<SEC-DOCUMENT>0001437749-17-010503.txt : 20170602
<SEC-HEADER>0001437749-17-010503.hdr.sgml : 20170602
<ACCEPTANCE-DATETIME>20170602100224
ACCESSION NUMBER:		0001437749-17-010503
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170602
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170602
DATE AS OF CHANGE:		20170602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		17886557

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>hov20170601_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>UNITED STATES<br>
<font style="font-family: Times New Roman, Times, serif; font-size: 18pt;">SECURITIES AND EXCHANGE COMMISSION</font></b><br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>WASHINGTON, D.C. 20549</b></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>FORM 8-K</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>CURRENT REPORT<br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date of Report (Date of earliest event reported):<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> June 2, 2017</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>HOVNANIAN ENTERPRISES, INC</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>.</b><br>
(Exact Name of Registrant as Specified in its Charter)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 33.3%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Delaware</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(State or Other</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Jurisdiction</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">of Incorporation)</p>
			</td>
			<td style="width: 33.3%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>1-8551</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Commission File Number)</p>
			</td>
			<td style="width: 33.3%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>22-1851059</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(IRS Employer</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Identification No.)</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>110 West Front Street<br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">P.O. Box 500<br>
Red Bank, New Jersey 07701</font></b><br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(732) 747-7800</b><br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant&rsquo;s telephone number, including area code)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Not Applicable</b><br>
<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(Former Name or Former Address, if Changed Since<br>
Last Report)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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		<tr>
			<td style="width: 3.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td style="width: 96.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL3" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 3.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td style="width: 96.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
		</tr>

</table>

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		<tr>
			<td style="width: 3.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td style="width: 96.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL5" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 3.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td style="width: 96.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL6" style="margin: 0pt auto 0pt 0pt; width: 95%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td colspan="2" style="width: 77%; vertical-align: top;">&nbsp;</td>
			<td style="width: 20%; vertical-align: top;">Emerging growth company</td>
			<td style="width: 3%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp; &#9744;</font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Item 2.02.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<u>Results of Operations and Financial Condition</u>.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">On<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> June 2, 2017, Hovnanian Enterprises, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing its preliminary financial results for the fiscal second quarter ended April 30, 2017. A copy of the press release is attached as Exhibit 99.1. </font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The attached earnings press release contains information about consolidated earnings before interest expense and income taxes (&ldquo;EBIT&rdquo;) and before depreciation and amortization (&ldquo;EBITDA&rdquo;) and before inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt (&ldquo;Adjusted EBITDA&rdquo;), which are non-GAAP financial measures. The most directly comparable GAAP financial measure is net income (loss). A reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is contained in the earnings press release. </font></p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The attached earnings press release contains information about homebuilding gross margin, before costs of sales interest expense and land charges, and homebuilding gross margin percentage, before costs of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. A reconciliation for historical periods of homebuilding gross margin, before costs of sales interest expense and land charges, and homebuilding gross margin percentage, before costs of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is contained in the earnings press release. </font></p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The attached earnings press release contains information about loss before income taxes excluding land-related charges and loss (gain) on extinguishment of debt, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income (loss) before income taxes. A reconciliation for historical periods of loss before income taxes excluding land-related charges and loss (gain) on extinguishment of debt to income (loss) before income taxes is contained in the earnings press release.</font></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 0pt; text-align: justify; text-indent: 36pt;">The attached earnings press release contains information about adjusted homebuilding EBIT to inventory which is defined as adjusted homebuilding EBIT for the last 12 months divided by the last five quarter average inventory, excluding inventory not owned <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">and capitalized interest. Adjusted homebuilding EBIT is a non-GAAP financial measure.&nbsp;The most directly comparable GAAP financial measure is net income (loss). The calculation of adjusted homebuilding EBIT to inventory and a reconciliation for historical periods of adjusted homebuilding EBIT to net income (loss) is contained in the earnings press release.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure and benchmark the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBITDA does not take into account substantial costs of doing business, such as income taxes and interest expense. While many in the financial community consider EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income (loss) before income taxes, net income (loss) and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company&rsquo;s reports filed with the Securities and Exchange Commission. Additionally, the Company&rsquo;s calculation of EBITDA may be different than the calculation used by other companies, and, therefore, comparability may be affected.</font></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Management believes homebuilding gross margin, before costs of sales interest expense and land charges, enables investors to better understand the Company&rsquo;s operating performance. This measure is also useful internally, helping management to evaluate the Company&rsquo;s operating results on a consolidated basis and relative to other companies in the Company&rsquo;s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company&rsquo;s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies&rsquo; respective levels of impairments and levels of debt. Homebuilding gross margin, before cost of sales interest expense and land charges, should be considered in addition to, but not as an alternative to, homebuilding gross margin determined in accordance with GAAP as an indicator of operating performance. Additionally, the Company&rsquo;s calculation of homebuilding gross margin, before costs of sales interest expense and land charges, may be different than the calculation used by other companies, and, therefore, comparability may be affected.</font></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Management believes <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">loss before income taxes excluding land-related charges and loss (gain) on extinguishment of debt to be relevant and useful information because it provides a better metric of the Company&rsquo;s operating performance. Loss before income taxes excluding land-related charges and loss (gain) on extinguishment of debt should be considered in addition to, but not as a substitute for, income (loss) before income taxes, net income (loss) and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company&rsquo;s reports filed with the Securities and Exchange Commission. Additionally, the Company&rsquo;s calculation of loss before income taxes excluding land-related charges and loss (gain) on extinguishment of debt may be different than the calculation used by other companies, and, therefore, comparability may be affected.</font></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">Management believes adjusted homebuilding EBIT to inventory to be relevant and useful information to measure and benchmark the Company&rsquo;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">s operating performance and its return on its inventory investment relative to other companies in its industry without the effects of interest and other costs associated with the Company</font>&rsquo;&#8203;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">s debt profile, which has been substantial in recent years. Adjusted homebuilding EBIT does not take into account substantial costs of doing business, such as income taxes and interest expense. While management considers Adjusted Homebuilding EBIT to inventory to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income (loss) before income taxes, net income (loss) and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company</font>&rsquo;&#8203;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">s reports filed with the Securities and Exchange Commission. For our comparative purposes, our calculation of adjusted homebuilding EBIT to inventory is done on a consistent basis for the Company and the other builders. However, the Company</font>&rsquo;&#8203;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> calculation of adjusted homebuilding EBIT to inventory may be different than the calculation of return on investment prepared by other companies, and, therefore, comparability may be affected when reviewing other builders</font>&rsquo;&#8203;&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">published results.</font></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Item 9.01.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<u>Financial Statements and Exhibits</u>.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(d)<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;<i>Exhibits.</i></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exhibit 99.1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Press Release&ndash;Fiscal Second Quarter Ended April 30, 2017. </font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>SIGNATURES</u></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="width: 45.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC.</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td colspan="3" style="width: 45.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant)</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.6%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">By:<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="width: 34.8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">/s/ J. Larry Sorsby</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
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			<td style="width: 34.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Name: J. Larry Sorsby</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td colspan="2" rowspan="1" style="width: 34.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Title: Executive Vice President and</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Financial Officer</p>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date:<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> June 2, 2017</font></p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>INDEX TO EXHIBITS</u></p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Exhibit </b></p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Number</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Exhibit</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exhibit 99.1</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: 89%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Earnings Press Release<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash;Fiscal Second Quarter Ended April 30, 2017. </font></p>
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<DESCRIPTION>EXHIBIT 99.1
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<p style="text-align: right; margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Exhibit 99.1</b></font></p>

