Many Americans eager to pack up and move to another town or city are being forced to stay put due in large part to the weak housing market, says an MSNBC.com article.
The U.S. is a historically mobile society. The most movement happened in the 1950s and 60s, when about 20 percent of the population moved each year. The percentage of people changing residences fell to a historic low of 11.9 percent in 2008, according to U.S. Census data.
Because many people are having trouble selling their homes, they can’t relocate to an area where jobs are more plentiful.
“The labor markets are sluggish. They’re not adjusting efficiently,” economics professor Richard Cebula told MSNBC.com, adding the situation “exacerbates a recession.”
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