INVESTMENT IN AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT IN AFFILIATES

Schedule of balance sheet and operating information

	2012			2011
	(in thousands)
Restricted cash	$	3,241		$	5,264
Real estate inventories		149,774			151,034
Other assets, net		10,712			15,598
Total Assets	$	163,727		$	171,896
Construction loan payable and other member loans	$	375,441		$	351,455
Other liabilities		46,408			26,991
Total Liabilities	$	421,849		$	378,446
Members' Deficiency	$	(258,122	)	$	(206,550	)

	2012			2011
	(in thousands)
Revenues	$	(745	)	$	17,965
Costs and Expenses		50,827			49,892
Net Loss	$	(51,572	)	$	(31,927	)