Inventory (Tables)

6 Months Ended

Mar. 31, 2015

The components of owned inventory are as follows as of March 31, 2015 and September 30, 2014:



(In thousands)	March 31, 2015		September 30, 2014
Homes under construction	$	395,726	$	282,095
Development projects in progress	849,644		786,768
Land held for future development	270,518		301,048
Land held for sale	64,929		51,672
Capitalized interest	112,476		87,619
Model homes	63,743		48,294
Total owned inventory	$	1,757,036	$	1,557,496

Total owned inventory, by reportable segment, is presented in the table below as of March 31, 2015 and September 30, 2014:

^(a) Includes capitalized interest and indirect costs that are maintained within our Corporate Segment.



(In thousands)		Undiscounted Cash Flow Analyses Prepared
Segment	# of Communities on Watch List	# of Communities	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV
Quarter Ended March 31, 2015
West	1	—	$	—	—	%
Total	1	—
Quarter Ended March 31, 2014
West	1	—	$	—	—	%
East	1	—	—		—	%
Southeast	2	1	7,478		107.9	%
Total	4	1




	Three Months Ended March 31,				Six Months Ended March 31,
(In thousands)	2015		2014		2015		2014
Continuing Operations:
Land Held for Sale
East	$	—	$	—	$	—	$	31
Southeast	—		28		—		28
Subtotal	$	—	$	28	$	—	$	59
Lot Option Abandonments
Southeast	$	—	$	852	$	—	$	852
Total Continuing Operations	$	—	$	880	$	—	$	911

The following provides a summary of our interests in lot option agreements as of March 31, 2015 and September 30, 2014:



(In thousands)	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation		Land Not Owned Under Option Agreements
As of March 31, 2015
Unconsolidated lot option agreements	$	54,778	$	438,441	$	—
Total lot option agreements	$	54,778	$	438,441	$	—
As of September 30, 2014
Consolidated VIEs	$	941	$	2,916	$	3,857
Unconsolidated lot option agreements	42,588		417,618		—
Total lot option agreements	$	43,529	$	420,534	$	3,857