MORTGAGE INVESTMENTS, LOAN PARTICIPATIONS AND LOAN SALES (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Schedule Of Participating Mortgage Loans and Investment Of Lending Activities [Table Text Block]

A roll-forward of loan activity for the years ended December 31, 2013 and 2012 follows (in thousands):

	Principal Outstanding			Interest Receivable			Valuation Allowance			Carrying Value
Balances at December 31, 2011	$	245,190		$	4,683		$	(141,687	)	$	108,186
Additions:
Principal fundings - cash	1,483			—			—			1,483
Principal fundings - asset sale financing	5,450			—			—			5,450
Revenue Recognized in excess of cash received	—			232			—			232
Reductions:
Principal repayments	(12,545		)	(840		)	983			(12,402		)
Recovery of allowance for credit losses	—			—			275			275
Valuation adjustment	—			—			(23		)	(23		)
Foreclosures/transfers to Real Estate Owned	(115,319		)	(3,226		)	88,630			(29,915		)
Write-off of uncollectible mortgage loans	(211		)	—			222			11
Balances at December 31, 2012	124,048			849			(51,600		)	73,297
Additions:
Principal fundings - cash	738			—			—			738
Principal fundings - asset sale financing	1,085			—			—			1,085
Revenue Recognized in excess of cash received	—			734			—			734
Reductions:
Principal repayments	(8,617		)	(1,056		)	—			(9,673		)
Recovery of allowance for credit losses	—			—			6,700			6,700
Valuation adjustment	—			—			(215		)	(215		)
Foreclosures/transfers to Real Estate Owned	(87,032		)	—			26,907			(60,125		)
Balances at December 31, 2013	$	30,222		$	527		$	(18,208	)	$	12,541

Schedule Of Participating Mortgage Loans and Investment Of Lending Activities By State [Table Text Block]

As of December 31, 2013 and 2012, the geographical concentration of our loan balances by state were as follows (amounts in thousands, except percentages and unit data):

	December 31, 2013										December 31, 2012
	Outstanding Principal and Interest		Valuation Allowance			Net  Carrying Amount		Percent		#	Outstanding Principal and Interest		Valuation Allowance			Net  Carrying Amount		Percent		#
Arizona	$	1,106	$	(1,077	)	$	29	0.2	%	1	$	94,699	$	(34,490	)	$	60,209	82.2	%	3
California	23,273		(17,131		)	6,142		49.0	%	5	23,082		(17,110		)	5,972		8.1	%	5
Utah	6,370		—			6,370		50.8	%	1	7,116		—			7,116		9.7	%	1
Total	$	30,749	$	(18,208	)	$	12,541	100.0	%	7	$	124,897	$	(51,600	)	$	73,297	100.0	%	9

Schedule Of Maturity Of Mortgage Loans On Real Estate [Table Text Block]

The outstanding principal and interest balance of mortgage investments, net of the valuation allowance, as of December 31, 2013 and 2012, have scheduled maturity dates within the next several quarters as follows:

December 31, 2013							December 31, 2012
(in thousands, except percentage and unit data)
Quarter	Outstanding Balance			Percent		#	Quarter	Outstanding Balance			Percent		#
Matured	$	25,037		81.4	%	5	Matured	$	119,416		95.6	%	7
Q1 2014	1,164			3.8	%	1	Q1 2013	540			0.4	%	1
Q3 2014	4,548			14.8	%	1	Q3 2013	4,941			4.0	%	1
Total Principal and Interest	30,749			100.0	%	7		124,897			100.0	%	9
Less: Valuation Allowance	(18,208		)					(51,600		)
Net Carrying Value	$	12,541						$	73,297

Troubled Debt Restructurings on Financing Receivables [Table Text Block]

The following tables present various summaries of our loan modifications made on a quarterly basis during the years ended December 31, 2013 and 2012 (dollars in thousands):

