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Fair Value Disclosures (Tables)
9 Months Ended
Jul. 31, 2020
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 InstrumentFair value
hierarchy
July 31,
2020
October 31, 2019
Residential Mortgage Loans Held for SaleLevel 2$161,540 $218,777 
Forward Loan Commitments — Residential Mortgage Loans Held for SaleLevel 2$(1,552)$298 
Interest Rate Lock Commitments (“IRLCs”)Level 2$3,964 $964 
Forward Loan Commitments — IRLCsLevel 2$(3,964)$(964)
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 valueExcess
At July 31, 2020$157,237 $161,540 $4,303 
At October 31, 2019$216,280 $218,777 $2,497 
Fair value of inventory adjusted for impairment
The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ 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 2020:    
January 3165$ $ 
April 30801$2,754 300 
July 3166$  
    $300 
Fiscal 2019:    
January 31495$37,282 $5,785 
April 30646$36,159 17,495 
July 31 693$5,436 1,100 
October 31717$18,910 6,695 
    $31,075 
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, 2020October 31, 2019
 Fair value
hierarchy
Book valueEstimated
fair value
Book valueEstimated
fair value
Loans payable (1)Level 2$1,084,934 $1,084,580 $1,114,577 $1,112,040 
Senior notes (2)Level 12,669,876 2,879,185 2,669,876 2,823,043 
Mortgage company loan facility (3)Level 2122,189 122,189 150,000 150,000 
$3,876,999 $4,085,954 $3,934,453 $4,085,083 
(1) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date.
(2) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date.
(3) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.
Operating communities [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired operating communities:
Three months ended:Selling price
per unit
($ in thousands)
Sales pace
per year
(in units)
Discount rate
Fiscal 2020:
January 31
April 30613 - 789914.3%
July 31
Fiscal 2019:
January 31836 - 13,4952 - 1212.5% - 15.8%
April 30372 - 1,9152 - 1912.0% - 26.0%
July 31530 - 1,1132 - 97.8% - 13.0%
October 31478 - 8572 - 513.8% - 14.5%