Foreclosed Assets

12 Months Ended

Dec. 31, 2019

NOTE 5 – FORECLOSED ASSETS

Foreclosed assets at year-end were as follows:


	2019		2018
Single-family residential	$	-	$	38
Valuation allowance		-		-
Total	$	-	$	38

There was no activity in the valuation allowance account or any write-downs during the years ended December 31, 2019 and 2018.

Expenses related to foreclosed assets include:


	2019		2018
Net loss (gain) on sales	$	(12)	$	-
Operating expenses, net of rental income		3		6
	$	(9)	$	6

There were no foreclosed assets at December 31, 2019. Foreclosed assets at December 31, 2018 consisted of one single-family residential property that was transferred into REO at fair value at the time of transfer in the fourth quarter of 2018. Foreclosed asset expenses incurred during 2019 and 2018 were related to maintenance expense to ready the property to sell.