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<SEC-DOCUMENT>0001144204-10-054859.txt : 20101021
<SEC-HEADER>0001144204-10-054859.hdr.sgml : 20101021
<ACCEPTANCE-DATETIME>20101021135922
ACCESSION NUMBER:		0001144204-10-054859
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101021
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101021
DATE AS OF CHANGE:		20101021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVR INC
		CENTRAL INDEX KEY:			0000906163
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				541394360
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12378
		FILM NUMBER:		101134803

	BUSINESS ADDRESS:	
		STREET 1:		11700 PLAZA AMERICA DR.
		STREET 2:		SUITE 500
		CITY:			RESTON
		STATE:			VA
		ZIP:			20190
		BUSINESS PHONE:		7039564000

	MAIL ADDRESS:	
		STREET 1:		11700 PLAZA AMERICA DR.
		CITY:			RESTON
		STATE:			VA
		ZIP:			20190
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>v199530_8k.htm
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C.&#160;&#160;20549</font><br></div>
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8-K</font><br></div>
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Report Pursuant to Section 13 or 15(d)</font></div>
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Securities Exchange Act of 1934</font><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">October 21,
2010</font></font><br></div>
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Inc.</font></font></div>
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name of registrant as specified in its</font></div>
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      Virginia</font></font></div>
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appropriate box below if the Form 8-K is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:</font></div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
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CFR 240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
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CFR 240.133-4(c))</font></div>
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2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results
of Operations and Financial Condition</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On October 21, 2010, NVR, Inc. issued a
press release reporting its financial results for the quarter and year to date
periods ended September 30, 2010.&#160;&#160;A copy of this press release is
furnished hereto as Exhibit 99.1.</font></div>
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9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statements and Exhibits</font></div>
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              <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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2010.</font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&#160;&#160;Dennis
      M. Seremet</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;Senior
      Vice President and Chief Financial Officer</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
        </table>
      </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;&#160;October
21, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX
TO EXHIBITS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Exhibit Number</font></font></div>
              </td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Exhibit Description</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
              </td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      release dated October 21,
2010.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v199530_ex99-1.htm
<TEXT>

<html>

<head>

<META content="text/html; charset=utf-8">

</META>

</head>

<body style="font-size:10pt;font-family:Arial;color:black;">

<div style="width:100%;margin-left:10pt">

<p style="text-align:center">

<b>
NVR, Inc. Announces Third Quarter Results
</b>

</p>

</div>

<div style="width:100%;margin-left:10pt;">

<div style="margin:0;margin-top:16pt;">

<p>
RESTON, Va., Oct. 21 /PRNewswire-FirstCall/ --
<b>
NVR, Inc.
</b>
(NYSE: NVR), one of the nation&#39;s largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2010 of $43,944,000, $7.31 per diluted share. &#160;Net income and diluted earnings per share for its third quarter ended September 30, 2010 decreased 39% and 37%, respectively, compared to the 2009 third quarter. &#160;Consolidated revenues for the third quarter of 2010 totaled $676,169,000, a 17% decrease from $814,016,000 for the comparable 2009 quarter.
</p>

<p>
For the nine months ended September 30, 2010, consolidated revenues were $2,230,887,000, 12% higher than the $1,998,046,000 reported for the same period of 2009. &#160;Net income for the nine months ended September 30, 2010 was $147,307,000, an increase of 12% when compared to the nine months ended September 30, 2009. &#160;Diluted earnings per share for the nine months ended September 30, 2010 was $23.49, an increase of 9% from $21.57 per diluted share for the comparable period of 2009.
</p>

<p>

<u>

<b>

<i>
Homebuilding
</i>

</b>

</u>

</p>

<p>
New orders in the third quarter of 2010 decreased 5% to 2,151 units, when compared to 2,255 units in the third quarter of 2009. &#160;The cancellation rate in the quarter ended September 30, 2010 was 18% compared to 14% in the third quarter of 2009 and 12% in the second quarter of 2010. &#160;Settlements decreased in the third quarter of 2010 to 2,127 units, 20% less than the same period of 2009. &#160;The Company&#39;s backlog of homes sold but not settled at the end of the 2010 quarter decreased on a unit basis by 7% to 3,790 units and on a dollar basis by 2% to $1,184,488,000 when compared to the same period last year.
</p>

