REAL ESTATE INVENTORY:	12 Months Ended
Apr. 30, 2012
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	(3) REAL ESTATE INVENTORY: Real estate inventory consists of land and improvements held for sale or development. Accumulated capitalized interest costs included in real estate inventory at April 30, 2012 and 2011 was $3,964,000. Interest expense in the accompanying financial statements is shown net of interest capitalized. Interest costs capitalized during 2012, 2011 and 2010 were $0, $0 and $75,000. Accumulated capitalized real estate taxes included in the real estate inventory at April 30, 2012 and 2011 were $1,772,000 and $1,805,000. Real estate taxes capitalized during 2012, 2011 and 2010 were $0, $0 and $21,000. Previously capitalized interest costs and real estate taxes charged to real estate cost of sales were $36,000, $10,000, and $10,000 in 2012, 2011 and 2010. During 2012 and 2010, the Company accepted deeds in lieu of foreclosure related to delinquent mortgage notes receivable on previously sold real estate inventory totaling $451,000 and $1,040,000, which included accrued interest, and recorded the fair value of assets received less estimated costs to sell as real estate inventory. The fair value of the asset received was based on property appraisals. During 2012 and 2011, further adjustments to the recorded value of these properties based on current appraisals were charged to operations, see Note 14. The Company did not accept any deeds in lieu of foreclosure in 2011. A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. As a result of this geographic concentration, the Company has been affected by changes in economic conditions in that region.

REAL ESTATE INVENTORY:

12 Months Ended

Apr. 30, 2012

(3) REAL ESTATE INVENTORY:

Real estate inventory consists of land and improvements held for sale or development. Accumulated capitalized interest costs included in real estate inventory at April 30, 2012 and 2011 was $3,964,000. Interest expense in the accompanying financial statements is shown net of interest capitalized. Interest costs capitalized during 2012, 2011 and 2010 were $0, $0 and $75,000. Accumulated capitalized real estate taxes included in the real estate inventory at April 30, 2012 and 2011 were $1,772,000 and $1,805,000. Real estate taxes capitalized during 2012, 2011 and 2010 were $0, $0 and $21,000. Previously capitalized interest costs and real estate taxes charged to real estate cost of sales were $36,000, $10,000, and $10,000 in 2012, 2011 and 2010.

During 2012 and 2010, the Company accepted deeds in lieu of foreclosure related to delinquent mortgage notes receivable on previously sold real estate inventory totaling $451,000 and $1,040,000, which included accrued interest, and recorded the fair value of assets received less estimated costs to sell as real estate inventory. The fair value of the asset received was based on property appraisals. During 2012 and 2011, further adjustments to the recorded value of these properties based on current appraisals were charged to operations, see Note 14. The Company did not accept any deeds in lieu of foreclosure in 2011.

A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. As a result of this geographic concentration, the Company has been affected by changes in economic conditions in that region.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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