21 Nov '11, 7pm

Report: Homeownership is keeping unemployment high

The U.S. is suffering crushing unemployment, yet workers can't move to where the jobs are because they are trapped in underwater mortgages, explains a new report from Brookings . This, it turns out, is the ultimate fate of the "ownership society" that our government has been pushing for so long through Fannie, Freddy, and tax policy: People can't migrate to where they're needed most, even if their livelihood depends on it. The new statistics indicate that just 11.6 percent of U.S. residents moved between 2010 and 2011, down from 12.5 percent the previous year, and the lowest rate since 1948. To put this in proper perspective: the 35.1 million people who changed residence last year is the lowest number since 1960, when the nation’s population was about 40 percent smaller. The data show that not only are people less likely to move from one state to another, they're also fail...

Full article: http://www.grist.org/list/2011-11-21-report-homeownership...

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