<p>
Homebuilding revenues for the three months ended September 30, 2010 totaled $661,935,000, 16% lower than the year earlier period. &#160;Gross profit margins decreased to 18.3% in the 2010 third quarter compared to 19.7% for the same period in 2009. &#160;Income before tax from the homebuilding segment totaled $58,419,000 in the 2010 third quarter, a decrease of 41% when compared to the third quarter of the previous year.
</p>

<p>
New orders for the nine months ended September 30, 2010 totaled 7,650, a 3% increase when compared to the 7,409 units reported for the same period of 2009. &#160;Settlements for the nine months ended September 30, 2010 increased 14% to 7,391 units when compared to the same period of 2009. &#160;Homebuilding revenues totaled $2,186,288,000 for the nine months ended September 30, 2010, 12% higher than the same period of 2009. &#160;Homebuilding segment income for the nine months ended September 30, 2010 was $210,761,000, a 13% increase from the nine months ended September 30, 2009. &#160;
</p>

<p>

<u>

<b>

<i>
Mortgage Banking
</i>

</b>

</u>

</p>

<p>
Mortgage closed loan production of $497,404,000 for the three months ended September 30, 2010 was 18% lower than the same period last year. &#160;Operating income for the mortgage banking operations during the third quarter of 2010 decreased 56% to $6,471,000, when compared to $14,814,000 reported for the same period of 2009.
</p>

<p>

<u>

<b>

<i>
About NVR
</i>

</b>

</u>

</p>

<p>
NVR, Inc. operates in two business segments: &#160;homebuilding and mortgage banking. &#160;The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names, and operates in twenty-five metropolitan areas in fourteen states. &#160;For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com, www.foxridgehomes.com, and www.rymarc.com.
</p>

<p>
Some of the statements in this release made by the Company constitute &#34;forward-looking statements&#34; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. &#160;Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as &#34;believes,&#34; &#34;expects,&#34; &#34;may,&#34; &#34;will,&#34; &#34;should&#34; or &#34;anticipates&#34; or the negative thereof or other variations thereof or comparable terminology, or by discussion of strategies, each of which involves risks and uncertainties. &#160;All statements other than those of historical facts included herein, including those regarding market trends, NVR&#39;s financial position, business strategy, the outcome of pending litigation, projected plans and objectives of management for future operations, are forward-looking statements. &#160;Such for
ward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. &#160;Such risk factors include, but are not limited to, general economic and business conditions (on both a national and regional level), interest rate changes, access to suitable financing by NVR and by NVR&#39;s customers, competition, the availability and cost of land and other raw materials used by NVR in its homebuilding operations, shortages of labor, weather related slow downs, building moratoria, governmental regulation, the ability of NVR to integrate any acquired business, fluctuation and volatility of stock and other financial markets, mortgage financing availability and other factors over which NVR has little or no control. &#160;The Company has no obligation to update such forward-looking statements.
</p>

<div style="margin-bottom:.0001in; margin-top:.0001in">

<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">

<tr>

<td valign="bottom" colspan="11" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
NVR, Inc.
</font>

</b>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
Consolidated Statements of Incom
</font>

<font style="font-family:Arial;font-size:8pt;">
e
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(in thousands, except per share data)
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(Unaudited)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="11" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
Three Months Ended September 30,
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
Nine Months Ended September 30,
</font>

</b>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2010
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2009
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2010
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2009
</font>

</b>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Homebuilding:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Revenues
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160;661,935
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160;792,510
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160;2,186,288
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160;1,953,327
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Other income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,298
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,222
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,777
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,511
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Cost of sales
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(540,783)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(636,642)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(1,783,327)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(1,593,512)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Selling, general and administrative
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(65,534)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(56,662)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(195,412)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(171,020)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Operating income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
58,916
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
101,428
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
215,326
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
195,306
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Interest expense
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(497)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(2,802)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(4,565)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(8,038)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Homebuilding income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
58,419
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
98,626
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
210,761
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
187,268
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Mortgage Banking:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mortgage banking fees
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
14,234
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
21,506
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
44,599
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
44,719
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Interest income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,555
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
887
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,803
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,082
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Other income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
166
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
215
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
565
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
458
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
General and administrative
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(9,203)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(7,486)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(23,007)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(19,719)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Interest expense
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(281)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(308)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(841)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(921)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mortgage banking income
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,471
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
14,814
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
25,119
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
26,619
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Income before taxes
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
64,890
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
113,440
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
235,880
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
213,887
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Income tax expense
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(20,946)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(41,313)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(88,573)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(82,346)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Net income
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;43,944
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;72,127
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; 147,307
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; 131,541
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Basic earnings per share
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7.65
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;12.29
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; 24.64
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; 22.83
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Diluted earnings per share
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7.31
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;11.59
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; 23.49
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; 21.57
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Basic average shares outstanding
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,748
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,866
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,978
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,762
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Diluted average shares outstanding
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,011
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,223
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,271
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,098
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

