Fair Value Disclosures (Tables)

12 Months Ended

Oct. 31, 2014

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of assets and (liabilities), measured at fair value on a recurring basis

A summary of assets and (liabilities) at October 31, 2014 and 2013, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands):

		Fair value
Financial Instrument	Fair value hierarchy	October 31, 2014			October 31, 2013
Corporate Securities	Level 2	$	12,026		$	52,508
Residential Mortgage Loans Held for Sale	Level 2	$	101,944		$	113,517
Forward Loan Commitments – Residential Mortgage Loans Held for Sale	Level 2	$	(341	)	$	(496	)
Interest Rate Lock Commitments (“IRLCs”)	Level 2	$	(108	)	$	(181	)
Forward Loan Commitments – IRLCs	Level 2	$	108		$	181

Aggregate unpaid principal and fair value of mortgage loans held for sale

The table below provides, for the periods 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 October 31, 2014	$	100,463	$	101,944	$	1,481
At October 31, 2013	$	111,896	$	113,517	$	1,621

Summary of amortized cost gross unrealized holding gains and losses

As of October 31, 2014 and 2013, the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of marketable securities were as follows (amounts in thousands):

	October 31, 2014			October 31, 2013
Amortized cost	$	12,028		$	52,502
Gross unrealized holding gains	1			71
Gross unrealized holding losses	(3		)	(65		)
Fair value	$	12,026		$	52,508

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 on operating communities ($ 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 recognized
Fiscal 2014:
January 31	67	1	$	7,131	$	1,300
April 30	65	2	$	6,211	1,600
July 31	63	1	$	14,122	4,800
October 31	55	7	$	38,473	9,855
					$	17,555
Fiscal 2013:
January 31	60	2	$	5,377	$	700
April 30	79	1	$	749	340
July 31	76	1	$	191	100
October 31	63	2	$	6,798	2,200
					$	3,340
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

Book value and estimated fair value of the Company's debt

The table below provides, as of the dates indicated, the book value and estimated fair value of our debt at October 31, 2014 and 2013 (amounts in thousands):

		October 31, 2014				October 31, 2013
	Fair value hierarchy	Book value		Estimated fair value		Book value		Estimated fair value
Loans payable (a)	Level 2	$	654,261	$	652,944	$	107,222	$	106,988
Senior notes (b)	Level 1	2,657,376		2,821,559		2,325,336		2,458,737
Mortgage company loan facility (c)	Level 2	90,281		90,281		75,000		75,000
		$	3,401,918	$	3,564,784	$	2,507,558	$	2,640,725

(a) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we 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 our senior notes is based upon their indicated market prices.

(c) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.

Operating communities [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis, Valuation Techniques [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 October 31, 2014	$337 - $902	7 - 23	12.5% - 16.5%
Three months ended July 31, 2014	$698 - $1,233	10 - 22	15.9%
Three months ended April 30, 2014	$634 - $760	4 - 7	12.0% - 15.3%
Three months ended January 31, 2014	$388 - $405	21 - 23	16.6%
Three months ended October 31, 2013	$315 - $362	2 - 7	15.0%
Three months ended July 31, 2013	$475 - $500	2	15.0%
Three months ended April 30, 2013	—	—	—%
Three months ended January 31, 2013	$303 - $307	15	15.3%

Distress Loans [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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

The table below provides, as of the dates indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands):

	October 31, 2014		October 31, 2013
Carrying amount	$	4,001	$	36,374
Estimated fair value	$	4,001	$	45,355