Afraid of losing their investment in a down market, homeowners aren't moving out of their neighborhoods - even if their jobs do.
"Only 13 percent of job seekers finding positions in the third quarter of 2008 moved for their new job, according to outplacement firm Challenger, Gray & Christmas. That is down from 15 percent in 2007 and 16 percent in 2006.
"We are seeing a lot of moves that are delayed or canceled because of the financial concerns people have," says Joseph Benevides, senior vice president of Paragon Global Resources, a relocation service. "The big impediment is the price of housing in the home they're leaving. The house is worth less than they paid for it or worth less than they owe. That is the principal reason relocations are being refused, certainly surpassing family."
Relocations are also taking longer. "The time has extended pretty dramatically in the last 12 months or so," Mr. Benevides says. That creates a need for duplicate housing as transferees maintain their existing home while accruing living expenses in a new location. Benevides calls it "a major cost issue."
To spur moves, some employers are offering "loss on sale" protection. If a house sells for less than the purchase price, a company covers the loss."
FULL STORY: Workers put down roots
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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