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Low home prices can't keep people in Coachella Valley

Many people are moving out of the Coachella Valley.

Many people are moving out of the Coachella Valley.

A few years ago, the Coachella Valley region in California was one of the fastest growing areas in the country. But that growth has now flipped, and many people are now moving out of the region, the Desert Sun reports.

Economists told the paper that the region lost more than 47,000 jobs in 2008, and more than 92,000 more in 2009. But many families have been unable to move, after falling home prices left them with underwater mortgages that have prevented relocation in some cases.

"Unfortunately, the Inland Empire was tailor-made to be one of the two epicenters of the recession," Manfred Keil, a professor of economics at Claremont McKenna College, told the paper.

But still others are moving to the region looking for jobs, the paper reports, mainly because of poor job opportunities in many other neighboring areas.

The region faces a long road to recovery, at least in the housing market. A recent report by the Concord Group said that because home sales have slowed so dramatically, it will be more than four years before home sales begin to stabilize.