The real estate news in South Florida is quite dismal. The foreclosure crisis may be subsiding in some areas of the country; but in South Florida, the bottom continues to drop out of the market. Families are struggling and explaining this crisis to their children can be stressful.
According to numbers from RealtyTrac, foreclosures in South Florida have grown 71 percent in the first quarter compared to the same time frame in 2009.
Foreclosures in Miami-Dade County rose by 60 percent compared to the first quarter of 2009. Broward County saw foreclosures grow even more with a 67 percent increase from 2009. Palm Beach County fared the worst of South Florida counties with a 109 percent increase in foreclosures for the first quarter of 2009. Source: CBS News
To help their parents deal with the mortgage problems, many teens are cutting back on their spending and getting part time jobs. Many parents have also decided to discuss the foreclosure process with their teens in order to prepare them if foreclosure or short sale is their only option.
The burden of facing the possibility of losing their home to foreclosure or short sale is evident in some of these teenagers. Some are sharing the worry that their parents are feeling, affecting their studies and social life. Things that brought excitement to them, like proms and graduations, have become the cause of stress for these young people. The extra expense of the prom dress or photo’s is difficult to put as a priority at this time. As a parent, it can hurt to have to say no to things that our teens should be able to enjoy in their high school years.
On the bright side, many of these teenagers have started getting conscious about their spending habits and have become thrifty, choosing to save their earnings instead of quickly spending them on clothes, CD’s, video games, etc.
There is always a bright side to negative things in life. Maybe these financial hardships will make the next generation more aware of their money and learn to save now and think before you spend.