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Fair Value Disclosures (Tables)
 12 Months Ended
Oct. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of assets and (liabilities), measured at fair value on a recurring basis
A summary of assets and (liabilities) at October 31, 2018 and 2017, related to our 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, 2018
 
October 31, 2017
Residential Mortgage Loans Held for Sale
 
Level 2
 
$
170,731

 
$
132,922

Forward Loan Commitments – Residential Mortgage Loans Held for Sale
 
Level 2
 
$
1,750

 
$
861

Interest Rate Lock Commitments (“IRLCs”)
 
Level 2
 
$
(4,366
)
 
$
(1,293
)
Forward Loan Commitments – IRLCs
 
Level 2
 
$
4,366

 
$
1,293
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):
At October 31,
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
2018
 
$
170,728

 
$
170,731

 
$
3

2017
 
$
131,861

 
$
132,922

 
$
1,061
Fair value of inventory adjusted for impairment
The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges
($ 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 2018:
 
 
 
 
 
 
 
 
January 31
 
64

 
5

 
$
13,318

 
$
3,736

April 30
 
65

 
4

 
$
21,811

 
13,325

July 31
 
55

 
5

 
$
43,063

 
9,065

October 31
 
43

 
6

 
$
24,692

 
4,025

 
 
 
 
 
 
 
 
$
30,151

Fiscal 2017:
 
 
 
 
 
 
 
 
January 31
 
57

 
2

 
$
8,372

 
$
4,000

April 30
 
46

 
6

 
$
25,092

 
2,935

July 31
 
53

 
4

 
$
5,965

 
1,360

October 31
 
51

 
1

 
$
6,982

 
1,500

 
 
 
 
 
 
 
 
$
9,795

Fiscal 2016:
 
 
 
 
 
 
 
 
January 31
 
43

 
2

 
$
1,713

 
$
600

April 30
 
41

 
2

 
$
10,103

 
6,100

July 31
 
51

 
2

 
$
11,714

 
1,250

October 31
 
59

 
2

 
$
1,126

 
415

 
 
 
 
 
 
 
 
$
8,365
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 at October 31, 2018 and 2017 (amounts in thousands):
 
 
 
2018
 
2017
 
Fair value hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
688,115

 
$
687,974

 
$
639,116

 
$
639,088

Senior notes (b)
Level 1
 
2,869,876

 
2,779,270

 
2,469,876

 
2,626,131

Mortgage company loan facility (c)
Level 2
 
150,000

 
150,000

 
120,145

 
120,145

 
 
 
$
3,707,991

 
$
3,617,244

 
$
3,229,137

 
$
3,385,364

(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 a 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 communities:
Three months ended:
Selling price per unit
($ in thousands)
 
Sales pace per year
(in units)
 
Discount rate
Fiscal 2018:
 
 
 
 
 
January 31
381 - 1,029
 
7 - 10
 
13.8% - 19.0%
April 30
485 - 522
 
10 - 16
 
16.9%
July 31 (1)
–
 
–
 
–
October 31
470 - 1071
 
4 - 23
 
13.5% - 16.3%
 
 
 
 
 
 
Fiscal 2017:
 
 
 
 
 
January 31
692 - 880
 
4 - 12
 
16.3%
April 30
827 - 856
 
6 - 11
 
16.3%
July 31
465 - 754
 
3 - 10
 
16.5% - 19.5%
October 31
467 - 540
 
12 - 30
 
16.4%