Changes in the economy will always create room for entrepreneurs. Sometimes it takes fresh eyes to see an opportunity. With foreclosures on the rise and millions of Americans overwhelmed by debt, a fourteen-year-old in Florida took notice and made her move.
When the now teen was only seven years old, the housing market was peaking. Home prices throughout Florida were on the rise in 2005, in some cases doubling over the previous purchase price. With her mother as a real estate agent, she was privy, both to the evolution of the housing market as well as the trends that accompanied purchases and sales throughout the area.
Selling furniture and appliances from homes that were abandoned in the foreclosure process, the girl was able to make around $500 a month, using Craigslist. She saw that a two-bedroom house was on auction for $12,000 and with the money she earned in those sales, was able to purchase the home with her mother as a co-signer, since she is not legally able to own property until she is 18.
This is another example of how changes in the housing market and the economy represent overall changes in the fabric of the lives of American consumers. With 14-year-olds cashing in and buying homes, it is easy to see that things are not the way they once were.
The high foreclosure rates in Florida mark both the changes in the housing market as well as the overall debt crisis. Millions of homeowners in Florida and throughout America are suffering, often because of an unexpected event, including job loss, divorce, or injury.
If you are in Florida and facing foreclosure, bankruptcy is one way to eliminate unwanted debt and protect your home.
There is a lesson here: those with fresh credit have more opportunities than those who are burdened with debt. Bankruptcy may be the fresh start you need to reduce or eliminate unwanted debt and begin restoring your credit.
Source: NPR, “This 14-Year-Old Girl Just Bought A House In Florida,” Chana Joffe-Walt, March 9, 2012