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Thursday, March 15, 2007

Workers find it tough to relocate

by Calculated Risk on 3/15/2007 11:01:00 AM

From USA Today: Workers find it tough to relocate

The offer was too good to turn down. Just after selling his home and moving to a new place, Joe Cashen landed a marketing job with Nissan North America. The catch? He would have to sell his newly purchased home and move his wife and two young daughters from Los Angeles to Nashville.

Two years ago, amid the feverish housing market, such a relocation would have been simple.

But the real estate slowdown means there's no such thing as an easy move anymore: Slumping prices have put a sudden chill on employees' ability to relocate for a job and employers' ability to get new hires to move. Cashen's house languished on the market for more than three months, and he was eventually forced to take a $90,000 loss.
I mentioned a similar story yesterday. Escrow to sellers: "Bring money to closing".