<p style="text-align: left; margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>News Release</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">J. Larry Sorsby</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Jeffrey T. O<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;Keefe</font></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Executive Vice President &amp; CFO</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Vice President, Investor Relations</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">732-747-7800</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">732-747-7800</p>
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			<td style="width: 30%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>&nbsp;HOVNANIAN ENTERPRISES REPORTS </b><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>fiscal 2017&nbsp;Second QUARTER Results&nbsp;</b></font></u></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Net Contracts per Active Selling Community </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>I</b><b>ncreased</b><b> 18.5</b><b>%</b></font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">RED BANK, NJ, <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">June 2, 2017 &ndash; Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six months ended April 30, 2017.</font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;We made progress during our second <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">fiscal quarter toward our goal of returning to consistent profitability. We experienced a strong spring selling season reflected in an 18.5% increase in net contracts per active selling community during the quarter,&rdquo; stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. &ldquo;As we discussed last quarter, the cumulative effect of our decision to exit four underperforming markets, temporarily reduce our overall land spend and pay off $320 million of maturing debt has led to decreases in our community count, net contracts, deliveries and revenues over the short term. Given these limitations, our second quarter results overall were in line with our expectations.&rdquo;</font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;Our focus remains on execution, further operational improvements and reloading our land position. We finished the quarter with liquidity in excess of our target range, and our land acquisition teams continue to find new land parcels throughout the country so that we can grow our land position, which, assuming no changes in market conditions should ultimately result in higher levels of deliveries and profitability going forward. We are confident we are taking the appropriate steps to best position our company for success in the future<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,&rdquo; commented Mr. Hovnanian.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; font-variant: small-caps;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>RESULTS FOR</b><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;the THREE-MONTH&nbsp;and SIX-MONTH PERIODs&nbsp;ENDED april 30, 2017:</b></font></u></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; font-variant: small-caps;">&nbsp;<b>&nbsp;</b></p>

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			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total revenues were $585.9 million in the second quarter of fiscal 2017, a decrease of 10.5% compared with $654.7 million in the second quarter of fiscal 2016. For the six months ended April 30, 2017, total <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">revenues decreased 7.5% to $1.14 billion compared with $1.23 billion in the first half of the prior year.</font></p>
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<p style="margin: 0pt;">&nbsp;</p>

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			<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding revenues for unconsolidated joint ventures increased 236.0% to $86.6 million in the second quarter of fiscal 2017, compared with $25.8 million in the second quarter of fiscal 2016. For the six months ended April 30, 2017, homebuilding revenues for unconsolidated joint ventures increased 229.1% to $151.5 million compared with $46.0 million in the first half of the prior year.</font></p>
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<p style="margin: 0pt;">&nbsp;</p>

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			<td style="width: 36pt; vertical-align: top;">&#9679;</td>
			<td style="text-align: justify;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For the second quarter of 2017, total SG&amp;A decreased by $7.4 million, or 10.8%, year over year. Total SG&amp;A was $61.5 million, or 10.5% of total revenues, for the second quarter ended April 30, 2017 compared with $69.0 million, or 10.5% of total revenues, in last year&rsquo;s second quarter. For the first half of 2017, total SG&amp;A decreased by $11.2 million, or 8.4%, year over year. Total SG&amp;A decreased to $121.6 million, or 10.7% of total revenues, for the first six months of fiscal 2017 compared with $132.8 million, or 10.8% of total revenues, in the first half of the prior fiscal year.</font></td>
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<p style="margin: 0pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">1</div>

