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REAL ESTATE AND CAPITALIZED INTEREST - Summary of Capitalized Interest (Details) - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Summary of capitalized interest |  |  |  |  |  |
Capitalized interest, beginning of year |  | $ 78,564 | [1] | $ 68,196 | [1] | $ 61,202
Interest incurred |  | 85,278 |  | 79,045 |  | 70,348
Interest expensed |  | (785) |  | (3,853) |  | (5,172)
Interest amortized to cost of home and land closings |  | (74,603) |  | (64,824) |  | (58,182)
Capitalized interest, end of year | [1] | $ 88,454 |  | $ 78,564 |  | $ 68,196
[1] | Approximately $454,000, $517,000 and $130,000 of the capitalized interest is related to our joint venture investments and is a component of “Investments in unconsolidated entities” in our consolidated balance sheet as of December 31, 2018, 2017 and 2016, respectively.

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- Definition Carrying amount as of the balance sheet date of interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391 + Details
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