Fair Values of Financial and Nonfinancial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Values of Financial and Nonfinancial Instruments

Fair value measurement methods and values for financial instruments measured on a recurring basis

				FAIR VALUE
(in thousands)	HIERARCHY	MARCH 31, 2013		DECEMBER 31, 2012
Marketable securities, available-for-sale
U.S. Treasury securities	Level 1	$	29,487	$	3,099
Obligations of U.S. and local government agencies	Levels 1 and 2	92,433		155,293
Corporate debt securities	Level 2	197,033		165,194
Asset-backed securities	Level 2	38,584		27,314
Short-term pooled investments	Levels 1 and 2	5,521		37,120
Mortgage loans held-for-sale	Level 2	57,568		107,950
Mortgage interest rate lock commitments	Level 2	6,084		4,737
Forward-delivery contracts	Level 2	(513)		(369		)

Summary of the fair value measurements of the entity's nonfinancial assets measured on a nonrecurring basis

				FAIR VALUE
(in thousands)	HIERARCHY	MARCH 31, 2013		DECEMBER 31, 2012
Housing inventory 1	Level 3	$	-	$	2,923
Other assets held-for-sale and investments in joint ventures 2	Level 3	1,300		1,563
Total		$	1,300	$	4,486

1

In accordance with ASC No. 330, (“ASC 330”), “Inventory,” at December 31, 2012, the fair value of housing inventory that was impaired during 2012 totaled $2.9 million. The impairment charges related to these assets totaled $1.9 million for the year ended December 31, 2012.

2

In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2012 totaled $263,000 at December 31, 2012. The impairment charges related to these assets totaled $41,000 for the year ended December 31, 2012. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2013 totaled $1.3 million at March 31, 2013. The impairment charges related to these assets totaled $10,000 for the three months ended March 31, 2013. At December 31, 2012, the fair values of investments in joint ventures that were impaired during 2012 totaled $1.3 million. The impairment charges related to these assets totaled $40,000 for the year ended December 31, 2012.