GENESIS FINANCIAL INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 13, 2012

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v2.4.0.6
Real Estate
 12 Months Ended
Dec. 31, 2011
Real Estate  
Real Estate Owned [Text Block]

 

NOTE 3 - REAL ESTATE OWNED:

 

The Company’s real estate owned consisted of the following:

 

 

December 31,

 

 

2011

 

2010

Residential properties

$

81,956

$

257,274

Land properties

 

763,437

 

772,088

Commercial properties

 

250,000

 

-

 Total

$

1,095,393

$

1,029,362

 

The following table presents the change in balance sheet carrying values associated with REO:

 

 

 

Year Ended December 31,

 

 

2011

 

2010

 

 

 

 

 

Beginning Balance

$

1,029,362

$

1,155,375

Proceeds from sales of REO

 

(40,790)

 

(74,644)

Fair value adjustment

 

(166,457)

 

(71,572)

Net change in holding costs

 

(9,222)

 

11,237

Transferred to affiliate

 

-

 

(768,063)

Transferred from Loans Held for Sale

 

282,500

 

777,029

Ending Balance

$

1,095,393

$

1,029,362

 

 

 

 

 

 

 

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