The nation's current housing slump is causing all sorts of pain for many Americans. Some have lost homes due to unaffordable jumps in monthly payments on variable-rate loans, while others have seen the value of their homes plummet, wiping hard-earned out nest eggs.

The depressed real estate market is having another effect, however. It's making it more difficult, if not impossible, for workers to relocate to take new jobs. The percentage of unemployed managers and executives relocating for new positions fell to a record low in the third quarter, according to analysis by Challenger, Gray & Christmas, a Chicago-based employment-services firm.

Though the job market has improved slightly, much lower home values are eliminating relocation as an option for many job seekers. The percentage of Americans who relocated to take a new position fell to 6.9% in the third quarter, down from 13.4% a year ago, according to Challenger's quarterly survey of some 3,000 successful job seekers employed in numerous industries.

Lowest Relocation Rate Ever

The third-quarter results continue a decades-long trend but one that saw significant drops beginning a year ago. The relocation rate for the last four quarters has averaged just 7.3%, and the most recent quarter's results were the lowest ever recorded by Challenger, which began tracking relocation data in 1986.

"Continued weakness in the housing market is undoubtedly the biggest factor suppressing relocation. Job seekers who own a home -- even if they are open to relocating for a new job -- are basically stuck where they are if they are unable or unwilling to sell their homes without incurring a significant loss," says Challenger CEO John Challenger.

The nation's slack job market also means fewer employers are willing to offset workers' relocation expenses since talent is easier to find these days. Tight corporate budgets are keeping such reimbursements in check, too. Yet another factor in fewer workers relocating is an increase in the number of job seekers who believe they'll find local employment.

"Many areas have seen a slight improvement in the job market over the past year," Challenger says. "While the gains have been small, for the most part, they may have been enough to lift job seekers from the sense of desperation that often compels people to relocate."

The trend may be problematic for employers, however. As the pool of available workers in the local market winnows, companies will have to start casting a wider net and consider hiring outside the region. "Unfortunately, the immobility of the workforce may mean that some employers will have to delay expansion plans, thus slowing the recovery," Challenger says.

The toll may be highest on smaller employers, which don't have the deep pockets that many larger corporations boast to help offset workers' moving expenses. Small and midsize companies -- where most of the new job growth is expected to occur -- will likely be unable to cover a candidate's relocation costs or make up for losses in the sale of a home, Challenger says.

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great info mate....thanks a ton...really appreciate it !!! i would i like to talk of a real legit website which helped me find my job :) here's the link ....hope this will be useful to u'l as well :)

November 03 2010 at 10:43 AM Report abuse rate up rate down Reply

One of the main issues with the unemployed is this, if you were let go from a $20.00 plus per hour job, unlsess you were frugal, saved money if possible, spent wisely on items you did purchase, then your standard of living was based on what you made plus credit card loans, debt,etc., now your out of work, exhausted unemployment, and your turning down jobs that pay 12.00-15.00 per hour because you can't live on that, your whole attitude is I can't work for that, hello- what is your choice, your the culprit in this story, never saved, spent it before it was made and blew the credit cards, look in the mirror, you'll see the problem, cure is up to you. When you wake up, don't forget the lesson.

November 01 2010 at 3:40 PM Report abuse +2 rate up rate down Reply

The house next door has been vacant from foreclosure for over two years. The house sold for $184,000 in 2003 and HUD now has it priced at $80,000 or offers with no offers made. This 4 bedroomed house in north Georgia on half acre has been pillaged over the last two years and nobody seems to care about it. First to go (stolen that is) was the Jacuzzi on the deck that had cost over $6,000. Then the outdoor AC unit was stolen, then the kitchen was raided and the Frig, Microwave, Sink, Dishwasher and all the copper plumbing was ripped out and in the process the ceilings and walls were destroyed. Even the mailbox was stolen. At that time it was bank owned but they couldn't care less. I have had to cut the grass just to make it look fairly decent at the very least. This vacant home has made the value of my property plummet, but nobody cares. Obama was too concerned about pouring taxpayer money into the banks to worry about the homeowners whose lives were being distroyed by the same banks that he was supporting. I have NO confidence in the Republican party either because its only concern is 'less corporate taxes' so that the corporations will keep them on their payroll. I could go on, but why bother because NOTHING will change for the middle class regardless of who are the dominant thugs and crooks in Washington

