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Fair Value Disclosures (Tables)
 9 Months Ended
Jul. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of assets and (liabilities), measured at fair value on a recurring basis
The table below provides, as of the dates indicated, a summary of assets (liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands):
 
 
 
Fair value
Financial Instrument
Fair value
hierarchy
 
July 31,
2015
 
October 31, 2014
Marketable Securities
Level 2
 
$
10,008

 
$
12,026

Residential Mortgage Loans Held for Sale
Level 2
 
$
127,405

 
$
101,944

Forward Loan Commitments — Residential Mortgage Loans Held for Sale
Level 2
 
$
516

 
$
(341
)
Interest Rate Lock Commitments (“IRLCs”)
Level 2
 
$
(858
)
 
$
(108
)
Forward Loan Commitments — IRLCs
Level 2
 
$
858

 
$
108
Aggregate unpaid principal and fair value of mortgage loans held for sale
The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands):
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
At July 31, 2015
$
126,642

 
$
127,405

 
$
763

At October 31, 2014
$
100,463

 
$
101,944

 
$
1,481
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 ($ 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
Fiscal 2015:
 
 
 
 
 
 
 
January 31
58
 
4
 
$
24,968

 
$
900

April 30
52
 
1
 
$
16,235

 
11,100

July 31
40
 
3
 
$
13,527

 
6,000

 
 
 
 
 
 
 
$
18,000

Fiscal 2014:
 
 
 
 
 
 
 
January 31
67
 
1
 
$
7,131

 
$
1,300

April 30
65
 
2
 
$
6,211

 
1,600

July 31
63
 
1
 
$
14,122

 
4,800

October 31
55
 
7
 
$
38,473

 
9,855

 
 
 
 
 
 
 
$
17,555
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 our debt (amounts in thousands):
 
 
 
July 31, 2015
 
October 31, 2014
 
Fair value
hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
866,876

 
$
866,256

 
$
654,261

 
$
652,944

Senior notes (b)
Level 1
 
2,357,376

 
2,552,929

 
2,657,376

 
2,821,559

Mortgage company loan facility (c)
Level 2
 
100,000

 
100,000

 
90,281

 
90,281

 
 
 
$
3,324,252

 
$
3,519,185

 
$
3,401,918

 
$
3,564,784

(a)
The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date.
(b)
The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date.
(c)
We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.
Operating communities [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [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 operating communities:
Three months ended:
Selling price per unit
(in thousands)
 
Sales pace per year
(in units)
 
Discount rate
Fiscal 2015:
 
 
 
 
 
January 31
$289 - $680
 
1 - 7
 
13.5% - 16.0%
April 30
$527 - $600
 
13 - 25
 
17.0%
July 31
$788 - $1,298
 
4 - 8
 
15.5% -16.2%
 
 
 
 
 
 
Fiscal 2014:
 
 
 
 
 
January 31
$388 - $405
 
21 - 23
 
16.6%
April 30
$634 - $760
 
4 - 7
 
12.0% - 15.3%
July 31
$698 - $1,233
 
10 - 22
 
15.9%
October 31
$337 - $902
 
7 - 23
 
12.5% - 16.5%