Fair Value Disclosures (Tables)

12 Months Ended

Oct. 31, 2013

Fair Value Disclosures [Abstract]

Summary of assets and (liabilities), measured at fair value on a recurring basis

A summary of assets and (liabilities) at October 31, 2013 and 2012 related to the Company’s financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands).

		Fair value
Financial Instrument	Fair value hierarchy	October 31, 2013			October 31, 2012
Corporate Securities	Level 2	$	52,508		$	260,772
Certificates of Deposit	Level 2				$	148,112
Short-Term Tax-Exempt Bond Fund	Level 1				$	30,184
Residential Mortgage Loans Held for Sale	Level 2	$	113,517		$	86,386
Forward Loan Commitments - Residential Mortgage Loans Held for Sale	Level 2	$	(496	)	$	(102	)
Interest Rate Lock Commitments (“IRLCs”)	Level 2	$	(181	)	$	(202	)
Forward Loan Commitments—IRLCs	Level 2	$	181		$	202

Aggregate unpaid principal and fair value of mortgage loans held for sale

The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands).

	Aggregate unpaid principal balance		Fair value		Excess
At October 31, 2013	$	111,896	$	113,517	$	1,621
At October 31, 2012	$	84,986	$	86,386	$	1,400

Summary of amortized cost gross unrealized holding gains and losses

As of October 31, 2013 and 2012, the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of marketable securities were as follows (amounts in thousands):

	October 31, 2013			October 31, 2012
Amortized cost	$	52,502		$	438,755
Gross unrealized holding gains	71			451
Gross unrealized holding losses	(65		)	(138		)
Fair value	$	52,508		$	439,068

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities.

	Selling price per unit (in thousands)	Sales pace per year (in units)	Discount rate
Three months ended October 31, 2013	$315 - $362	2 - 7	15.0%
Three months ended July 31, 2013	$475 - $500	2	15.0%
Three months ended April 30, 2013	—	—	—%
Three months ended January 31, 2013	$303 - $307	15	15.3%
Three months ended October 31, 2012	$501 - $536	11	18.3%
Three months ended July 31, 2012	$175 - $571	4 - 12	14.0% - 17.5%
Three months ended April 30, 2012	$413 - $472	6 - 17	17.5%
Three months ended January 31, 2012	$344 - $2,287	1 - 25	13.0% - 18.8%

Fair value of inventory adjusted for impairment

The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized on operating communities ($ amounts in thousands).

		Impaired operating communities
Three months ended:	Number of communities tested	Number of communities	Fair value of communities, net of impairment charges		Impairment charges recognized
Fiscal 2013:
January 31	60	2	$	5,377	$	700
April 30	79	1	$	749	340
July 31	76	1	$	191	100
October 31	63	2	$	6,798	2,200
					$	3,340
Fiscal 2012:
January 31	113	8	$	49,758	$	6,425
April 30	115	2	$	22,962	2,560
July 31	115	4	$	6,609	2,685
October 31	108	3	$	9,319	1,400
					$	13,070
Fiscal 2011:
January 31	143	6	$	56,105	$	5,475
April 30	142	9	$	40,765	10,725
July 31	129	2	$	867	175
October 31	114	3	$	3,367	710
					$	17,085

Carrying value and estimated fair value of non performing loan portfolio

The table below provides, as of the dates indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands).

	October 31, 2013		October 31, 2012
Carrying amount	$	36,374	$	37,169
Estimated fair value	$	45,355	$	38,109

Book value and estimated fair value of the Company's debt

The table below provides, as of the dates indicated, the book value and estimated fair value of the Company’s debt at October 31, 2013 and 2012 (amounts in thousands).

		October 31, 2013				October 31, 2012
	Fair value hierarchy	Book value		Estimated fair value		Book value		Estimated fair value
Loans payable (a)	Level 2	$	107,222	$	106,988	$	99,817	$	99,093
Senior notes (b)	Level 1	2,325,336		2,458,737		2,089,189		2,340,189
Mortgage company warehouse loan (c)	Level 2	75,000		75,000		72,664		72,664
		$	2,507,558	$	2,640,725	$	2,261,670	$	2,511,946

(a) The estimated fair value of loans payable was based upon interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date.

(b) The estimated fair value of the Company’s senior notes is based upon their indicated market prices.

(c) The Company believes that the carrying value of its mortgage company loan borrowings approximates their fair value.