		Outstanding Principal and Interest				Outstanding Funding Commitment				Average Interest Rate				Average Loan Term (Months)		Weighted Avg Interest Rate
Period of Modification	# of Loans	Pre- Modification		Post- Modification		Pre- Modification		Post- Modification		Pre- Modification		Post- Modification		Pre- Modification	Post- Modification	Pre- Modification		Post- Modification
Q1 2012	1	$	719	$	719	$	—	$	—	11.00	%	14.00	%	30	42	11.00	%	14.00	%
Q3 2013	1	4,500		4,500		—		—		12.50	%	12.50	%	24	36	12.50	%	12.50	%
Totals	2	$	5,219	$	5,219	$	—	$	—

				Loan Status		Loan Category
Period	Principal and Interest Outstanding		# of Loans	# Performing	# Non- Performing	Pre-entitled Land	Entitled Land	Construction & Existing  Structures
Q1 2012	$	719	1	1	—	—	1	—
Q3 2013	4,500		1	1	—	1	—	—
Total loans	$	5,219	2	2	—	1	1	—

Period	Principal and Interest Outstanding		Number of Loans	Interest Rate Changes	Interest Reserves Added	Additional Collateral Taken	Borrower Prefunded Interest
Q1 2012	$	719	1	1	—	—	—
Q3 2013	4,500		1	—	—	—	—
Total loans	$	5,219	2	1	—	—	—

	December 31, 2013					December 31, 2012
	Amount (in thousands)		%		#	Amount (in thousands)		%		#
Loans Not Modified and Currently Matured	$	25,037	81.4	%	5	$	119,416	95.6	%	7
Loans Modified to Extend Maturity	4,548		14.8	%	1	540		0.4	%	1
Original Maturity Date Not Reached	1,164		3.8	%	1	4,941		4.0	%	1
Total Loan Principal and Accrued Interest	$	30,749	100	%	7	$	124,897	100	%	9

Schedule Of Default Mortgage Loans On Real Estate [Table Text Block]

A summary and roll-forward of activity of loans in default for the years ended December 31, 2013 and 2012 follows (dollars in thousands):

	Principal Outstanding			Accrued Interest Receivable			Valuation Allowance			Net Carrying Value			# of Loans
Balances at December 31, 2011	$	237,971		$	4,806		$	(141,687	)	$	101,090		18
Additions:
Additional loan fundings	1,406			(354		)	—			1,052			—
Allowance adjustment	—			—			(23		)	(23		)	—
Reductions :
Loans removed from default - due to sale	(4,832		)	(825		)	983			(4,674		)	(1	)
Loans removed from default - due to write-off	(211		)	—			222			11			(1	)
Recovery of allowance for credit losses	—			—			275			275			—
Loans removed from default - foreclosure	(115,319		)	(3,226		)	88,630			(29,915		)	(9	)
Balances at December 31, 2012	119,015			401			(51,600		)	67,816			7
Additions:
Allowance adjustment	—			—			(215		)	(215		)	—
Reductions :
Principal repayments	(7,347		)	—			—			(7,347		)	—
Recovery of allowance for credit losses	—			—			6,700			6,700			—
Loans removed from default - foreclosure	(87,032		)	—			26,907			(60,125		)	(2	)
Balances at December 31, 2013	$	24,636		$	401		$	(18,208	)	$	6,829		5

Schedule Of Default Mortgage Loans On Real Estate By State [Table Text Block]

The geographic concentration of our portfolio loans in default, net of the valuation allowance, at December 31, 2013 and 2012 is as follows (dollars in thousands):

	December 31, 2013
	Percent of Outstanding Principal		#	Outstanding Principal		Accrued Interest		Valuation Allowance			Net Carrying Amount
Arizona	4.3	%	1	$	1,064	$	42	$	(1,077	)	$	29
California	69.8	%	3	17,203		359		(17,131		)	431
Utah	25.9	%	1	6,369		—		—			6,369
	100.0	%	5	$	24,636	$	401	$	(18,208	)	$	6,829

	December 31, 2012
	Percent of Outstanding Principal		#	Outstanding Principal		Accrued Interest		Valuation Allowance			Net Carrying Amount
Arizona	79.5	%	3	$	94,657	$	42	$	(34,490	)	$	60,209
California	14.5	%	3	17,242		359		(17,110		)	491
Utah	6.0	%	1	7,116		—		—			7,116
	100.0	%	7	$	119,015	$	401	$	(51,600	)	$	67,816

