Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Gridlocked House Market Hits Job Seekers

|Includes: Morgan Stanley (MS)

Interesting tidbit of the day. The number of people changing residence is at the lowest level since 1962. Unemployed are unable to move to healthier job markets because they can’t sell houses that have negative equity. These conditions are playing hell with multinationals unable to move personnel around the world, or even within the country. A lucky few are renting out homes at a negative carry, and passing the bill to their companies as a cost of doing business. I have to admit that I was caught in this trap when Morgan Stanley (NYSE:MS) transferred me from New York to London in 1984. The city was still recovering from its flirtation with bankruptcy, crime rates were sky high, and interest rates were backing off from an 18% peak. The market was dead. Fortunately, the firm took me out of my co-op at a decent profit, sat on the property for a year, and then sold it for a $100,000 hit, knowing I could make the money back for them with the right phone call. That was back when the firm was still private,  had a Rolls Royce, cradle to grave benefits plan, and went to incredible lengths to keep key revenue producers happy. I wouldn’t want to try that now.