</tr>

</table>

<br />

<br />

</div>

<div style="margin-bottom:.0001in; margin-top:.0001in">

<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">

<tr>

<td valign="bottom" colspan="8" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
NVR, Inc.
</font>

</b>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
Consolidated Balance Sheets
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(in thousands, except share and per share data)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<u>

<b>

<font style="font-family:Arial;font-size:8pt;">
September 30, 2010
</font>

</b>

</u>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<u>

<b>

<font style="font-family:Arial;font-size:8pt;">
December 31, 2009
</font>

</b>

</u>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
ASSETS
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(unaudited)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="4" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Homebuilding:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Cash and cash equivalents
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; 1,053,166
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;1,248,689
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Marketable securities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
25,000
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
219,535
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Receivables
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
10,714
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,995
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Inventory:
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Lots and housing units, covered under
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
sales agreements with customers
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
411,045
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
337,523
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Unsold lots and housing units
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
72,972
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
73,673
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Land under development
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
72,856
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Manufacturing materials and other
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,441
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,522
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
562,314
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
418,718
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="4" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Assets related to consolidated variable interest entities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
22,771
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
70,430
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Contract land deposits, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
91,005
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
49,906
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Property, plant and equipment, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
18,859
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
20,215
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Reorganization value in excess of amounts
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
allocable to identifiable assets, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
41,580
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
41,580
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Other assets, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
235,154
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
258,659
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,060,563
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,335,727
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="4" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Mortgage Banking:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Cash and cash equivalents
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,303
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,461
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mortgage loans held for sale, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
170,601
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
40,097
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Property and equipment, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
741
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
446
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Reorganization value in excess of amounts
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
allocable to identifiable assets, net
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,347
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,347
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Other assets
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
8,264
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
10,692
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
189,256
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
60,043
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
Total assets
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; 2,249,819
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;2,395,770
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

</tr>

</table>

<br />

<br />

</div>

<div style="margin-bottom:.0001in; margin-top:.0001in">

<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">

<tr>

<td valign="bottom" colspan="7" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
NVR, Inc.
</font>

</b>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
Consolidated Balance Sheets (Continued)
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(in thousands, except share and per share data)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<u>

<b>

<font style="font-family:Arial;font-size:8pt;">
September 30, 2010
</font>

</b>

</u>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<u>

<b>

<font style="font-family:Arial;font-size:8pt;">
December 31, 2009
</font>

</b>

</u>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
LIABILITIES AND SHAREHOLDERS&#39; EQUITY
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(unaudited)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Homebuilding:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Accounts payable
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 145,268
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;120,464
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Accrued expenses and other liabilities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
215,507
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
221,352
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Liabilities related to consolidated variable
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
interest entities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
65,915
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Non-recourse debt related to consolidated variable
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
interest entities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,944
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Customer deposits
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
70,462
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
63,591
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Other term debt
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,895
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,166
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Senior notes
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
133,370
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
441,076
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
606,858
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Mortgage Banking:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Accounts payable and other liabilities
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
22,824
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
19,306
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Note payable
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
99,241
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
12,344
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
122,065
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
31,650
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
Total liabilities
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
563,141
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
638,508
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Commitments and contingencies
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Shareholders&#39; equity:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Common stock, $0.01 par value; 60,000,000
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
shares authorized; 20,559,671 shares issued as of
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
both September 30, 2010 and December 31, 2009
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
206
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
206
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Additional paid-in-capital
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
937,623
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
830,531
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Deferred compensation trust &#8211; 158,894 and
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
265,278 shares of NVR, Inc. common stock as
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
of September 30, 2010 and December 31, 2009,
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
respectively
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(27,582)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(40,799)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Deferred compensation liability
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
27,582
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
40,799
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Retained earnings
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,970,374
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,823,067
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Less treasury stock at cost &#8211; 14,928,791 and
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
14,609,560 shares at September 30, 2010 and
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
December 31, 2009, respectively
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(3,221,525)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
(2,896,542)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
Total shareholders&#8217; equity
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,686,678
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,757,262
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<font style="font-family:Arial;font-size:8pt;">
 &#160; &#160;Total liabilities and shareholders&#8217; equity
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;2,249,819
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; padding-right: 9pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; 2,395,770
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

