NOTE 7– PROPERTY ACQUIRED IN FORECLOSURE

The Company has acquired a significant number of real estate properties in settlement of loans. A summary of the activity in property acquired in foreclosure follows:


		December 31,
		2011			2010
Beginning balance	$	10,278,599		$	6,712,948
Additions from foreclosures and capitalized improvements		11,281,083			8,403,452
Write downs of value		(430,513	)		(709,751	)
Sales		(4,583,681	)		(4,128,050	)
Ending other real estate owned	$	16,545,488		$	10,278,599

The Company recognized net losses of $193,693, $180,397 and $228,547 on sales of all types of repossessed collateral for the years ended December 31, 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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+ Details