VARIABLE INTEREST ENTITIES (Policies)

12 Months Ended

Dec. 31, 2013

Variable Interest Entity [Line Items]

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

If the entity holding the lots under option is a VIE, our deposit represents a variable interest in that entity. If we are determined to be the primary beneficiary of the VIE, we consolidate the VIE in our financial statements and reflect its assets and liabilities as “Real estate in process of development and for sale”, "Land being processed for development" and “Long-term debt (nonrecourse to the company) held by variable interest entities.” Creditors of the entities with which we have option agreements have no recourse against us. The maximum exposure to loss under our lot option agreements is limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the land owner and budget shortfalls and savings will be borne by us.

In determining whether we are the primary beneficiary of a VIE, we consider our ability to control activities of the VIE including, but not limited to the ability to:

• direct entitlement of land,

• determine the budget and scope of land development work,

• perform land development activities,

• control financing decisions for the VIE and

• acquire additional land into the VIE or dispose of land in the VIE not already under contract.

If we conclude that we control such activities of the VIE, we also consider whether we have an obligation to absorb losses of or a right to receive benefits from the VIE.