Note 6 - Real Estate Owned (REO), Held as Investment, Net (Tables)

6 Months Ended

Jun. 30, 2012

REO, Held as Investment, the Activity and Changes in the Impairment Reserves

	Net Realizable Value						Accumulated Depreciation
	2012			2011			2012			2011
Balance, January 1	$	161,402		$	115,411		$	3,594		$	1,807
Acquisitions		1,649			17,187			—			—
Dispositions		7			(8,247	)		(7	)		(40	)
Improvements/betterments		1,045			189			—			—
Designated from REO held for sale		8,250			—			—			—
Changes in net realizable values		—			157			—			—
Depreciation		(1,147	)		(831	)		1,147			831
Balance, June 30	$	171,206		$	123,866		$	4,734		$	2,598

REO, Held as Investment - by Property Type

	June 30, 2012		December 31, 2011
Number of properties		23		21
Property type
Single family	$	8,488	$	6,039
Multi-family		136,998		137,840
Commercial		20,690		12,493
Land		5,030		5,030
Total REO, held as investment, net	$	171,206	$	161,402

Earnings/(Loss) from Rental Operations of the Real Estate Owned, Held as Investment [Table Text Block]

	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011
Number of properties		18		11		18		11
Rental income	$	2,797	$	1,804	$	5,606	$	3,601
Operating expenses
Administration and payroll		361		218		736		440
Homeowner association fees		220		46		378		58
Receiver fees		88		74		150		74
Utilities and maintenance		312		332		617		658
Advertising		24		10		58		18
Property taxes		573		274		1,025		510
Other		91		74		180		105
Total operating expenses		1,669		1,028		3,144		1,863
Net operating income		1,128		776		2,462		1,738
Depreciation		575		434		1,147		831
Rental operations, net (1)	$	553	$	342	$	1,315	$	907