14 November 2007
One unexpected beneficiary of the housing downturn: shrinks.
In the 37 years William Horstman has been practicing in San Francisco as a therapist, he's never seen patients spend more time worrying about their home values and their personal sense of wealth than they do today. That includes the years after the 1989 Loma Prieta earthquake that devastated the housing market.
"The market has risen dramatically in the past 10 years and, in San Francisco, that remains true today. But people don't feel it," said Horstman, who estimates that 10 to 15 percent of his clients' therapy time is spent on the housing market.
What they do feel, evidently, is insecure:
Indeed, therapists and financial planners say what local homeowners are feeling is a financial insecurity that touches their work lives, their relationships and their sense of financial and personal worth.
"As your equity goes down, your psychological sense of worth can go down," said Jan Edl Stein, a marriage and family therapist who practices in San Francisco and Marin.
I assure you that I have no such feelings regarding the palatial estate at Surlywood, which is worth $89,356, up $229 from last month.
(Via Burbed.)Posted at 10:34 AM to Dyssynergy