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Mortgage rates tumble as housing starts to drag down the economy

Mortgage rates tumble as housing starts to drag down the economy

The stagnant housing market may also be impacting the labor market. The percentage of job seekers relocating for new employment was at longtime lows earlier this year, said outplacement consultancy Challenger, Gray & Christmas on Thursday. Just over 10% of job seekers relocated for work in the first six months of 2018, compared with an average of 19% over the previous decade.

The more Americans are on the move, the more local economies get a “halo effect” from home sales, according to Daren Blomquist, senior vice president at Attom Data Solutions. As Blomquist puts it, higher home sales activity “bodes well for local real-estate agents, home improvement stores, moving companies and others.”

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