reported $826 million in real estate repossessed through foreclosure in the fourth quarter, down 5% from a year ago and the lowest level since the third quarter of 2009.
The bank reported $1.3 billion in net income
for the fourth quarter to end what Citi CEO Vikram Pandit called a "turnaround" year.
Citigroup decreased its REO by 6% from the previous quarter. Levels peaked in the first quarter of last year at $881 million worth of foreclosed homes that needed to be resold. It spiked at the end of 2009 from $284 million in the third quarter to $874 million by the end of that year. In the fourth quarter of 2009, Citi reported $7.5 billion in losses.
The bank reported $19.4 billion in nonaccrual loans for the fourth quarter of 2010, down 39% from a year ago and 13% from the previous quarter. Net credit loss on North American real estate was $1.2 billion, down 9% from the previous quarter as the bank continued to wind down the amount of delinquent loans it holds.
The amount of mortgage loans in 30-plus day delinquency dropped 7% from the previous quarter, while those in 90-plus day delinquency dropped 17%. It did not report the dollar amount.
"The decline in delinquencies was driven by asset sales of first mortgages and modification programs," the bank said in its earnings statement Tuesday.
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