The percentage of Americans who changed residences between 2010 and 2011 fell to a record low 11.6 percent. That compares with 17 percent in the recession of 1990-1991.
Could we soon see an increase?
The number of homes for sale in the U.S. stood at 2.5 million in April, the lowest number in 6 years. Meanwhile, the number of completed new single-family homes available in April was 46,000, the lowest level since record keeping began in 1973. In California, the number of days a home sits on the market fell to 33 in April from 43 a year earlier.
The extreme pullback of new home construction, coupled with the declining volume of existing homes on the market (due in part to homeowners not putting their homes on the market because prices are “too low”) is helping to create some traction in the housing market, and pricing of both new and existing homes is climbing.
Housing has been affecting job searches. It is unlikely we will see a large reduction in the unemployment numbers until unemployed individuals can more easily sell their houses (and not lose a lot of money) and move to where jobs are available.
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