In "The Ascent of Money," author Niall Ferguson discusses the challenges of owning houses, characterizing them as illiquid assets that are difficult to sell quickly in financial emergencies. This illiquidity poses a problem for homeowners who may find themselves needing to liquidate their assets rapidly, yet are unable to do so without significant losses.

Ferguson highlights the phenomenon known as "sticky" house prices, where sellers are reluctant to lower their asking prices during economic downturns. This reluctance leads to an oversupply of homes on the market, trapping potential movers and ultimately reducing labor mobility. As a result, economic recovery can be hindered, as individuals may choose to stay put rather than sell their homes and relocate for better job opportunities.