REAL ESTATE INVENTORY:

12 Months Ended

Apr. 30, 2013

Inventory, 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 totaled $3,959,000 at April 30, 2013 and $3,961,000 at April 30, 2012. There were no interest costs capitalized during 2013, 2012 and 2011. Accumulated capitalized real estate taxes included in real estate inventory totaled $1,766,000 at April 30, 2013 and $1,772,000 at April 30, 2012. There were no real estate taxes capitalized during 2013, 2012 and 2011. Previously capitalized interest costs and real estate taxes charged to real estate cost of sales were $8,000, $36,000, and $10,000 in 2013, 2012 and 2011.

A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. The Company currently has approximately 450 developed lots available for sale in Rio Rancho. Development activities performed in connection with real estate sales include obtaining necessary governmental approvals, acquiring access to water supplies, installing utilities and necessary storm drains and building or improving roads. As a result of this geographic concentration, the Company has been affected by changes in economic conditions in that region.