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Fair Value Disclosures (Tables)
 12 Months Ended
Oct. 31, 2015
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, 2015 and 2014, 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, 2015
 
October 31, 2014
Marketable Securities
 
Level 2
 
$
10,001

 
$
12,026

Residential Mortgage Loans Held for Sale
 
Level 2
 
$
123,175

 
$
101,944

Forward Loan Commitments – Residential Mortgage Loans Held for Sale
 
Level 2
 
$
186

 
$
(341
)
Interest Rate Lock Commitments (“IRLCs”)
 
Level 2
 
$
(297
)
 
$
(108
)
Forward Loan Commitments – IRLCs
 
Level 2
 
$
297

 
$
108
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):
At October 31,
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
2015
 
$
121,904

 
$
123,175

 
$
1,271

2014
 
$
100,463

 
$
101,944

 
$
1,481
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 recognized
Fiscal 2015:
 
 
 
 
 
 
 
 
January 31
 
58

 
4

 
$
24,968

 
$
900

April 30
 
52

 
1

 
$
16,235

 
11,100

July 31
 
40

 
3

 
$
13,527

 
6,000

October 31
 
44

 
3

 
$
8,726

 
4,300

 
 
 
 
 
 
 
 
$
22,300

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
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, 2015 and 2014 (amounts in thousands):
 
 
 
2015
 
2014
 
Fair value hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
1,001,702

 
$
1,001,366

 
$
654,261

 
$
652,944

Senior notes (b)
Level 1
 
2,707,376

 
2,877,039

 
2,657,376

 
2,821,559

Mortgage company loan facility (c)
Level 2
 
100,000

 
100,000

 
90,281

 
90,281

 
 
 
$
3,809,078

 
$
3,978,405

 
$
3,401,918

 
$
3,564,784

(a)
The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us 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 market prices as of the applicable valuation date.
(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, 2015
301 - 764
 
3 - 24
 
16.3% - 22.0%
Three months ended July 31, 2015
788 - 1,298
 
4 - 8
 
15.5% -16.2%
Three months ended April 30, 2015
527 - 600
 
13 - 25
 
17.0%
Three months ended January 31, 2015
289 - 680
 
1 - 7
 
13.5% - 16.0%
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%