Mobility decline due to declining house prices is going to impact a lot of people, and lead to more short sales and walk aways. Areas with dropping home prices and high foreclosure rates will experience local recessions, which will cause people to want/need to move elsewhere for employment. Difficulty in selling homes will make it harder to do so.
Companies which have felt free to transfer workers will find it harder to do so, unless they bring back house buying programs big companies used to have (would buy houses at market rates when employees were transferred and then sell them, essentially taking responsibility of the transaction away from the transferred worker).
