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Unsold Homes Handcuffing Job-Seekers
Housing crisis crimps mobility, prevents workers from moving
By Matt Cantor
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Posted Apr 3, 08 1:42 PM CDT
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(Newser)
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The housing crisis that’s kept many from selling their homes has, in turn, warped the job market, the New York Times reports. Those who can’t sell their houses can’t relocate to seek work. Usually, more than 5 million workers move per year. But now, tens of thousands are trapped by un-sellable homes, the Times says.
The Census Bureau reports that the number of people moving across state lines fell by 27% last year after three straight years of increases. One national employer finds that its employee transfer rate has fallen by half, despite the enticement of raises. “You hear a lot about foreclosure and the thousands of families who are being forced out,” says an expert. “But that is swamped by the number of people who want to sell their homes and can’t.”