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Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below shows the notional amounts of our financial instruments at September 30, 2012 and December 31, 2011:



Description of financial instrument (in thousands)	September 30, 2012		December 31, 2011
Best efforts contracts and related committed IRLCs	$	1,080	$	1,088
Uncommitted IRLCs	39,073		25,912
FMBSs related to uncommitted IRLCs	32,000		26,000
Best efforts contracts and related mortgage loans held for sale	11,791		14,058
FMBSs related to mortgage loans held for sale	43,000		42,000
Mortgage loans held for sale covered by FMBSs	43,191		42,227

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2012 and December 31, 2011:



Description of Financial Instrument (in thousands)	Fair Value Measurements September 30, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	58,338		$	—	$	58,338		$	—
Forward sales of mortgage-backed securities	(1,395		)	—		(1,395		)	—
Interest rate lock commitments	686			—		686			—
Best-efforts contracts	(208		)	—		(208		)	—
Total	$	57,421		$	—	$	57,421		$	—



Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	57,275		$	—	$	57,275		$	—
Forward sales of mortgage-backed securities	(470		)	—		(470		)	—
Interest rate lock commitments	356			—		356			—
Best-efforts contracts	(129		)	—		(129		)	—
Total	$	57,032		$	—	$	57,032		$	—

Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]

The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2012 and 2011:



	Three Months Ended September 30,						Nine Months Ended September 30,
Description (in thousands)	2012			2011			2012			2011
Mortgage loans held for sale	$	328		$	1,233		$	431		$	3,383
Forward sales of mortgage-backed securities	(838		)	(1,350		)	(925		)	(1,334		)
Interest rate lock commitments	341			497			328			725
Best-efforts contracts	(84		)	(180		)	(77		)	(455		)
Total (loss) gain recognized	$	(253	)	$	200		$	(243	)	$	2,319

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Asset Derivatives

Liability Derivatives

September 30, 2012

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

—

Other liabilities

1,395

Interest rate lock commitments

Other assets

686

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

208

Total fair value measurements

686

1,603

Asset Derivatives

Liability Derivatives

December 31, 2011

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

—

Other liabilities

470

Interest rate lock commitments

Other assets

356

Other liabilities

—

Best-efforts contracts

Other assets

—

Other liabilities

129

Total fair value measurements

356

599

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

The tables below show the level and measurement of assets and liabilities measured on a non-recurring basis as of and for the nine months ended September 30, 2012 and as of and for the year ended December 31, 2011:



Description of asset or liability (In thousands)	Fair Value Measurements September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For The Nine Months Ended September 30, 2012

Inventory	$	2,350	$	—	$	—	$	2,350	$	1,876
Investments in Unconsolidated LLCs	—		—		—		—		—

Total fair value measurements	$	2,350	$	—	$	—	$	2,350	$	1,876



Description of asset or liability (In thousands)	Fair Value Measurements December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For The Year Ended December 31, 2011

Inventory	$	43,659	$	—	$	—	$	43,659	$	20,964
Investments in Unconsolidated LLCs	970		—		—		970		1,029

Total fair value measurements	$	44,629	$	—	$	—	$	44,629	$	21,993

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying amounts and fair values of the Company's financial instruments at September 30, 2012 and December 31, 2011. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).



	September 30, 2012				December 31, 2011
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	168,745	$	168,745	$	101,127	$	101,127
Mortgage loans held for sale	58,338		58,338		57,275		57,275
Split dollar life insurance policies	719		679		719		655
Notes receivable	823		764		851		753
Commitments to extend real estate loans	686		686		356		356
Liabilities:
Note payable - banks	54,840		54,840		52,606		52,606
Mortgage notes payable	10,769		10,885		5,521		6,076
Convertible senior subordinated notes	57,500		60,819		—		—
Senior notes	227,570		247,825		239,016		218,925
Best-efforts contracts for committed IRLCs and mortgage loans held for sale	208		208		470		470
Forward sales of mortgage-backed securities	1,395		1,395		129		129
Off-Balance Sheet Financial Instruments:
Letters of credit	—		546		—		792

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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