Another indicator of a sluggish economy and struggling housing market is new information from the Census Bureau reporting that the mobility of the country’s population is at it’s lowest point since World War II.
Many homeowners are being forced to stay in homes that have been severely devalued, and young adults are staying with their parents due to the lack of jobs.
Approximately 11.6% of the nation’s population moved to a new home last year, down from 12.5% in the previous year. This level of mobility is the lowest on record since the Census Bureau began tracking household moves in 1948.
Among the most mobile age group, adults ages 25 to 29, moves fell to 24.1% from 25.9% in the previous year. Long distance moves, typically for those seeking employment int other regions of the country remained steady at 3.4%
Local moves were down to 15.4% of the population, down from 17.7%.
In a reflection of the Census Bureau data, the Associated Press reported that contracts for home sales fell for the 3rd straight month in September. The current sales pace for the year would result in approximately 4.91 million homes being sold nationwide in 2011, the fewest sold since 1997. In a healthy economy and housing market Americans buy 6 million homes annually.
