7.	Marketable Securities, Available-for-sale

The Company’s investment portfolio includes mainly municipal debt securities and metropolitan district bond securities, which are included in homebuilding other assets in the accompanying condensed consolidated balance sheets. As defined in ASC Topic

320,

Investments—Debt and Equity Securities

("ASC

320"

), the Company considers its investment portfolio to be available-for-sale. Accordingly, these investments are recorded at their fair values. The cost of securities sold is based on an average-cost basis. Unrealized gains and losses on these investments are included in accumulated other comprehensive income (loss), net of tax, within stockholders' equity. At

June 30, 2017,

accumulated other comprehensive income (loss) included unrealized losses of

$172,000

on available-for-sale marketable securities. Realized earnings associated with the Company’s available-for-sale marketable securities, which included interest and dividends totaled

$173,000

for the

six

months ended

June 30, 2017,

and were included in homebuilding other income (expense) in the accompanying condensed consolidated statements of operations.

The Company periodically reviews its available-for-sale securities for other-than-temporary declines in fair values that are below their cost bases, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset

may

not

be recoverable. At

June 30, 2017,

the Company believes that the cost bases for its available-for-sale securities were recoverable in all material respects.

The following table displays the fair values of marketable securities, available-for-sale, by type of security:

	June 30, 2017							December 31, 2016
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Type of security:
Municipal bond and metropolitan district securities	$	24,994	$	(465	)	$	24,529	$	18,563	$	(465	)	$	18,098

The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity:

	June 30, 2017
	(Dollars in thousands)
Contractual maturity:
Maturing in one year or less	$	―
Maturing after three years		24,529
Total marketable securities, available-for-sale	$	24,529