This does make some sense. What they say in the article is basically what I think.
Once people buy a house, they want to stay with it for a long time and are more reluctant to leave. Basically, once they lose their job, they narrow their search for anything thats nearby instead of far away. This reduces their chance at finding somewhere to work.
This opens up an interesting question though. Why is it so hard for so many people to keep their jobs for a long period of time?
To climb the mountain, you must believe you can.