Americans changed residences less often last year than at any time since the Census Bureau began keeping track in 1948, the latest sign of how the recession and falling house prices are keeping more people in place. ‘We are normally thought of as a country on the move, but now all levels of migration have almost come to standstill,’ said William Frey, a demographer at the Brookings Institution, a Washington think tank. ‘People are just staying put.’ The national mover rate was 11.9% last year, meaning 11.9% of the people lived in a different dwelling than they did the year before. That was down from 13.2% in 2007. In total, about 35 million people moved last year, down from about 39 million in 2007. With home values falling, many people have stayed in place, either because they can’t sell their homes or aren’t happy with prices offered. The breadth of the recession has exacerbated the slowdown. Unemployment has risen in every state, and fewer jobs in almost every community mean fewer people are moving for work. Job losses have continued through this year, and many economists expect that the national unemployment rate, currently at 8.5%, to […]
Thursday, April 23rd, 2009
Fewer in U.S. Move as Economy Falters
Author: CONOR DOUGHERTY
Source: The Wall Street Journal
Publication Date: 23-Apr-09
Link: Fewer in U.S. Move as Economy Falters
Source: The Wall Street Journal
Publication Date: 23-Apr-09
Link: Fewer in U.S. Move as Economy Falters
Stephan: