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Previous Underwater Homeowners Could Relocate for Jobs

Previous Underwater Homeowners Could Relocate for Jobs

iStock_000003913095XSmallAccording to Challenger, Gray & Christmas, Inc., a nationwide outplacement firm, previous underwater homeowners could relocate in an effort to find jobs. The firm says that 2013 could see a massive relocation surge because so many homeowners are finally able to list their homes for sale once again and move.

John A. Challenger, the firm’s CEO, adds, “One factor that has kept unemployment rates high has been the inability of underwater home owners to relocate for employment opportunities. With home prices bouncing back, even those who may now simply break even on a home sale might consider moving to a region where jobs are more plentiful. This could spark a more rapid decline in the unemployment rate over the next year.”

Negative equity continues to decline as home prices improve around the country, and Zillow notes that 1.9 million homeowners were absolved of their negative equity in 2012. Los Angeles, Riverside and Phoenix were among the top metros where homeowners were freed from negative equity last year.

Challenger said, “It is likely that employers in these low-unemployment regions are actually struggling to find available workers with the skills need to fill job openings.” And that’s music to the ears of many skilled workers around the country who have sat idle during the recession hoping for a paycheck.

 

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