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
Subprime Loans Are Back—Now They're Called Nonprime Loans
Some say that "nonprime" loans will create the same financial ruins as their "subprime" predecessors. Others say the housing market needs ways for more people to buy homes and drive the industry.
The Last Days of the Home Affordable Modification Program
The Washington Post takes stock of the Home Affordable Modification Program (HAMP) in its final days, finding a program hampered by bad faith from large banks and bad oversight by the Treasury Department.
The Case for Making Federal Housing Programs Like HAMP and HARP Permanent
There have been a number of federal and state programs to address the housing and foreclosure crisis. While these programs have helped a lot of people and continue to do so, many people that are qualified still have trouble completing these programs.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions