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The real estate recession, which has frozen more then 10 percent of homeowners in their homes, has slowed domestic migration dramatically in many states in the South and West, including Nevada, Arizona, Idaho, North Carolina, South Carolina and Montana.
According to Census Bureau estimates several states have negative net domestic migration, which means more people are moving out than moving in. Florida and Nevada, which earlier in the decade had net inflows, are now experiencing net outflows. Florida and Nevada have consistently ranked among the top states for foreclosures during 2009. Florida lost about 31,000 this past year, on top of a 19,000 loss in 2008.
Only three states lost population between July 1, 2008, and July 1, 2009, led by Michigan (-0.33 percent). Inundated with job losses due to automotive lay offs, Michigan has ranked among the top ten states suffering defaults and foreclosures during the year. Maine (-0.11 percent) and Rhode Island (-0.03 percent) suffered small population changes.
Texas gained more people than any other state (478,000), followed by California (381,000), North Carolina (134,000), Georgia (131,000) and Florida (114,000), according to the latest U.S. Census Bureau estimates
California remained the most populous state, with a July 1, 2009, population of 37 million. Rounding out the top five states were Texas (24.8 million), New York (19.5 million), Florida (18.5 million) and Illinois (12.9 million.
The average American moves 11.7 times in a lifetime, but that number may change with the census scheduled for 2010. Renters and younger people 20 to 24 years old more twice the annual average. Moving rates decline with age increases to alow of 5.3 percent for persons 75 to 84 years old.
A national survey by Realtor.com released in July found that 10.7 percent of home owners have delayed selling their home due to low prices.
From
Real Estate Economy Watch
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