Some commentators have noted that “house lock” – the reluctance or inability of homeowners to sell in a declining price environment or when underwater on their mortgages – may be preventing people from moving to find available jobs in new locations.
However, evidence from migration patterns suggests that house lock is not having a significant effect  2  The Blue Chip survey provides forecasts on a quarterly basis only through the end of 2013. To construct quarterly forecasts for 2014, we interpolate the annual projections reported in the March survey.