Real Estate Held-for-Investment and Real Estate Held-for-Sale

9 Months Ended

Sep. 30, 2014

Real Estate Held-for-Investment and Real Estate Held-for-Sale [Abstract]

Real Estate Held-for-Investment and Real Estate Held-for-Sale

8.  Real Estate Held-for-Investment and Real Estate Held-for-Sale

Substantially all of the Company’s real estate has been acquired through foreclosures, settlements or deeds in lieu of foreclosure.  Upon acquisition, real estate is classified as real estate held-for-sale or real estate held-for-investment.  Real estate is classified as held-for-sale when the property is available for immediate sale in its present condition, management commits to a plan to sell the property, an active program to locate a buyer has been initiated, the property is being marketed at a price that is reasonable in relation to its current fair value and it is likely that a sale will be completed within one year.  When the property does not meet the real estate held-for-sale criteria, the real estate is classified as held-for-investment.

The following table presents real estate held-for-sale grouped in the following classifications (in thousands):

		As of September 30,	As of December 31,
		2014	2013
Land	$	34,357	18,268
Rental properties		7,828	6,168
Residential single-family		4,212	6,447
Other		1,871	3,088
Total held-for-sale	$	48,268	33,971

The following table presents real estate held-for-investment grouped in the following classifications (in thousands):

		As of September 30,	As of December 31,
		2014	2013
Land	$	53,122	79,656
Rental properties		19,789	26,891
Other		789	789
Total held-for-investment	$	73,700	107,336

The following table presents the activity in real estate held-for-sale and held-for-investment for the three and nine months ended September 30, 2014 and 2013 (in thousands):

		For the Three Months Ended		For the Nine Months Ended
		September 30, 2014		September 30, 2014
		Real Estate		Real Estate
		Held-for-Sale	Held-for-Investment	Held-for-Sale	Held-for-Investment
Beginning of period	$	38,021	93,032	33,971	107,336
Acquired through foreclosure		2,621	4,600	4,351	16,099
Transfers		7,814	(7,814)	26,730	(26,730)
Purchases		2,313	-	2,313	-
Improvements		-	817	-	1,128
Accumulated depreciation		-	(134)	-	(346)
Sales		(2,334)	(11,613)	(18,722)	(16,413)
Impairments		(167)	(5,188)	(375)	(7,374)
End of Period	$	48,268	73,700	48,268	73,700

		For the Three Months Ended		For the Nine Months Ended
		September 30, 2013		September 30, 2013
		Real Estate		Real Estate
		Held-for-Sale	Held-for-Investment	Held-for-Sale	Held-for-Investment
Beginning of period	$	36,043	38,785	45,637	37,413
Acquired through foreclosure		2,732	14,170	14,923	16,064
Improvements		-	-	-	-
Sales		(2,745)	-	(21,129)	(465)
Impairments		(371)	537	(3,772)	480
End of Period	$	35,659	53,492	35,659	53,492