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Fair Value Disclosures (Tables)
 9 Months Ended
Jul. 31, 2012
Fair Value Disclosures [Abstract]  
Summary of assets and (liabilities), measured at fair value on a recurring basis
The table below provides, as of the date indicated, a summary of assets (liabilities) related to the Company’s financial instruments, measured at fair value on a recurring basis (amounts in thousands).
 
 
 
Fair value
Financial Instrument
Fair value
hierarchy
 
July 31, 2012
 
October 31, 2011
Corporate Securities
Level 2
 
$
187,808

 
$
233,572

Certificates of Deposit
Level 1
 
$
58,000

 

Short-Term Tax-Exempt Bond Fund
Level 1
 
$
30,120

 

Residential Mortgage Loans Held for Sale
Level 2
 
$
72,544

 
$
63,175

Forward Loan Commitments—Residential Mortgage Loans Held for Sale
Level 2
 
$
(604
)
 
$
218

Interest Rate Lock Commitments (“IRLCs”)
Level 2
 
$
358

 
$
(147
)
Forward Loan Commitments—IRLCs
Level 2
 
$
(358
)
 
$
147
Aggregate unpaid principal and fair value of mortgage loans held for sale
The table below provides, as of the date indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands).
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
At July 31, 2012
$
70,986

 
$
72,544

 
$
1,558

At October 31, 2011
$
62,765

 
$
63,175

 
$
410
Summary of amortized cost gross unrealized holding gains and losses
The table below provides, as of the date indicated, the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of marketable securities (amounts in thousands).
 
July 31, 2012
 
October 31, 2011
Amortized cost
$
275,738

 
$
233,852

Gross unrealized holding gains
229

 
28

Gross unrealized holding losses
(39
)
 
(308
)
Fair value
$
275,928

 
$
233,572
Fair Value, Measurement Inputs, Disclosure [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 communities.
 
Selling price (in thousands)
 
Sales pace per year
(in units)
 
Discount rate
Three months ended July 31, 2012
$175 - $571
 
4 - 12
 
14.0% - 17.5%
Three months ended April 30, 2012
$413 - $472
 
6 - 17
 
17.5%
Three months ended January 31, 2012
$344 - $2,287
 
1 - 25
 
13.0% - 18.8%
Fair value of inventory adjusted for impairment
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized (amounts in thousands).
 
Fair value of
inventory, net
of impairment
 
Impairment
charges
recognized
Three months ended:
 
 
 
Fiscal 2012
 
 
 
January 31
$
49,758

 
$
6,425

April 30
$
22,962

 
2,560

July 31
$
6,609

 
2,685

 


 
$
11,670

 
 
 
 
Fiscal 2011
 
 
 
January 31
$
56,105

 
$
5,475

April 30
$
40,765

 
10,725

July 31
$
867

 
175

 
 
 
$
16,375
Carrying value and estimated fair value of non performing loan portfolio
The table below provides, as of the date indicated, the carrying amount and estimated fair value of the non-performing loan portfolios (amounts in thousands).
 
July 31, 2012
 
October 31, 2011
Carrying amount
$
60,249

 
$
63,234

Estimated fair value
$
62,062

 
$
64,539
Book value and estimated fair value of the Company's debt
The table below provides, as of the date indicated, the book value and estimated fair value of the Company’s debt (amounts in thousands).
 
 
 
July 31, 2012
 
October 31, 2011
 
Fair value
hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
106,399

 
$
102,731

 
$
106,556

 
$
98,950

Senior notes (b)
Level 1
 
1,801,688

 
1,992,835

 
1,499,371

 
1,614,010

Mortgage company warehouse loan (c)
Level 2
 
63,128

 
63,128

 
57,409

 
57,409

 
 
 
$
1,971,215

 
$
2,158,694

 
$
1,663,336

 
$
1,770,369

 
(a)
The estimated fair value of loans payable was based upon their indicated market prices or the interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date.
(b)
The estimated fair value of the Company’s senior notes is based upon their indicated market prices.
(c)
The Company believes that the carrying value of its mortgage company loan borrowings approximates their fair value.