Real Estate Owned
|6 Months Ended|
Jun. 30, 2018
|Banking and Thrift [Abstract]|
|Real Estate Owned [Text Block]||
Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.
As of June 30, 2018, real estate owned totaled $2,724,819, consisting of $1,235,409 of real estate held for rental and $1,489,410 of real estate held for sale. There is no valuation allowance on the real estate owned.
The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef