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Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below shows the notional amounts of our financial instruments at June 30, 2012 and December 31, 2011:



Description of financial instrument (in thousands)	June 30, 2012		December 31, 2011
Best efforts contracts and related committed IRLCs	$	2,989	$	1,088
Uncommitted IRLCs	35,322		25,912
FMBSs related to uncommitted IRLCs	36,000		26,000
Best efforts contracts and related mortgage loans held for sale	3,944		14,058
FMBSs related to mortgage loans held for sale	44,000		42,000
Mortgage loans held for sale covered by FMBSs	44,258		42,227

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The table below shows the level and measurement of assets and liabilities measured on a recurring basis at June 30, 2012 and December 31, 2011:



Description of Financial Instrument (in thousands)	Fair Value Measurements June 30, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	49,779		$	—	$	49,779		$	—
Forward sales of mortgage-backed securities	(557		)	—		(557		)	—
Interest rate lock commitments	345			—		345			—
Best-efforts contracts	(124		)	—		(124		)	—
Total	$	49,443		$	—	$	49,443		$	—



Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	57,275		$	—	$	57,275		$	—
Forward sales of mortgage-backed securities	(470		)	—		(470		)	—
Interest rate lock commitments	356			—		356			—
Best-efforts contracts	(129		)	—		(129		)	—
Total	$	57,032		$	—	$	57,032		$	—

Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]

The following tables set forth the fair value of the Company's derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item):

Asset Derivatives

Liability Derivatives

June 30, 2012

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

—

Other liabilities

557

Interest rate lock commitments

Other assets

345

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

124

Total fair value measurements

345

681

Asset Derivatives

Liability Derivatives

December 31, 2011

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

—

Other liabilities

470

Interest rate lock commitments

Other assets

356

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

129

Total fair value measurements

356

599

The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three and six months ended June 30, 2012 and 2011:



	Three Months Ended June 30,						Six Months Ended June 30,
Description (in thousands)	2012			2011			2012			2011
Mortgage loans held for sale	$	700		$	119		$	103		$	2,150
Forward sales of mortgage-backed securities	(852		)	(34		)	(87		)	16
Interest rate lock commitments	34			182			(13		)	228
Best-efforts contracts	(64		)	(80		)	7			(275		)
Total (loss) gain recognized	$	(182	)	$	187		$	10		$	2,119

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The tables below show the level and measurement of assets and liabilities measured on a non-recurring basis as of and for the six months ended June 30, 2012 and as of and for the year ended December 31, 2011:



Description of asset or liability (In thousands)	Fair Value Measurements June 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For The Six Months Ended June 30, 2012

Inventory	$	607	$	—	$	—	$	607	$	567
Investments in Unconsolidated LLCs	—		—		—		—		—

Total fair value measurements	$	607	$	—	$	—	$	607	$	567



Description of asset or liability (In thousands)	Fair Value Measurements December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For The Year Ended December 31, 2011

Inventory	$	43,659	$	—	$	—	$	43,659	$	20,964
Investments in Unconsolidated LLCs	970		—		—		970		1,029

Total fair value measurements	$	44,629	$	—	$	—	$	44,629	$	21,993

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying amounts and fair values of the Company's financial instruments at June 30, 2012 and December 31, 2011. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).



	June 30, 2012				December 31, 2011
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	56,890	$	56,890	$	101,127	$	101,127
Mortgage loans held for sale	49,779		49,779		57,275		57,275
Split dollar life insurance policies	719		671		719		655
Notes receivable	823		785		851		753
Commitments to extend real estate loans	345		345		356		356
Liabilities:
Note payable - banks	46,343		46,343		52,606		52,606
Mortgage notes payable	5,345		5,905		5,521		6,076
Senior Notes	227,470		236,613		239,016		218,925
Best-efforts contracts for committed IRLCs and mortgage loans held for sale	124		124		470		470
Forward sales of mortgage-backed securities	557		557		129		129
Off-Balance Sheet Financial Instruments:
Letters of credit	—		407		—		792

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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