by Adam Ozimek I wrote recently that my mind was changed by the evidence on how much underwater homes were causing a decrease in mobility, which in turn was causing higher unemployment. I believe it does not explain much of the current unemployment we are seeing. A new paper defends the connection between lower equity and lower mobility. The paper - by Ferreira, Gyourko, and Tracy - is an update on an earlier paper of theirs that includes 2009 American Housing Survey data and improves some coding and econometric issues, highlighted by another recent paper by Schulhofer-Wohl that was critical of their work. more »