Housing recovery greasing workforce mobility

The housing recovery is making it easier for people to relocate for new jobs, a positive development for the economy, Reuters reported.

As home prices recovered in 2012 and chipped away at negative equity, the number of people who moved ticked up for the first time in four years, the news service reported.

“It’s not a huge gain, but when you consider that for two years we’ve had the lowest migration rates since World War II, any move up is good news,” William Frey, a demographer at the Brookings Institution in Washington, told Reuters.

A steep decline in the number of underwater homeowners in the last year or so has made it possible for more homeowners to sell their properties.

Lender Processing Services (LPS) recently found that the number of homeowners who were underwater had dropped from a peak of 17 million in January 2011 to 9 million in March of this year. Source: Reuters