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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Interest incurred (some of which was expensed and some of which was capitalized) decreased by 11.5% to $39.2 million for the second quarter of fiscal 2017 compared with $44.2 million in the same quarter one year ago. For the six months ended April 30, 2017, interest incurred decreased 9.7% to $77.9 million compared with $86.2 million during the same six-month period last year.</font></p>
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		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr>
			<td style="width: 36pt; vertical-align: top;">&#9679;</td>
			<td>
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total interest expense decreased 6.4% to $42.6 million in the second quarter of fiscal 2017 compared with $45.5 million in the second quarter of fiscal 2016. Total interest expense was $83.6 million for the first half of both fiscal 2017 and 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr>
			<td style="width: 36pt; vertical-align: top;">&#9679;</td>
			<td>
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding gross margin percentage improved to 12.6% for the second quarter of fiscal 2017 compared with 11.1% in the prior year&rsquo;s second quarter. During the first six months of fiscal 2017, homebuilding gross margin percentage improved significantly to 13.0% compared with 11.3% in the same period of the previous year.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, improved to 16.5% for the second quarter of fiscal 2017 compared with 16.1% in the prior year&rsquo;s second quarter. During the first six months of fiscal 2017, homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, improved to 16.8% compared with 16.3% in the same period of the previous year.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss before income taxes for the quarter ended April 30, 2017 was $7.7 million compared to a loss before income taxes of $17.6 million during the second quarter of 2016. For the first half of fiscal 2017, the loss before income taxes was $7.4 million compared to a loss before income taxes of $30.8 million during the first six months of fiscal 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Net loss was $6.7 million, or $0.05 per common share, in the second quarter of fiscal 2017, compared with a net loss of $8.5 million, or $0.06 per common share, during the same quarter a year ago. For the six months ended April 30, 2017, the net loss was $6.8 million, or $0.05 per common share, compared with a net loss of $24.6 million, or $0.17 per common share, in the first half of fiscal 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Adjusted EBITDA as a percentage of total revenues improved to 6.5% during the second quarter of fiscal 2017 compared with 6.1% for the second quarter of fiscal 2016. For the six months ended April 30, 2017, Adjusted EBITDA as a percentage of total revenues improved to 6.8% compared with 6.4% during the same period a year ago.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">During the second quarter of fiscal 2017, Adjusted EBITDA decreased 3.7% to $38.2 million compared with $39.7 million during the second quarter of fiscal 2016. For the first half of fiscal 2017, Adjusted EBITDA decreased 1.1% to $77.7 million compared with $78.5 million during the first six months of fiscal 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Adjusted EBITDA to interest incurred improved to 0.98x for the second quarter ended April 30, 2017 compared with 0.90x in the second quarter of the prior year. Adjusted EBITDA to interest incurred improved to 1.00x for the six months ended April 30, 2017 compared with 0.91x in the first half of the prior year. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Reflecting a strong spring selling season, consolidated net contracts per active selling community increased 18.5% to 10.9 net contracts per active selling community for the second quarter of fiscal 2017 compared with 9.2 net contracts per active selling community in the second quarter of fiscal 2016. Net contracts per active selling community, including unconsolidated joint ventures, increased 14.4% to 10.3 net contracts per active selling community for the quarter ended April 30, 2017 compared with 9.0 net contracts, including unconsolidated joint ventures, per active selling community in last year&rsquo;s second quarter.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 35.25pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">2</div>

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</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For May 2017, consolidated net contracts per active selling community increased to&nbsp;3.6 net contracts per active selling community compared to 2.9 net contracts per active selling community for the same month one year ago. During May 2017, the number of consolidated net contracts decreased&nbsp;to&nbsp;509 homes from 512 homes in May 2016 and the dollar value of net contracts decreased 8.3% to $197.2 million in May 2017 compared with $215.0 million for May 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For May 2017, net contracts per active selling community, including unconsolidated joint ventures, increased to&nbsp;3.4 net contracts per active selling community compared to 2.8 net contracts per active selling community for the same month one year ago. During May 2017, the number of net contracts, including unconsolidated joint ventures,&nbsp;increased 6.6% to&nbsp;567 homes from 532 homes in May 2016 and the dollar value of net contracts, including unconsolidated joint ventures, increased 2.8% to $230.2 million in May 2017 compared with $224.0 million for May 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">As of the end of the second quarter of fiscal 2017, active selling communities, including unconsolidated joint ventures, decreased 18.3% to 170 communities compared with 208 communities at April 30, 2016. Consolidated active selling communities decreased 25.5% to 146 communities as of April 30, 2017 from 196 communities at the end of the prior year&rsquo;s second quarter. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For the second quarter ended April 30, 2017, the number of net contracts, including unconsolidated joint ventures, decreased 6.1% to 1,748 homes from 1,862 homes for the same quarter last year. The number of consolidated net contracts, during the second quarter of fiscal 2017, decreased 12.3% to 1,590 homes compared with 1,812 homes during the second quarter of 2016. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">During the first half of fiscal 2017, the number of net contracts, including unconsolidated joint ventures, was 3,060 homes, a decrease of 11.4% from 3,454 homes during the first six months of fiscal 2016. The number of consolidated net contracts, during the six month period ended April 30, 2017, decreased 17.3% to 2,763 homes compared with 3,343 homes in the same period of the previous year. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The dollar value of contract backlog, including unconsolidated joint ventures, as of April 30, 2017, was $1.27 billion, a decrease of 19.7% compared with $1.58 billion as of April 30, 2016. The dollar value of consolidated contract backlog, as of April 30, 2017, decreased 23.6% to $1.09 billion compared with $1.43 billion as of April 30, 2016. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For the quarter ended April 30, 2017, deliveries, including unconsolidated joint ventures, decreased 9.1% to 1,497 homes compared with 1,647 homes during the second quarter of fiscal 2016. Consolidated deliveries were 1,358 homes for the second quarter of fiscal 2017, a 15.0% decrease compared with 1,598 homes during the same quarter a year ago. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For the six months ended April 30, 2017, deliveries, including unconsolidated joint ventures, decreased 7.0% to 2,895, homes compared with 3,113 homes in the first half of the prior year. Consolidated deliveries were 2,648 homes in the first half of fiscal 2017, a 12.3% decrease compared with 3,020 homes in the same period in fiscal 2016. </font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The consolidated contract cancellation rate for the three months ended April 30, 2017 decreased to 18%, compared with 19% in the second quarter of the prior year. The contract cancellation rate, including unconsolidated joint ventures, for the second quarter of fiscal 2017 decreased to 19%, compared with 20% in the second quarter of fiscal 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">3</div>

