We use the 1999-2009 Panel Survey of Income Dynamics to estimate household move probabilities as a function of, among other things, current housing equity. The lock-in effect supposes that mobility decreases with equity, particularly as equity becomes negative. We find that while owners do move less than renters, the move probability increases as homeowners become under- water. The propensity to move out of state in particular increases dramatically for sand state homeowners who have negative equity. There is no lock in effect from negative equity.