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Fair Value Disclosures (Tables)
 3 Months Ended
Jan. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of assets and (liabilities), measured at fair value on a recurring basis
The table below provides, as of the dates indicated, a summary of assets (liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands):
 
 
 
 
Fair value
Financial Instrument
 
Fair value
hierarchy
 
January 31,
2016
 
October 31, 2015
Marketable Securities
 
Level 2
 

 
$
10,001

Residential Mortgage Loans Held for Sale
 
Level 2
 
$
73,145

 
$
123,175

Forward Loan Commitments — Residential Mortgage Loans Held for Sale
 
Level 2
 
$
478

 
$
186

Interest Rate Lock Commitments (“IRLCs”)
 
Level 2
 
$
871

 
$
(297
)
Forward Loan Commitments — IRLCs
 
Level 2
 
$
(871
)
 
$
297
Aggregate unpaid principal and fair value of mortgage loans held for sale
The table below provides, as of the dates 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, 2016
$
71,875

 
$
73,145

 
$
1,270

At October 31, 2015
$
121,904

 
$
123,175

 
$
1,271
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 2016:
 
 
 
 
 
 
 
January 31
43
 
2
 
$
1,713

 
$
600

 
 
 
 
 
 
 
$
600

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
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 (amounts in thousands):
 
 
 
January 31, 2016
 
October 31, 2015
 
Fair value
hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
616,464

 
$
616,213

 
$
1,001,702

 
$
1,001,366

Senior notes (b)
Level 1
 
2,707,376

 
2,799,841

 
2,707,376

 
2,877,039

Mortgage company loan facility (c)
Level 2
 
63,907

 
63,907

 
100,000

 
100,000

 
 
 
$
3,387,747

 
$
3,479,961

 
$
3,809,078

 
$
3,978,405

(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 Nonrecurring Basis, Valuation Techniques [Table Text Block]
e table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired operating communities:
Three months ended:
Selling price
per unit
($ in thousands)
 
Sales pace
per year
(in units)
 
Discount rate
Fiscal 2016:
 
 
 
 
 
January 31
—
 
—
 
—
 
 
 
 
 
 
Fiscal 2015:
 
 
 
 
 
January 31
289 - 680
 
1 - 7
 
13.5% - 16.0%
April 30
527 - 600
 
13 - 25
 
17.0%
July 31
788 - 1,298
 
4 - 8
 
15.5% - 16.2%
October 31
301 - 764
 
3 - 24
 
16.3% - 22.0%
T