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Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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

The table below shows the notional amounts of our financial instruments at March 31, 2013 and December 31, 2012:



Description of financial instrument (in thousands)	March 31, 2013		December 31, 2012
Best efforts contracts and related committed IRLCs	$	1,820	$	1,184
Uncommitted IRLCs	36,407		25,854
FMBSs related to uncommitted IRLCs	38,000		26,000
Best efforts contracts and related mortgage loans held for sale	3,969		25,441
FMBSs related to mortgage loans held for sale	50,766		44,000
Mortgage loans held for sale covered by FMBSs	50,962		44,524

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 March 31, 2013 and December 31, 2012:



Description of Financial Instrument (in thousands)	Fair Value Measurements March 31, 2013			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	$	57,721		$	—	$	57,721		$	—
Forward sales of mortgage-backed securities	(77		)	—		(77		)	—
Interest rate lock commitments	194			—		194			—
Best-efforts contracts	(126		)	—		(126		)	—
Total	$	57,712		$	—	$	57,712		$	—



Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 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	$	71,121		$	—	$	71,121		$	—
Forward sales of mortgage-backed securities	253			—		253			—
Interest rate lock commitments	1			—		1			—
Best-efforts contracts	(3		)	—		(3		)	—
Total	$	71,372		$	—	$	71,372		$	—

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

The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three months ended March 31, 2013 and 2012:



	Three Months Ended March 31,
Description (in thousands)	2013			2012
Mortgage loans held for sale	$	924		$	(597	)
Forward sales of mortgage-backed securities	(330		)	765
Interest rate lock commitments	193			(47		)
Best-efforts contracts	(123		)	71
Total gain recognized	$	664		$	192

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [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

March 31, 2013

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

Interest rate lock commitments

Other assets

194

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

126

Total fair value measurements

194

203

Asset Derivatives

Liability Derivatives

December 31, 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

253

Other liabilities

—

Interest rate lock commitments

Other assets

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

Total fair value measurements

254

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

The tables below show the level and measurement of assets measured on a non-recurring basis for the three months ended March 31, 2013 and as of and for the year ended December 31, 2012:



Description of asset or liability (In thousands)	Fair Value Measurements March 31, 2013		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 Three Months Ended March 31, 2013

Inventory	$	2,015	$	—	$	—	$	2,015	$	900
Investments in Unconsolidated LLCs	—		—		—		—		—

Total fair value measurements	$	2,015	$	—	$	—	$	2,015	$	900



Description of asset or liability (In thousands)	Fair Value Measurements December 31, 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 Year Ended December 31, 2012

Inventory	$	5,608	$	—	$	—	$	5,608	$	3,112
Investments in Unconsolidated LLCs	1,050		—		—		1,050		390

Total fair value measurements	$	6,658	$	—	$	—	$	6,658	$	3,502

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 March 31, 2013 and December 31, 2012. 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).



	March 31, 2013				December 31, 2012
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	272,551	$	272,551	$	154,178	$	154,178
Mortgage loans held for sale	57,721		57,721		71,121		71,121
Split dollar life insurance policies	725		700		710		678
Notes receivable	4,565		3,758		8,787		7,460
Commitments to extend real estate loans	194		194		1		1
Forward sales of mortgage-backed securities	—		—		253		253
Liabilities:
Notes payable - banks	53,126		53,126		67,957		67,957
Notes payable - other	10,316		10,449		11,105		11,148
Convertible senior subordinated notes due 2017	57,500		72,234		57,500		74,175
Convertible senior subordinated notes due 2018	86,250		88,838		—		—
Senior notes due 2018	227,770		255,300		227,670		250,700
Best-efforts contracts for committed IRLCs and mortgage loans held for sale	126		126		3		3
Forward sales of mortgage-backed securities	77		77		—		—
Off-Balance Sheet Financial Instruments:
Letters of credit	—		471		—		493

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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+ Details

- 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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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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