Lots of equity, but where can you move?

If you've owned a house in Southern California for more than a few years, you're probably sitting on a load of equity. Great, you might think, I'll move into a bigger, better house.

Then you realize the price of that bigger, better house has also skyrocketed. Thus, property taxes will also be higher, as will broker's commissions, escrow fees and closing costs. And you're not the only one thinking that according to a new article, Cost of Moving Up Keeps Many From Selling Homes.

James Joseph, owner of a Century 21 realty franchise in Whittier, calls it the "golden jail" of homeownership. Even though they are sitting on a ton of equity, "a lot of people aren't selling … because they can't afford to move up," he said.

"There are a million bubble theorists, but the bottom line is: If no one is interested in selling, you're not going to have a market going down," said Michael Davin, executive vice president of South Bay-based real estate brokerage CataList Homes Inc.