Population Statistic: Read. React. Repeat.
Saturday, July 31, 2021

Along with bringing down the economy, we have another thing to thank the housing bubble for: Underwater mortgages that prevent people from moving to where new jobs are.

The labor migration rate is down sharply since the start of the economic downturn in 2007 and is just half the rate of a decade earlier, according to William H. Frey, a Brookings Institution demographer who has analyzed Internal Revenue Service and census data.

“Overall, interstate migration has reached its lowest point since World War II,” Frey said.

Being locked into a house was my biggest fear during the hard-sell portion of the residential boom, and this makes me glad that I never did take the plunge. If I had, I might not have left Florida for New York, and definitely would have been the worst for it professionally. Consider me one of the unscathed survivors of the late great Ownership Society.

by Costa Tsiokos, Sat 07/31/2010 01:25pm
Category: Business, Society
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