Stranded by bad economy, fewest Americans moved since 1962

[Liberal_in_LA]

http://www.nytimes.com/2009/04/23/us/23census.html?_r=2&hp

As Housing Market Dips, More in U.S. Are Staying Put

By SAM ROBERTS
Published: April 22, 2009

Stranded by the nationwide slump in housing and jobs, fewer Americans are moving, the Census Bureau said Wednesday.

The bureau found that the number of people who changed residences declined to 35.2 million from March 2007 to March 2008, the lowest number since 1962, when the nation had 120 million fewer people.

Experts said the lack of mobility was of concern on two fronts. It suggests that Americans were unable or unwilling to follow any job opportunities that may have existed around the country, as they have in the past. And the lack of movement itself, they said, could have an impact on the economy, reducing the economic activity generated by moves.

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“I’m not surprised this has happened,” Mr. Bonnema said. “Look at the economy, look at the banking industry, look at the credit industry. People can’t move, what are they going to do? Their homes are now worth less than what they originally paid, and they don’t want to take a loss.”