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The number of Americans who moved in the past year was at a record low, not only as a result of the poor economy, but also putting a drag on further recovery.
From March 2010 to March 2011, a little more than 11 million Americans moved, according to U.S. Census data. Compare that with the record high of 46 million in 1984 to 1985.
When people move, they spend money on a slew of other services, including moving companies, hotels, food, home renovations, new furniture and appliances and more. The biggest benefactor is the job market. But the housing crash has left many who would like to downsize for retirement or relocate for new job prospects stuck in a home they can't sell in the current housing environment.
It's a vicious cycle. People can't move until the housing and employment outlook brightens, yet if they could sell their current home and move, the economy would improve.
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Just goes to show you how broken this economy is, we need to spend to get it to turn, but we can't afford to spend.
Wonderful Catch-22.