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Real Estate Owned
 12 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Real Estate Owned
Real Estate Owned

Real estate owned at June 30, 2016 and 2015 consisted of the following:
 
(In Thousands)
June 30,
2016
2015
Real estate owned
$
2,783

$
2,406

Allowance for estimated real estate owned losses
(77
)
(8
)
Total real estate owned, net
$
2,706

$
2,398



Real estate owned was primarily the result of real estate acquired in the settlement of loans.  As of June 30, 2016, real estate owned was comprised of four single-family residences located primarily in California.  This compares to two single-family residences and one commercial real estate property at June 30, 2015, primarily located in Southern California.

During fiscal 2016, the Corporation acquired 11 real estate owned properties in the settlement of loans and sold 10 properties for a net gain of $52,000.  In 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.

A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2016, 2015 and 2014 consisted of the following:
 
(In Thousands)
Year Ended June 30,
2016
2015
2014
Net gains on sale
$
52

$
468

$
288

Net operating expenses
(207
)
(196
)
(295
)
Recovery of losses on real estate owned
60

10

25

(Loss) gain on sale and operations of real estate owned acquired in
the settlement of loans, net
$
(95
)
$
282

$
18