Health Woes Increase With Market Blues
For the first time in the history of the Greater Atlanta Home Builders Association hired a psychologist to its meetings to help with the mental stress of the housing crisis. ‘The builders laughed at first,’ said Kim Jones, the director of the association Housing Institute. The psychologists attend the meetings regularly.
They aren’t laughing anymore.
For trade groups, companies, and individuals, the foreclosure crisis is pushing mental health issues to the forefront, which before 2007, knew only sweet times. Mortgage lenders are out of work, out of the once flourishing business completely, or racing to make ends meet.
Atlanta ranks as one of the worst housing markets in the Southeast for foreclosures and defaults. “Changes like this are destabilizing people,” said Ray Kotwicki, medical director at the Skyland Trail treatment facility and Emory University assistant professor.
For some in the housing market, the affects of the crisis is affecting them through substance abuse, depression, domestic problems, and suicide as family homes are lost, businesses go bankrupt, and people are at a loss what to do anymore. A 2007 survey by the American Psychological Association found that half of all Americans say that rent or mortgage costs are a key stress.
“There is the perception that you can just work your way out of it,” said Kotwicki. “Their identity is inextricably tied to the business, so there is a sense that if it fails, you’ve failed.”
“Organizations need to be candid and transparent with their employees,” said Frank Merritt, CEO of consultant TalentQuest LLC. “Sometimes they just need to offer employees hope.”
Percent reporting depression within the last year, by industry
National Average 7 percent
Financial 6.7 percent
Construction 4.8 percent
Percent reporting heavy alcohol use within the past month
National average 8.3 percent
Construction 15.9 percent
Financial 6.9 percent
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