It’s having significant impacts on many fronts. First of all and foremost is on transferees. First of all, it’s taking them longer to sell their homes, and secondly, the values of the homes are declining so their equity position is much less than what they anticipated it would be or what it once was. You also have folks who are losing money on the sale of their home. If they bought the house over the past several years, they’re actually receiving a value that’s less than what they paid for it. Probably just as dire if not more so are those who owe more on the house than it’s actually worth .

That doesn’t necessarily mean that they’re losing money on the sale of the house per se , but that they may have borrowed against the house over the last couple of years for improvements or funding a college education. Now the proceeds and the value are actually upside down, if you will, where the proceeds from the sale of the house are less than what’s needed to extinguish the mortgage. Those are major issues. In addition to the impact on the transferee, what’s also happening is that the costs to the employers are going up. If they’re covering any of the loss that might be incurred, that would certainly drive up their costs. And because it’s taking longer to sell the homes, there’s the issue of duplicate housing where the transferee has to be in the new location, so they actually move in advance of selling their home. There’s the issue where they have a mortgage at the departure location and still have an obligation to pay rent or a mortgage in the new location. In many instances, corporations are footing that bill, so that’s driving up the cost of the relocation as well. As a result of all that, we see that disaffection with relocation is certainly higher than we’ve experienced in quite some time.