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Protesters in Miami clean garbage from foreclosed homes and dump it at bank
Catch up with NBC News Clone on today's hot topic: Protesters Miami Clean Garbage Foreclosed Homes Dump It Bank Flna752044 - Breaking News | NBC News Clone. Our editorial team reformatted this story for clarity and speed.
By PhotoBlog
Hashim Yeomans-Benford places bags of garbage that had been collected from abandoned foreclosed home in front of a Bank of America branch during a protest organized by the Miami Workers Center on Thursday in Miami, Florida. The residents of the Liberty City neighborhood came together to clean up the abandoned property and later in the day planned on delivering the collected trash to a Bank of America branch.Joe Raedle / Getty Images
Hermenia Nasser pushes a tire that had been collected from an abandoned foreclosed home to the front of a Bank of America branch during a protest organized by the Miami Workers Center.Joe Raedle / Getty Images
Private equity firms and hedge funds are eyeing the foreclosed market because the homes can be acquired at a significant discount and then rented out for steady cash flow. While the market for purchasing single-family homes remains stagnant in the wake of the financial crisis, rental properties are a hot commodity and even deemed a new asset class.
One advantage of a bulk offering by a bank is that investors are not required to hold onto the homes for an extended period of time.
