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Unsold Homes Handcuffing Job-Seekers

Housing crisis crimps mobility, prevents workers from moving

By Matt Cantor, Newser Staff

Posted Apr 3, 2008 1:42 PM CDT

(Newser) – 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.”

A house for sale sign, photographed in Jackson, Miss., March 25, 2008. (AP Photo/Rogelio V. Solis)

A house for sale at a reduced price is seen in Albany, N.Y., Tuesday, March 25, 2008. (AP Photo/Mike Groll)

A house for sale in Clarence, N.Y., is seen Monday, March 24, 2008. (AP Photo/David Duprey)

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More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Downturn Slams Gen-Xers; Boomers, Not So Much

Housing prices are the real culprit

Obama's Jobs Bill Goes to Congress Tonight

But it's missing one crucial element, 'Los Angeles Times' notes

11.1M Households Underwater

Number jumps to 23.1% at end of 2010, more likely on way

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Unsold Homes Handcuffing Job-Seekers

Housing crisis crimps mobility, prevents workers from moving

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OTHER STORIES ON OUR RADAR

housing market • job market • housing sales • relocation • housing crisis

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Downturn Slams Gen-Xers; Boomers, Not So Much

Housing prices are the real culprit

Obama's Jobs Bill Goes to Congress Tonight

But it's missing one crucial element, 'Los Angeles Times' notes

11.1M Households Underwater

Number jumps to 23.1% at end of 2010, more likely on way

About Us

Site

Newser By Users

Community

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More News

What is Newser?