Real Estate Owned
|9 Months Ended|
Sep. 30, 2019
|Real Estate Owned|
|Real Estate Owned||
4. Real Estate Owned
Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.
As of September 30, 2019, and December 31, 2018, real estate owned totaled $5,310,523 and $2,943,438, respectively, with no valuation allowance. As of September 30, 2019, real estate owned included $906,617 of real estate held for rental and $4,403,906 of real estate held for sale. As of December 31, 2018, real estate owned included $887,918 of real estate held for rental and $2,055,520 of real estate held for sale.
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://www.xbrl.org/2009/role/commonPracticeRef