November 01 2010 at 12:26 PM Report abuse +2 rate up rate down Reply
1 reply to Vinny's comment

Vinny, have you read "13 Bankers" by Johnson & Kwak, or "The Big Short" by Michael Lewis? The 'Too Big To Fail' (TBTF) are even bigger & Regulators assigned by Congress will deretmine how they are regulated--same-ole-same-ole. Except that Congress has REFORMED Financial regs so that Taxpayers will have to cover for banks that are STILL Gambling because the FED. Govt. is backing them because they are now Way-TBTF & it may be mine & your house next! No matter what your Congressman said.

November 01 2010 at 2:05 PM Report abuse rate up rate down Reply


November 01 2010 at 11:30 AM Report abuse -1 rate up rate down Reply

2 families on our street in SW Fla. packed up & moved to Tenn. where the Bubble was small. One family moved their $200,000 motor home, along with their extended family & their newish pickups due to NO work here! Also, not many people are moving to Fla. as in years past--so, there are very few construction jobs--oil spill slow down in tourism--hope agriculture avoids a freeze! Tenn. is sounding better---how cold does it get?

November 01 2010 at 11:02 AM Report abuse +1 rate up rate down Reply
2 replies to ksmwtm's comment

OH NO !!! Florida is DESTROYED with ticky tack crap from coast to coast. Tennessee is still a beautiful state so lets keep it that way. Oh, I should mention that Tennessee weather is artic like with a snowcap covering it most of the year so Floridians would not like it. Just take a look at 'Billboard Alley' (I-4) that runs from Tampa to Daytona beach, or 'International Drive' in Orlando if you need a preview of Tennessee with Floridians moving there. Ticky-tack is what Florida does best. Just keep it there.....PLEASE.

November 01 2010 at 12:36 PM Report abuse rate up rate down Reply

Vinny, Vinny, Vinny you sound like that Ber Rabbit & The Briar Patch. Say, is Snow Boarding anything like Water Boarding? Risking political UN-correctness causes me concern.

November 01 2010 at 2:11 PM Report abuse rate up rate down Reply

Just another symptom of a stagnant job market. Companies seeking the best talent, employees who want to relocate but can't and relocation specialists are all getting the short end of the stick. Daniel Durazo

November 01 2010 at 10:11 AM Report abuse +1 rate up rate down Reply

Government meddling and bailouts have crushed the housing market. It is a free market. When stupid legislation creates faulty demand, the supply side overbuilds. When unqualified borrowers default on mortgages, those securities that the mortgages backed lose value. The result is a government created debacle of huge proportions which wipes out the equity of other homeowners and loss of economic stability Bailing out this mess adds more fuel to the already burning fire and re-creates what caused the problems in the first place. How can any group of legislators be so STUPID???

November 01 2010 at 9:54 AM Report abuse +6 rate up rate down Reply

The Main Problem here is People became Addicted to using Housing as a major economic resource. That Never should have happened. It Will be at least another 10 years or so before People will be able to restart and continue that habit if at all. We do Not see Housing rising to those resource levels anytime soon

November 01 2010 at 9:23 AM Report abuse -2 rate up rate down Reply
1 reply to erink91321's comment

What's the problem with equity being an "economic resource"? Investment in housing should be a rational way to invest. The problems occur when the government, in its complete lack of experience in business, changes the rules. These elitist politicians have cost American homeowners a lifetime of investing in their homes and any equity that would have evolved from normal appreciation. This happened under Democrat & Republican administrations and with each party controlling the government. We have a fundamental problem with government attempting to social engineer and resditribute the wealth of this country, not to mention all of the third world illegals who have benefitted from our country without investing a centime, and who continue to be the beneficiaries of our STUPIDITY.

November 01 2010 at 10:03 AM Report abuse +5 rate up rate down Reply

American don't want to work, why even borther create jobs.

November 01 2010 at 9:17 AM Report abuse -5 rate up rate down Reply

Now is the time for revolution not voteing, voteing will change nothing! It will NEVER change anything , wake up sheepole!!!!!!!!!!

November 01 2010 at 8:30 AM Report abuse +1 rate up rate down Reply