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Real Estate Owned
 12 Months Ended
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
)