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<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt; text-align: justify;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The valuation allowance was $628.0 million as of April 30, 2017. The valuation allowance is a non-cash reserve against the tax assets for GAAP purposes. For tax purposes, the tax deductions associated with the tax assets may be carried forward for 20 years from the date the deductions were incurred.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><font style="text-transform: uppercase;"><b>Liquidity AND Inventory as </b></font><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>of April 30, 2017:</b></font></u></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total liquidity at the end of the second quarter of fiscal 2017 was $284.3 million.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">For the first time since the first quarter of fiscal 2016, total land position, including unconsolidated joint ventures, increased sequentially from 31,178 lots as of January 31, 2017 to 31,511 lots as of April 30, 2017. The total land position, including unconsolidated joint ventures, was 31,511 lots, consisting of 14,314 lots under option and 17,197 owned lots, as of April 30, 2017, compared with a total of 34,997 lots as of April 30, 2016.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&#9679;</td>
			<td>
			<p style="text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">In the second quarter of fiscal 2017, approximately 2,600 lots were put under option or acquired in 38 communities, including unconsolidated joint ventures.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b><font style="text-transform: uppercase;">Comments from management</font>:</b></u></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;Although adjusted homebuilding EBIT to inventory return metric is lower than historical levels for the entire industry, we are pleased that our adjusted homebuilding EBIT to inventory return metric continues to rank us in the top quartile when compared to our peers. We have a lot of opportunity for future upside,&rdquo; concluded Mr. Hovnanian.</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><font style="text-transform: uppercase;"><b>Webcast Information:</b></font></u></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Hovnanian Enterprises will webcast its fiscal 201<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">7 second quarter financial results conference call at 11:00 a.m. E.T. on Friday, June 2, 2017. The webcast can be accessed live through the &ldquo;Investor Relations&rdquo; section of Hovnanian Enterprises&rsquo; website at <u>http://www.khov.com</u>. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the &ldquo;Past Events&rdquo; section of the Investor Relations page on the Hovnanian website at <u>http://www.khov.com</u>. The archive will be available for 12 months.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><font style="text-transform: uppercase;"><b>About Hovnanian Enterprises</b></font><sup>&reg;</sup><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>, Inc.:</b></font></u></p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company&rsquo;s homes are marketed and sold under the trade names K. Hovnanian</font><sup>&reg; </sup><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Homes, Brighton Homes<sup>&reg;</sup> and Parkwood Builders. As the developer of K. Hovnanian&rsquo;s<sup>&reg;</sup> Four Seasons communities, the Company is also one of the nation&rsquo;s largest builders of active lifestyle communities.</font></p>

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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s 2016 annual report, can be accessed through the &ldquo;Investor Relations&rdquo; section of the Hovnanian Enterprises&rsquo; website at <u>http://www.khov.com</u>. To be added to Hovnanian&#39;s investor e-mail list, please send an e-mail to <u>IR@khov.com</u> or sign up at <u>http://www.khov.com</u>.</font></p>

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<p style="margin: 0pt; text-align: left; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>NON-GAAP FINANCIAL MEASURES:</b></u></p>

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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Consolidated earnings before interest expense and income taxes (&ldquo;EBIT&rdquo;) and before depreciation and amortization (&ldquo;EBITDA&rdquo;) and before inventory impairment loss and land option write-offs</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b> </b><b>and </b><b>loss </b><b>(</b><b>gain</b><b>)</b><b> </b><b>on extinguishment of debt </b><b>(&ldquo;Adjusted EBITDA&rdquo;) are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net </b><b>loss</b><b>. The reconciliation </b><b>for historical periods </b><b>of EBIT, EBITDA and Adjusted EBITDA to </b><b>net</b><b> </b><b>loss</b><b> </b><b>is presented in a table attached to this earnings release.</b></font></p>

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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Homebuilding gross margin, before costs of sales interest expense and land charges</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>,</b><b> and homebuilding gross margin percentage, before costs of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.&nbsp;</b></font><b>The reconciliation for historical periods of homebuilding gross margin, before costs of sales interest expense and land charges, and homebuilding gross margin percentage, before costs of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.</b></p>