Schedule Of Default Mortgage Loans On Real Estate By Classification [Table Text Block]

The concentration of loans in default by loan classification, net of the valuation allowance as of December 31, 2013 and 2012 is as follows (dollars in thousands):

	December 31, 2013
	Percent of Outstanding Principal		#	Outstanding Principal		Accrued Interest		Valuation Allowance			Net Carrying Amount
Pre-entitled Land	19.9	%	1	$	4,890	$	53	$	(4,450	)	$	493
Entitled Land	75.8	%	3	18,682		306		(12,681		)	6,307
Construction	4.3	%	1	1,064		42		(1,077		)	29
	100.0	%	5	$	24,636	$	401	$	(18,208	)	$	6,829

	December 31, 2012
	Percent of Outstanding Principal		#	Outstanding Principal		Accrued Interest		Valuation Allowance			Net Carrying Amount
Pre-entitled Land	4.1	%	1	$	4,930	$	53	$	(4,450	)	$	533
Entitled Land	16.3	%	3	19,428		306		(12,661		)	7,073
Construction	79.6	%	3	94,657		42		(34,489		)	60,210
	100.0	%	7	$	119,015	$	401	$	(51,600	)	$	67,816

Impaired Financing Receivables [Table Text Block]

The following table presents required disclosures under GAAP for loans that meet the definition for impaired loans as of December 31, 2013 and 2012:

	As of December 31,
	2013			2012
	(in thousands)
Loans in Default - Impairment Status:
Impaired loans in default	$	18,266		$	60,011
Non-impaired loans in default	6,370			59,004
Total loans in default	$	24,636		$	119,015
Valuation Allowance on Impaired Loans
Impaired loans in default	$	18,266		$	60,011
Less: valuation allowance	(18,208		)	(51,600		)
Net carrying value of impaired loans	$	58		$	8,411

Schedule Of Mortgage Loans On Real Estate By Concentration Category [Table Text Block]

The following table summarizes, as of December 31, 2013 and 2012, respectively, loan principal and interest balances by concentration category:

	December 31, 2013						December 31, 2012
	(in thousands, except for percentage and unit data)
	Amount			%		#	Amount			%		#
Pre-entitled Land:
Held for Investment	$	4,943		16.1	%	1	$	4,983		4.0	%	1
Processing Entitlements	4,548			14.8	%	1	4,942			4.0	%	1
	9,491			30.9	%	2	9,925			8.0	%	2
Entitled Land:
Held for Investment	13,782			44.8	%	3	12,618			10.1	%	2
Infrastructure under Construction	6,370			20.7	%	1	7,116			5.7	%	1
	20,152			65.5	%	4	19,734			15.8	%	3
Construction & Existing Structures:
New Structure - Construction in-process	1,106			3.6	%	1	43,351			34.7	%	3
Existing Structure - Improvements	—			—		—	51,887			41.5	%	1
	1,106			3.6	%	1	95,238			76.2	%	4
Total	30,749			100.0	%	7	124,897			100.0	%	9
Less: Valuation Allowance	(18,208		)				(51,600		)
Net Carrying Value	$	12,541					$	73,297

Schedule Of Mortgage Loans On Real Estate By Expected End Use Of Underlying Collateral [Table Text Block]

As of December 31, 2013 and 2012, respectively, outstanding principal and interest loan balances by expected end-use of the underlying collateral, were as follows:

	December 31, 2013						December 31, 2012
	(in thousands, except for percentage and unit data)
	Amount			%		#	Amount			%		#
Residential	$	26,201		85.2	%	6	$	68,068		54.5	%	7
Mixed Use	4,548			14.8	%	1	4,942			4.0	%	1
Commercial	—			—		—	51,887			41.5	%	1
Total	30,749			100.0	%	7	124,897			100.0	%	9
Less: Valuation Allowance	(18,208		)				(51,600		)
Net Carrying Value	$	12,541					$	73,297