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Rise in personal incomes could spur moving activity

More families may now have the income to move into a new home.

More families may now have the income to move into a new home.

Personal incomes grew in every state across the country in the second quarter of this year, which may give more families the financial flexibility they need in order to afford a potential relocation to a more desirable area.

According to the Bureau of Economic Analysis, income growth at the state level averaged 1 percent during the quarter, marking the third consecutive quarter with accelerating growth. The biggest growth in personal incomes was seen in North Dakota, where income grew by 2 percent. The smallest was seen in Nevada, where housing prices have dropped significantly in recent months as the state battles high unemployment.

Two states, Maryland and Alaska, have now reached their personal income levels from before the recession without including government payments such as unemployment and social security. Including those payments, 25 states have now eclipsed their pre-recession figures.

The news comes as a group of economists says that the recession has officially ended. The Massachusetts-based National Bureau of Economic Research marked the end of the official recession in June 2009, making it the longest economic downturn since the Great Depression.