Very interesting. I'd like to see how this applies in other countries, particularly smaller ones. For example, where I'm from most people wouldn't commute more than 60 mins for a job. However it is possible to commute from one side of the country to a job at the other side in under 3 hours. I would presume therefore that the loss of mobility caused by home ownership wouldn't affect the labour market as much in smaller countries.
By that logic, every US state could close its borders (if such a thing were possible) and cut down unemployment. Maybe the effect on unemployment from home ownership is smaller in small countries, but the fact that it's a small country has other, worse, effects on its economy.