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<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Loss</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b> </b><b>Before Income Taxes Excluding Land-Related Charges</b><b> </b><b>and </b><b>Loss </b><b>(</b><b>Gain</b><b>)</b><b> </b><b>on Extinguishment of Debt </b><b>is a non-GAAP financial measure. The most directly comparable GAAP financial measure is </b><b>Los</b><b>s</b><b> </b><b>Before Income Taxes. The reconciliation </b><b>for historical periods</b><b> </b><b>of </b><b>Loss</b><b> </b><b>Before Income Taxes Excluding Land-Related Charges</b><b> </b><b>and </b><b>Loss </b><b>(</b><b>Gain</b><b>)</b><b> </b><b>on Extinguishment of Debt </b><b>to</b><b> </b><b>Loss</b><b> </b><b>Before Income Taxes</b><b> is presented in a table attached to this earnings release.</b></font></p>

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<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Adjusted Homebuilding EBIT to Inventory is defined as Adjusted Homebuilding EBIT for the last 12 months divided by the last five quarter average inventory, excluding inventory not owned and capitalized interest. Adjusted <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. The calculation of Adjusted Homebuilding EBIT to Inventory and the reconciliation for historical periods of Adjusted Homebuilding EBIT to net loss is presented in a table attached to this earnings release. </font></b></p>

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<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: justify; text-indent: -0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Total l</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>iquidity is </b><b>comprised of $</b><b>275.0 </b><b>million of </b><b>cash and cash equivalents, $</b><b>1.7 </b><b>million of restricted cash required to collateralize letters of credit and $</b><b>7.6 </b><b>million of availability under the unsecured revolving credit facility</b><b> as of </b><b>April</b><b> 3</b><b>0</b><b>, 201</b><b>7</b><b>.</b></font></p>

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<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>FORWARD-LOOKING STATEMENTS</b></p>

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<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>All statements in this press release </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>that are not historical facts should be considered as &ldquo;</b><b>F</b><b>orward-</b><b>L</b><b>ooking </b><b>S</b><b>tatements&rdquo; within the meaning of the &ldquo;Safe Harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company&rsquo;s goals and expectations with respect to its financial results for future </b><b>financial </b><b>periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward</b><b>-</b><b>looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (</b><b>i</b><b>) speak only as of the date they are made, (</b><b>ii</b><b>) are not guarantees of future performance or results and (</b><b>iii</b><b>) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as </b><b>a </b><b>result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of </b><b>a </b><b>sustained homebuilding downturn; (2) adverse weather and other environmental conditions and natural disasters; (3) levels of indebtedness and restrictions on the Company&rsquo;s operations and activities imposed by the agreements governing the Company&rsquo;s outstanding indebtedness; (4) the Company&#39;s sources of liquidity; (5) changes in credit ratings; (6) changes in market conditions and seasonality of the Company&rsquo;s business; (7) the availability and cost of suitable land and improved lots; (8) shortages in, and price fluctuations of, raw materials and labor; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) operations through joint ventures with third parties; (13) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (14) product liability litigation, warranty claims and claims made by mortgage investors; (15) levels of competition; (16) availability and terms of financing to the Company; (17) successful identification and integration of acquisitions; (18) significant influence of the Company&rsquo;s controlling stockholders; (19) availability of net operating loss carryforwards; (20) utility shortages and outages or rate fluctuations; (21) geopolitical risks, terrorist acts and other acts of war; (22) increases in cancellations of agreements of sale; (23) loss of key management personnel or failure to attract qualified personnel; (24) information technology failures and data security breaches; (25) legal claims brought against us and not resolved in our favor; and (26) </b><b>certain risks, uncertainties and </b><b>other factors described in detail in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended October 31, 201</b><b>6</b><b> and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.</b></font></p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Financial Tables Follow)</font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Hovnanian Enterprises, Inc.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April 30, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Statements of Consolidated Operations</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Dollars in Thousands, Except Per Share Data)</p>
			</td>
		</tr>