</tr>

</table>

<br />

<br />

</div>

<div style="margin-bottom:.0001in; margin-top:.0001in">

<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">

<tr>

<td valign="bottom" colspan="11" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
NVR, Inc.
</font>

</b>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
Operating Activity
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(unaudited)
</font>

</p>

<p style="margin:0in; text-align: center; ">

<font style="font-family:Arial;font-size:8pt;">
(dollars in thousands)
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="11" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
Three Months Ended September 30,
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
Nine Months Ended September 30,
</font>

</b>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2010
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2009
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2010
</font>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: center; ">

<b>

<font style="font-family:Arial;font-size:8pt;">
2009
</font>

</b>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Homebuilding data:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
New orders (units)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid Atlantic (1)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,193
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,199
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,887
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,823
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
North East (2)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
171
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
222
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
650
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
703
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid East (3)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
559
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
560
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,187
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,007
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
South East (4)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
228
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
274
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
926
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
876
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
 &#160; Total
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,151
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,255
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,650
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,409
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Average new order price
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;306.3
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;297.1
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;299.9
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;291.3
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Settlements (units)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid Atlantic (1)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,049
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,388
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,656
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,373
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
North East (2)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
222
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
260
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
724
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
641
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid East (3)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
625
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
722
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,112
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,668
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
South East (4)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
231
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
301
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
899
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
810
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
 &#160; Total
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,127
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,671
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
7,391
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
6,492
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Average settlement price
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;311.1
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;296.3
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;295.7
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;300.4
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Backlog (units)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid Atlantic (1)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,094
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
2,226
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
North East (2)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
251
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
365
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Mid East (3)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,035
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
1,070
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
South East (4)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
410
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
420
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
 &#160; Total
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
3,790
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
4,081
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Average backlog price
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;312.5
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160; &#160;296.6
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Community count (average)
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
374
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
354
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
368
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
356
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Lots controlled at end of period
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
51,600
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
43,700
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Mortgage banking data:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Loan closings
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160;497,404
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160;603,317
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; 1,621,997
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; 1,518,229
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Capture rate
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
91%
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
91%
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
90%
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
91%
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<b>

<i>

<font style="font-family:Arial;font-size:8pt;">
Common stock information:
</font>

</i>

</b>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Shares outstanding at end of period
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,630,880
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
5,926,721
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Number of shares repurchased
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
319,073
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
581,046
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
Aggregate cost of shares repurchased
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160; &#160;201,209
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="white-space: nowrap;  margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
$ &#160; &#160; &#160; &#160;377,293
</font>

</p>

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">

<p style="margin:0in; text-align: right; ">

<font style="font-family:Arial;font-size:8pt;">
- -
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<br />

</td>

<td style="">

</td>

</tr>

<tr>

<td valign="bottom" colspan="11" style="padding: 0pt 5.4pt 2pt 5.4pt;">

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
(1) Virginia, West Virginia, Maryland and Delaware
</font>

</p>

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
(2) New Jersey and eastern
</font>

<font style="font-family:Arial;font-size:8pt;">
 Pennsylvania
</font>

</p>

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
(3) Kentucky, western Pennsylvania, New York, Ohio and Indiana
</font>

</p>

<p style=" margin:0in;">

<font style="font-family:Arial;font-size:8pt;">
(4) North Carolina, South Carolina, Tennessee and Florida
</font>

</p>

</td>

<td style="">

</td>

</tr>

<tr>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

<td style="padding: 0pt 5.4pt 2pt 5.4pt;">

</td>

</tr>

</table>

<br />

<br />

</div>

<br />

<br />

<p>
CONTACT: Dan Malzahn, +1-703-956-4204
</p>

</div>

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
