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Real Estate Owned | 12 Months Ended
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Jun. 30, 2018
Real Estate [Abstract] |
Real Estate Owned | Real Estate Owned Real estate owned at June 30, 2018 and 2017 consisted of the following:
(In Thousands) | June 30,
2018 | 2017
Real estate owned | $ | 906 |  | $ | 2,167 |
Allowance for estimated real estate owned losses | — |  | (552 | )
Total real estate owned, net | $ | 906 |  | $ | 1,615 |
Real estate owned was primarily the result of real estate acquired in the settlement of loans. As of June 30, 2018, real estate owned was comprised of two single-family residences located in California. This compares to two single-family residences at June 30, 2017, one residence located in California and one residence located in Arizona. During fiscal 2018, the Corporation acquired four real estate owned properties in the settlement of loans and sold four properties for a net loss of $558,000 which was partially offset by a reduction in the reserve for REO of $552,000 upon sales. In fiscal 2017, the Corporation acquired five real estate owned properties in the settlement of loans and sold seven properties for a net gain of $138,000. A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2018, 2017 and 2016 consisted of the following:
(In Thousands) | Year Ended June 30,
2018 | 2017 | 2016
Net (loss) gains on sale | $ | (558 | ) | $ | 138 |  | $ | 52 |
Net operating expenses | (89 | ) | (255 | ) | (207 | )
Recovery of (provision for) losses on real estate owned | 561 |  | (440 | ) | 60 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | $ | (86 | ) | $ | (557 | ) | $ | (95 | )

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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