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Fair Value Disclosures (Tables)
3 Months Ended
Jan. 31, 2013
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
 
January 31, 2013
 
October 31, 2012
Corporate Securities
Level 2
 
$
246,487

 
$
260,772

Certificates of Deposit
Level 2
 
$
148,105

 
$
148,112

Short-Term Tax-Exempt Bond Fund
Level 1
 
$
30,227

 
$
30,184

Residential Mortgage Loans Held for Sale
Level 2
 
$
49,400

 
$
86,386

Forward Loan Commitments—Residential Mortgage Loans Held for Sale
Level 2
 
$
649

 
$
(102
)
Interest Rate Lock Commitments (“IRLCs”)
Level 2
 
$
(1,345
)
 
$
(202
)
Forward Loan Commitments—IRLCs
Level 2
 
$
1,345

 
$
202

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 (amounts in thousands):
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
At January 31, 2013
$
49,304

 
$
49,400

 
$
96

At October 31, 2012
$
84,986

 
$
86,386

 
$
1,400

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):
 
January 31, 2013
 
October 31, 2012
Amortized cost
$
424,387

 
$
438,755

Gross unrealized holding gains
552

 
451

Gross unrealized holding losses
(120
)
 
(138
)
Fair value
$
424,819

 
$
439,068

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 per unit (in thousands)
 
Sales pace per year
(in units)
 
Discount rate
Three months ended January 31, 2013
$303 - $307
 
15
 
15.3%
Three months ended October 31, 2012
$501 - $536
 
11
 
18.3%
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):
 
 
 
Impaired operating communities
Three months ended:
Number of
communities tested
 
Number of
communities
 
Fair value of
communities,
net of
impairment charges
 
Impairment charges
Fiscal 2013:
 
 
 
 
 
 
 
January 31
60
 
2
 
$
5,377

 
$
700

 
 
 
 
 
 
 
$
700

Fiscal 2012:
 
 
 
 
 
 
 
January 31
113
 
8
 
$
49,758

 
$
6,425

April 30
115
 
2
 
$
22,962

 
2,560

July 31
115
 
4
 
$
6,609

 
2,685

October 31
108
 
3
 
$
9,319

 
1,400

 
 
 
 
 
 
 
$
13,070

Carrying value and estimated fair value of distressed loan portfolio
The table below provides, as of the date indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands):
 
January 31, 2013
 
October 31, 2012
Carrying amount
$
42,832

 
$
37,169

Estimated fair value
$
44,065

 
$
38,109

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):
 
 
 
January 31, 2013
 
October 31, 2012
 
Fair value
hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
93,314

 
$
93,014

 
$
99,817

 
$
99,093

Senior notes (b)
Level 1
 
2,030,121

 
2,272,730

 
2,089,189

 
2,340,189

Mortgage company warehouse loan (c)
Level 2
 
43,464

 
43,464

 
72,664

 
72,664

 
 
 
$
2,166,899

 
$
2,409,208

 
$
2,261,670

 
$
2,511,946

 
(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 warehouse loan borrowings approximates their fair value.