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Real Estate Owned
 12 Months Ended
Jun. 30, 2013
Real Estate [Abstract]  
Real Estate Owned
Real Estate Owned

Real estate owned at June 30, 2013 and 2012 consisted of the following:

 
(In Thousands)
June 30,
2013
2012
Real estate owned
$
2,440

$
5,731

Allowance of estimated real estate owned losses
(144
)
(242
)
Total real estate owned, net
$
2,296

$
5,489



Real estate owned was primarily the result of real estate acquired in the settlement of loans.  As of June 30, 2013, real estate owned was comprised of 10 properties, primarily single-family residences located in Southern California.  This compares to 24 real estate owned properties at June 30, 2012, primarily single-family residences located in Southern California.

During fiscal 2013, the Corporation acquired 25 real estate owned properties in the settlement of loans and sold 39 properties for a net gain of $1.2 million.  In fiscal 2012, the Corporation acquired 68 real estate owned properties in the settlement of loans and sold 98 properties for a net loss of $287,000.

A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2013, 2012 and 2011 consisted of the following:

 
(In Thousands)
Year Ended June 30,
2013
2012
2011
Net gains (losses) on sale
$
1,213

$
(287
)
$
185

Net operating expenses
(395
)
(835
)
(1,702
)
Recovery for estimated losses
98

1,002

166

Gain (loss) on sale and operations of real estate owned acquired in
the settlement of loans, net
$
916

$
(120
)
$
(1,351
)