5.    Real Estate Owned

Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.

As of June 30, 2021, and December 31, 2020, real estate owned totaled $7,892,845 and $8,861,609, respectively, with no valuation allowance. As of June 30, 2021, real estate owned included $986,975 of real estate held for rental and $6,905,870 of real estate held for sale. In the first six-months of 2021, the Company recorded an impairment loss of $319,000 compared to an impairment loss of $495,000 in the first six-months of 2020. For the three-months ended June 30, 2021 and 2020, the impairment loss was $294,000 and $245,000, respectively.

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Properties Held for Sale

On April 30, 2021, the Company sold a property classified as real estate held for sale, receiving approximately $280,000 in gross proceeds. A loss of $14,962 was recognized on the sale.