THE PILOT HAD RECEIVED A TWO HOUR CHECK-OUT IN HIS RECENTLY PURCHASED AIRCRAFT. HE HAD ABOUT 6 TO 7 HOURS OF FLYING TIME IN THIS AIRCRAFT. THE ACCIDENT OCCURRED DURING HIS SECOND SOLO FLIGHT AFTER CHECK-OUT. AFTER ARRIVING AT THE AIRPORT, THE PILOT MADE A GO-AROUND ON HIS FIRST APPROACH FOR LANDING. ON HIS SECOND APPROACH, HE CAME IN HIGH AND LONG. AFTER TOUCHDOWN, THE AIRCRAFT BOUNCED SEVERAL TIMES, THEN AN AUDIBLE INCREASE IN POWER WAS HEARD. THE AIRCRAFT WALLOWED OFF THE RUNWAY IN A NOSE HIGH ATTITUDE. SUBSEQUENTLY, IT STRUCK A FLAGPOLE, A FENCE, AND A TRAFFIC SIGNAL. AN EXPLOSION OCCURRED AND A FIRE ERUPTED BEFORE THE AIRCRAFT CAME TO REST AT A STREET INTERSECTION. FOUR CHILDREN WERE SITTING ON A ROCK NEAR THE CRASH SITE. ONE WAS STRUCK BY AN UNDETERMINED OBJECT AND HOSPITALIZED. THE OTHER THREE RECEIVED MINOR SCRATCHES WHILE SCRAMBLING OUT OF THE WAY. FLIGHT CONTROL CONTINUITY WAS VERIFIED.