Extreme Makeover Home Goes Into Foreclosure
Jeremy Gutsche — July 29, 2008 — Business
References: dailyherald
As another example of the US Housing Crisis, the Extreme Makeover home has gone into foreclosure. Owners Milton and Patricia Harper are now forced to give up the home, after gambling away the equity on a new venture.
1,800 people helped to rebuild the Atlanta home as part of ABC's Extreme Makeover show. They were inspired by the idea of giving the over-burdened family a second chance. The home was fully paid for during the show.
However, the Atlanta couple put up a $450,000 loan to fund a construction business. Given the impact of the housing crisis on construction, the load was never repaid.
The whole thing is a real blow to all those inspired by the original premise of the show.
1,800 people helped to rebuild the Atlanta home as part of ABC's Extreme Makeover show. They were inspired by the idea of giving the over-burdened family a second chance. The home was fully paid for during the show.
However, the Atlanta couple put up a $450,000 loan to fund a construction business. Given the impact of the housing crisis on construction, the load was never repaid.
The whole thing is a real blow to all those inspired by the original premise of the show.
Trend Themes
1. Home Renovation Accountability - Opportunity for disruptive innovation in creating a more accountable system for ensuring that home makeovers are sustainable and properly financially managed.
2. Affordable Housing Solutions - Opportunity for disruptive innovation in developing solutions that ensure that recipients of housing makeovers are provided with sustainable and affordable solutions.
3. Construction Industry Sustainability - Opportunity for disruptive innovation in addressing sustainability concerns in the construction industry, and developing strategies to ensure that construction firms can weather financial challenges.
Industry Implications
1. Construction - Opportunity for disruptive innovation in creating more resilient business models for construction firms amidst economic downturns.
2. Home Renovation - Opportunity for disruptive innovation in developing a comprehensive framework to ensure that all home renovation activity is environmentally friendly and financially sustainable.
3. Housing - Opportunity for disruptive innovation in the housing industry that addresses the need for affordable and sustainable housing solutions for all.
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