds more may be stuck than displaced
By Matt Carter, Wednesday, October 15, 2008.
A new study suggests buyer psychology and tighter credit aren't the only factors keeping would-be home buyers on the fence -- homeowners with negative equity are often "locked in" to their existing homes and are nearly 50 percent less likely to move in order to take a new job, cut their commute time or move to a neighborhood with better schools.
The study, Housing Busts and Household Mobility, found that while becoming "upside down" forces many homeowners to move ...
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