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			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
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			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total Revenues</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$585,935</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$654,723</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,137,944</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,230,328</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Costs and Expenses (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">588,830</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">670,981</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,146,496</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,258,300</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Loss) Gain on Extinguishment of Debt</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(242</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">7,404</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss from Unconsolidated Joint Ventures</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(4,562</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(1,346</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(6,228</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2,826</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss Before Income Taxes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(7,699</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(17,604</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(7,376</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(30,798</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Income Tax Benefit</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(1,017</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(9,143</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(551</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(6,164</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Net Loss</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(6,682</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(8,461</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(6,825</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(24,634</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Per Share Data:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Basic:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 9pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss Per Common Share</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.06</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.17</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 9pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted Average Number of</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 18pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Common Shares Outstanding (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,558</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,334</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,556</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,301</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Assuming Dilution:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 9pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss Per Common Share</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.06</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.17</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 18pt;">
			<p style="margin: 0pt 0pt 0pt 9pt;">Weighted Average Number of Common Shares Outstanding (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,558</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,334</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,556</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,301</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL10" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 63.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a) Includes inventory impairment loss and land option write-offs.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 74.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(b) For periods with a net loss, basic shares are used in accordance with GAAP rules.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL10" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Hovnanian Enterprises, Inc.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April 30, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Reconciliation of Loss Before Income Taxes Excluding Land-Related Charges and Loss (Gain) on Extinguishment of Debt to Loss Before Income Taxes</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 52.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Dollars in Thousands)</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss Before Income Taxes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(7,699</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(17,604</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(7,376</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(30,798</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Inventory Impairment Loss and Land Option Write-Offs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,953</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">9,669</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">5,137</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">21,350</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss (Gain) on Extinguishment of Debt</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">242</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(7,404</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 9pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Loss Before Income Taxes Excluding Land-Related Charges and Loss (Gain) on Extinguishment of Debt (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(5,504</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(7,935</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(9,643</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(9,448</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL10" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a) Loss Before Income Taxes Excluding Land-Related Charges and Loss (Gain) on Extinguishment of Debt is a non-GAAP <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">7</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL11" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 48.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Hovnanian Enterprises, Inc.</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 48.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April 30, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 48.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gross Margin</p>
			</td>
		</tr>
		<tr>
			<td style="width: 48.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Dollars in Thousands)</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding Gross Margin</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding Gross Margin</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Sale of Homes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$567,553</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$626,157</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,098,968</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,182,932</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Cost of Sales, Excluding Interest Expense (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">473,980</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">525,442</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">913,897</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">989,588</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding Gross Margin, Before Cost of Sales Interest&nbsp;Expense and Land Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> (b)</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">93,573</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">100,715</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">185,071</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">193,344</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Cost of Sales Interest Expense, Excluding Land&nbsp;Sales Interest Expense</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">20,313</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">21,340</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">36,887</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">38,183</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding Gross Margin, After Cost of Sales Interest&nbsp;Expense, Before Land Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> (b)</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">73,260</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">79,375</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">148,184</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">155,161</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land Charges</p>
			</td>
			<td id=".lead.2" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,953</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">9,669</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">5,137</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">21,350</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Homebuilding Gross Margin</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$71,307</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$69,706</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$143,047</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$133,811</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gross Margin Percentage</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">12.6</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">11.1</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">13.0</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">11.3</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gross Margin Percentage, Before Cost of Sales Interest Expense and Land Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> (b)</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">16.5</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">16.1</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">16.8</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">16.3</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gross Margin Percentage, After Cost of Sales Interest Expense, Before Land Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> (b)</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">12.9</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">12.7</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">13.5</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">13.1</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land Sales Gross Margin</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land Sales Gross Margin</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land and Lot Sales</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$2,711</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$11,154</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$9,712</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$11,154</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Cost of Sales, Excluding Interest and Land Charges (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,460</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">10,608</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">6,570</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">10,608</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt;">Land and Lot Sales Gross Margin, Excluding Interest and Land Charges</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,251</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">546</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">3,142</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">546</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land and Lot Sales Interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">24</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">104</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,772</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">104</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Land and Lot Sales Gross Margin, Including Interest and Excluding Land Charges</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$1,227</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$442</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$1,370</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$442</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL11" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 99.9%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 99.9%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(b) Homebuilding Gross Margin, Before Cost of Sales Interest Expense and Land Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, and Homebuilding Gross Margin Percentage, before Cost of Sales Interest Expense&nbsp;and Land Charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures&nbsp;are Homebuilding Gross Margin and Homebuilding Gross Margin Percentage, respectively.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">8</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL12" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Hovnanian Enterprises, Inc. </b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April 30, 2017 </b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Reconciliation of Adjusted EBITDA to Net Loss</p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Dollars in Thousands)</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Loss</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(6,682</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(8,461</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(6,825</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(24,634</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Income Tax Benefit</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(1,017</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(9,143</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(551</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(6,164</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Interest Expense</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">42,634</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">45,528</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">83,583</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">83,596</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">EBIT (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">34,935</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">27,924</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">76,207</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">52,798</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Depreciation</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,071</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">864</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,083</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,729</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Amortization of Debt Costs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,227</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,632</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,610</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">EBITDA (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">36,006</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">30,015</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">79,922</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">57,137</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Inventory Impairment Loss and Land Option Write-offs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,953</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">9,669</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">5,137</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">21,350</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss (Gain) on Extinguishment of Debt</p>
			</td>
			<td id=".lead.2" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">242</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(7,404</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Adjusted EBITDA (c)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$38,201</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$39,684</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$77,655</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$78,487</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Interest Incurred</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$39,156</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$44,224</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$77,855</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$86,183</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Adjusted EBITDA to Interest Incurred</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">0.98</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">0.90</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1.00</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">0.91</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL12" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. EBIT represents earnings before interest expense and income taxes.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(b) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(c) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL12" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Hovnanian Enterprises, Inc.</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April 30, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Interest Incurred, Expensed and Capitalized</p>
