The market crush is hurting most Americans, but it's especially painful for senior citizens who are ready to move into retirement communities but can't sell their homes to get there. Seniors pay out of pocket for most of their long-term housing needs, and because entrance fees for retirement communities can cost as much as a house, making a move is often contingent upon a sale. "The idea is that a senior has built up equity in [a] house, and this assures that they can have care for the rest of their lives," says Larry Minix, of the American Association of Homes and Services for the Aging. But not if they can't find a buyer. And with a glut of houses on the market, even reduced asking prices don't always lure prospective buyers. Ruth Scher, 85, put her condominium in Delray Beach, Fla., on the market last year and "nobody came," she says. The clogged market helps explain why vacancies in senior living facilities are on the rise—most dramatically in areas where the market is most distressed. In Tampa, for instance, 12 percent of senior housing units are unoccupied, up from 4 percent last year.
