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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, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Summary of capitalized interest |  |  |  |  |  |
Capitalized interest, beginning of year |  | $ 82,014 | [1] | $ 88,454 | [1] | $ 78,564
Interest incurred |  | 66,289 |  | 83,856 |  | 85,278
Interest expensed |  | (2,177) |  | (8,370) |  | (785)
Interest amortized to cost of home and land closings |  | (87,186) |  | (81,926) |  | (74,603)
Capitalized interest, end of year | [1] | $ 58,940 |  | $ 82,014 |  | $ 88,454
[1] | Approximately $217,000, $279,000 and $454,000 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, 2020, 2019 and 2018, 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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