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Real Estate Owned
 12 Months Ended
Jun. 30, 2015
Real Estate [Abstract]  
Real Estate Owned
Real Estate Owned

Real estate owned at June 30, 2015 and 2014 consisted of the following:
 
(In Thousands)
June 30,
2015
2014
Real estate owned
$
2,406

$
2,586

Allowance for estimated real estate owned losses
(8
)
(119
)
Total real estate owned, net
$
2,398

$
2,467



Real estate owned was primarily the result of real estate acquired in the settlement of loans.  As of June 30, 2015, real estate owned was comprised of two single-family residences and one commercial real estate property located in Southern California.  This compares to two single-family residences and two commercial real estate properties at June 30, 2014, primarily located in Southern California.

During fiscal 2015, the Corporation acquired 10 real estate owned properties in the settlement of loans, wrote off one commercial real estate participation and sold 10 properties for a net gain of $468,000.  In fiscal 2014, the Corporation acquired nine real estate owned properties in the settlement of loans and sold 15 properties for a net gain of $288,000.

A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2015, 2014 and 2013 consisted of the following:
 
(In Thousands)
Year Ended June 30,
2015
2014
2013
Net gains on sale
$
468

$
288

$
1,213

Net operating expenses
(196
)
(295
)
(395
)
Recovery from the allowance for estimated real estate owned losses
10

25

98

Gain on sale and operations of real estate owned acquired in
the settlement of loans, net
$
282

$
18

$
916