HARTFORD, Conn. -- Northeast Federal Corp. said it has agreed to sell $30.5 million of foreclosed real estate to an investment banking firm.

The parent of Northeast Savings did not identifier the buyer but did say the sale would result in a pre-tax loss of about $750,000 in the third quarter. Northeast had previously set aside a $6 million provision for losses on the sale, which involves residential properties, most of them in California.

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