11.

FORECLOSED REAL ESTATE

Foreclosed assets are presented net of an allowance for losses. An analysis of the activity in foreclosed assets is as follows.

	Nine Months Ended September 30,
	2011			2010

Balance at beginning of year	$	10,469,302		$	922,934

Additions to underlying property		7,273,206			10,986,846

Disposals of underlying property		(9,582,484	)		-

Valuation allowance		(658,583	)		(287,934	)

Balance at end of period	$	7,501,441		$	11,621,846

Expenses applicable to foreclosed assets include the following.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010

Valuation allowance	$	342,700	$	-	$	658,583	$	287,934

Operating expenses		71,373		51,461		365,823		101,389

	$	414,073	$	51,461	$	1,024,406	$	389,323

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

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Reference 13: http://www.xbrl.org/2003/role/presentationRef

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-Publisher SEC

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+ Details