			</td>
		</tr>
		<tr>
			<td style="width: 50.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Dollars in Thousands)</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Interest Capitalized at Beginning of Period</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$94,438</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$117,113</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$96,688</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$123,898</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Plus Interest Incurred</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">39,156</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">44,224</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">77,855</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">86,183</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less Interest Expensed (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">42,634</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">45,528</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">83,583</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">83,596</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less Interest Contributed to Unconsolidated Joint Venture (a)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">10,676</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Interest Capitalized at End of Period (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$90,960</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$115,809</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$90,960</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$115,809</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL12" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="8" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a) Represents capitalized interest which was included as part of the assets contributed to the joint venture the Company entered into in November 2015. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.</p>
			</td>
		</tr>
		<tr>
			<td colspan="8" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(b) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">9</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL21" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td colspan="1" style="vertical-align:bottom;width:42.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Hovnanian Enterprises, Inc. </b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align:bottom;width:42.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>April 30, 2017 </b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align:bottom;width:42.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Reconciliation of Adjusted Homebuilding EBIT to Inventory</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align:bottom;width:42.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Dollars in Thousands)</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Unaudited)</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
			<td id=".lead.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="14" id=".amt.D6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the Three Months Ended</p>
			</td>
			<td id=".trail.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b><b>LTM(a)</b></b></b></p>
			</td>
			<td id=".trail.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D3" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b><b>4/30/2017</b></b></b></p>
			</td>
			<td id=".trail.D3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D4" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b><b>1/31/2017</b></b></b></p>
			</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D5" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b><b>10/31/2016</b></b></b></p>
			</td>
			<td id=".trail.D5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D6" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b><b>7/31/2016</b></b></b></p>
			</td>
			<td id=".trail.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net (Loss) Income</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$14,990</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$(6,682</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$(143</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$22,289</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$(474</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Income Tax Benefit (Provision)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">10,868</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(1,017</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">466</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">9,852</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,567</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Interest Expense</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">183,345</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">42,634</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">40,949</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">48,197</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">51,565</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">EBIT (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">209,203</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">34,935</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">41,272</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">80,338</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">52,658</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Financial Services Revenue</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(64,731</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(14,494</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(12,849</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(20,903</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(16,485</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Financial Services Expense</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">33,526</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,360</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,855</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">10,395</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,916</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Homebuilding EBIT (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">177,998</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">27,801</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">35,278</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">69,830</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">45,089</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Inventory Impairment loss and land option write-offs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17,140</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,953</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3,184</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">10,438</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,565</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other Operations</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3,835</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(95</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,587</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,386</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">957</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss&nbsp;(Gain) on Extinguishment of Debt</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,204</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">242</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(7,646</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3,200</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss (Income) from Unconsolidated Joint Ventures</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,748</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">4,562</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,666</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(881</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,401</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Adjusted Homebuilding EBIT (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$202,517</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$34,463</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$34,069</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$83,973</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 10%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$50,012</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="18" id=".amt.D6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">As of</p>
			</td>
			<td id=".trail.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b>4/30/2017</b></b></p>
			</td>
			<td id=".trail.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D3" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b>1/31/2017</b></b></p>
			</td>
			<td id=".trail.D3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D4" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b>10/31/2016</b></b></p>
			</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D5" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b>7/31/2016</b></b></p>
			</td>
			<td id=".trail.D5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D6" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b><b>4/30/2016</b></b></p>
			</td>
			<td id=".trail.D6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Inventories</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,209,212</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,293,426</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,283,084</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,466,754</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,676,136</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Consolidated Inventory Not Owned</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">154,620</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">171,572</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">208,701</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">280,728</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">312,841</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Capitalized Interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">90,960</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">94,438</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">96,688</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">104,544</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">115,809</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b><b>Five Quarter</b></b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b><b>Average</b></b></p>
			</td>
			<td id=".trail.D2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".amt.B3" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".trail.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".lead.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".amt.B4" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".trail.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".amt.B5" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".amt.B6" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".amt.B7" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 28%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Inventories less Consolidated Inventory Not Owned and Capitalized Interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,059,542</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$963,632</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,027,416</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$977,695</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,081,482</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,247,486</td>
			<td id=".trail.7" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".symb.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".symb.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".symb.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".symb.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
			<td id=".lead.B6">&nbsp;</td>
			<td id=".symb.B6">&nbsp;</td>
			<td id=".amt.B6">&nbsp;</td>
			<td id=".trail.B6">&nbsp;</td>
			<td id=".lead.B7">&nbsp;</td>
			<td id=".symb.B7">&nbsp;</td>
			<td id=".amt.B7">&nbsp;</td>
			<td id=".trail.B7">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Adjusted Homebuilding EBIT to Inventory</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">19.1</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
			<td id=".lead.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL21" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td colspan="8" style="vertical-align:bottom;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(a) Represents the aggregation of each of the prior four fiscal quarters.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(b) EBIT, Homebuilding EBIT and Adjusted Homebuilding EBIT are non-GAAP financial measures. The most directly comparable GAAP financial measure is net (income) loss.</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">10</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">CONDENSED CONSOLIDATED BALANCE SHEETS</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(In Thousands)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">April 30,</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">October 31,</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>
			</td>
			<td id=".trail.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(1)</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 72%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">ASSETS</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Cash and cash equivalents</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$275,011</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$339,773</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Restricted cash and cash equivalents</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,797</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">3,914</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Inventories:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Sold and unsold homes and lots under development</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">892,401</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">899,082</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Land and land options held for future development or sale</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">162,191</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">175,301</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Consolidated inventory not owned</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">154,620</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">208,701</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt;">Total inventories</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,209,212</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,283,084</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Investments in and advances to unconsolidated joint ventures</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">106,704</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">100,502</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Receivables, deposits and notes, net</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">37,683</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">49,726</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Property, plant and equipment, net</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">52,987</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">50,332</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Prepaid expenses and other assets</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">46,212</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">46,762</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt;">Total homebuilding</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,729,606</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,874,093</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Financial services cash and cash equivalents</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">5,776</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">6,992</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Financial services other