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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables) | 6 Months Ended
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Jun. 30, 2016
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract] |
Summary of Lots Under Option | The table below presents a summary of our lots under option at June 30, 2016 (dollars in thousands):
|  | Projected Number of Lots |  | Purchase Price |  | Option/ Earnest Money Deposits–Cash |
Purchase and option contracts recorded on balance sheet as Real estate not owned |  | — |  |  | $ | — |  |  | $ | — |  |
Option contracts not recorded on balance sheet — non-refundable deposits, committed (1) |  | 4,989 |  |  | 478,880 |  |  | 69,466 |  |
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1) |  | 3,771 |  |  | 204,837 |  |  | 13,318 |  |
Purchase contracts not recorded on balance sheet —refundable deposits, committed |  | 1,275 |  |  | 76,101 |  |  | 3,039 |  |
Total committed (on and off balance sheet) |  | 10,035 |  |  | 759,818 |  |  | 85,823 |  |
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2) |  | 6,575 |  |  | 326,909 |  |  | 5,621 |  |
Total lots under contract or option |  | 16,610 |  |  | $ | 1,086,727 |  |  | $ | 91,444 |  |
Total purchase and option contracts not recorded on balance sheet (3) |  | 16,610 |  |  | $ | 1,086,727 |  |  | $ | 91,444 |  | (4)
(1) | Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.
(2) | Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not committed to purchase these lots.
(3) | Except for our specific performance contracts recorded on our balance sheet as Real estate not owned, if any, none of our option agreements require us to purchase lots.
(4) | Amount is reflected on our consolidated balance sheet in Deposits on real estate under option or contract as of June 30, 2016.

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- Definition The tabular disclosure of the Company's real estate lots currently under option or contract with a third party including a detailed description of the number of lots, the purchase price and the amount of earnest money (if any)as of the balance sheet date. + References No definition available. + Details
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- Definition Variable interest entities and consolidated real estate not owned. + References No definition available. + Details
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