9. Other Real Estate Owned

Activity for other real estate owned was as follows:

(in thousands)	2012			2011
Beginning balance of other real estate owned	$	56,965		$	42,935
New assets acquired		12,031			31,536
Capitalized costs		545			744
Fair value adjustments		(2,704	)		(6,464	)
Sale of assets		(19,300	)		(11,786	)
Ending balance of other real estate owned	$	47,537		$	56,965

Foreclosed properties at December 31, 2012 and 2011 were $47.0 million and $56.5 million, respectively. Also included in other real estate owned are two properties totaling $0.6 million which were not acquired through foreclosure. Carrying costs and fair value adjustments associated with foreclosed properties were $5.3 million, $8.6 million, and $2.6 million for 2012, 2011, and 2010, respectively. See note 1 for a description of our accounting policies relative to foreclosed properties and other real estate owned.

- 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

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

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+ Details