Fewer Americans are moving this summer, according to the U.S. Census Bureau and the American Moving & Storage Association.
The AMSA says that shipments dropped 20 percent in the first quarter of the year. It's a trend that started in 2005 with the beginning of the mortgage crisis.
The Census Bureau also noted that fewer Americans moved in 2008.
Linda Bauer Darr, AMSA president and CEO says, "There's no doubt that many Americans - and as a result, our members - have been hard-hit by a triple-whammy. A virtual halt in new home construction, followed by a tightening of the mortgage market, is still being felt and is likely to continue well into 2009. In addition, the scarcity of employment nationally removes a traditional reason to relocate - finding a better job."
The Census Bureau and AMSA is looking at the country overall and not individual regions.
photo: www.luxmoving.com
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I'm not surprised at those drops in moving... due to the "moveup market" is almost non-existant, with the current real estate market, it seems no one is moving that does not have to move.
20% is quite high. Im surprised with this number. Thanks for sharing. Hopefully we will see that number increase before the end of the year.
Hi Shirley, with so many vacant homes and foreclosures, I would think the census would say lots of people are moving... but then again, they are probably not calling American to move them.
Shirley
Sales in our little area are "brisk" right now , but we have felt a little bit of the pinch... no area is immune any more.
Hi Shirley: I did not know this but it does make sense!
:)
Howdy there Shirley
Sure have not seen many moven trucks on the road up in theses parts.
We all just need to hang in there, untell things came around.
When it comes to economics, it sure does not just stop at one industry. It goes from one to another, untell it goes full circle.
P.S. Our friends Carl and Ceil's son David joind the ActiveRain community yesterday. And he wrote and posted his first blog post. It sure is a real fine read. Please stop by his post and give David a big Texas welcome to the AR community.
I'm all for builders going bankrupt in Houston. Let the resales SELL! Instead of the slimy builders surviving.
Shirley - Well, I think alot of people could be moving but they are not able to afford to hire movers and are doing it themselves.
Gail, I think a lot of people are afraid to move unless they need to.
Hi John, Hope you are feeling better!
Hi Mary, Good point. I don't know if they included UHaul, etc. in their calculations.
Trey, I thought we were going to come through relatively unscathed but and we were ok up until Dec. It's still not bad here, though.
Hi Matt, Thanks for the comment.
Hi Dale, It is all interconnected, isn't it?
Greg, We presently have fewer new homes here.
Sharon, I think you are right about that.
Hi Shirley... I have noticed more an more people moving themselve around here, presumably to save money. I wonder of UHaul or other moving van rentals are up at all?
Ceil is seeing this with many of her medical and pharmaceutical companies that she works with. They are not moving their employee's. They are expanding the territory so they don't have to hire an additional person. They also are not flying them around the country as much and hold their meetings over the internet. She says everyone is not making decisions to hire until they see what is going to happen with healthcare.
I have been getting potential buyers price checking for the lowest priced inspection. Had one this week buying a 4200 sq. ft. home with a pool. I didn't hear back from them so I guess I was too high.
Shirley - It would only make sense that people are not moving, or at least not using moving companies. With the downturn in the economy; nobody is upsizing, no companies are moving employees, and people are having to sell off everything they own and abandoning their homes. It is tough right now for a lot of people, and until unemployment stops climbing, it won't get better.