assets</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">113,762</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">190,238</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Income taxes receivable <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; including net deferred tax benefits</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">284,452</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">283,633</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total assets</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$2,133,596</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$2,354,956</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">LIABILITIES AND EQUITY</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Nonrecourse mortgages secured by inventory, net of debt issuance costs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$66,365</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$82,115</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accounts payable and other liabilities</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">311,958</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">369,228</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Customers<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo; deposits</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">40,321</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">37,429</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Nonrecourse mortgages secured by operating properties</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">13,675</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">14,312</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Liabilities from inventory not owned, net of debt issuance costs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">116,728</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">150,179</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Revolving credit facility</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">52,000</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">52,000</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Notes payable and term loan, net of discount and debt issuance costs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,569,375</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,605,758</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt;">Total homebuilding</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,170,422</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,311,021</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Financial services</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">97,077</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">172,445</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2" style="padding-bottom: 1px;">&nbsp;</td>
			<td id=".amt.B2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".trail.B2" style="padding-bottom: 1px;">&nbsp;</td>
			<td id=".lead.B3" style="padding-bottom: 1px;">&nbsp;</td>
			<td id=".amt.B3" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".trail.B3" style="padding-bottom: 1px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,267,499</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,483,466</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Stockholders<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo; equity deficit:</font></p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at April 30, 2017 and at October 31, 2016</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">135,299</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">135,299</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Common stock, Class A, $0.01 par value <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; authorized 400,000,000 shares; issued 143,876,014 shares at April 30, 2017 and 143,806,775 shares at October 31, 2016</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,439</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,438</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; authorized 60,000,000 shares; issued 15,942,809 shares at April 30, 2017 and 15,942,809 shares at October 31, 2016</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">159</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">159</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Paid in capital <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; common stock</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">707,568</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">706,137</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accumulated deficit</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(863,008</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(856,183</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Treasury stock <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; at cost - 11,760,763 shares of Class A common stock and 691,748 shares of Class B common stock at April 30, 2017 and October 31, 2016</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(115,360</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(115,360</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt;">Total stockholders<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo; equity deficit</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(133,903</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(128,510</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities and equity</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$2,133,596</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 12%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$2,354,956</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt 7.7pt 0pt 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(1) Derived from the audited balance sheet as of October 31, 2016. </font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">11</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(In Thousands Except Per Share Data)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Unaudited)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended April 30,</p>
			</td>
			<td id=".trail.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="4" id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended April 30,</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D2" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D2" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D3" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D4" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2017</p>
			</td>
			<td id=".trail.D4" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.D5" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="width: 56%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revenues:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Sale of homes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$567,553</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$626,157</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,098,968</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$1,182,932</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Land sales and other revenues</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,888</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">11,563</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">11,633</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">12,167</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total homebuilding</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">571,441</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">637,720</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,110,601</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,195,099</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Financial services</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">14,494</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">17,003</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">27,343</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">35,229</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total revenues</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">585,935</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">654,723</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,137,944</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,230,328</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expenses:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Cost of sales, excluding interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">475,440</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">536,050</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">920,467</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,000,196</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Cost of sales interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">20,337</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">21,444</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">38,659</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">38,287</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Inventory impairment loss and land option write-offs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,953</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">9,669</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">5,137</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">21,350</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total cost of sales</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">497,730</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">567,163</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">964,263</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,059,833</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Selling, general and administrative</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">45,467</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">56,371</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">89,875</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">103,875</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total homebuilding expenses</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">543,197</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">623,534</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,054,138</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">1,163,708</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Financial services</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">7,360</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">9,618</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">14,215</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">17,833</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Corporate general and administrative</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">16,071</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">12,598</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">31,727</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">28,919</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other interest</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">22,297</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">24,084</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">44,924</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">45,309</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other operations</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(95</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,147</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,492</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,531</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total expenses</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">588,830</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">670,981</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,146,496</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,258,300</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">(Loss) gain on extinguishment of debt</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(242</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">7,404</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">-</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss from unconsolidated joint ventures</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(4,562</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(1,346</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(6,228</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2,826</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss before income taxes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(7,699</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(17,604</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(7,376</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(30,798</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">State and federal income tax (benefit) provision:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">State</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,292</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(758</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,274</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">3,561</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Federal</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,309</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(8,385</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2,825</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(9,725</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total income taxes</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(1,017</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(9,143</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(551</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(6,164</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(6,682</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(8,461</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(6,825</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(24,634</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td>&nbsp;</td>
			<td id=".lead.B2">&nbsp;</td>
			<td id=".amt.B2">&nbsp;</td>
			<td id=".trail.B2">&nbsp;</td>
			<td id=".lead.B3">&nbsp;</td>
			<td id=".amt.B3">&nbsp;</td>
			<td id=".trail.B3">&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Per share data:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Basic:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Loss per common share</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.06</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.17</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Weighted-average number of common shares outstanding</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,558</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,334</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,556</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,301</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Assuming dilution:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B3" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Loss per common share</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.06</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.05</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.17</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">)</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Weighted-average number of common shares outstanding</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,558</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,334</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,556</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,301</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">12</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL16" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(SEGMENT DATA </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><u>EXCLUDES</u></b><b> UNCONSOLIDATED JOINT VENTURES)</b></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL1" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="5" style="width: 221577%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(UNAUDITED)</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Communities Under Development</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months -April 30, 2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Net Contracts</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Deliveries</b></p>
			</td>
			<td colspan="3" style="border-width: thin thin 1px; border-style: solid solid none; border-color: rgb(0, 0, 0); width: 77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contract</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: none; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Backlog</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Northeast </b></p>
			</td>
			<td style="width: 15%; padding-left: 9pt; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(NJ, PA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">66</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">142</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(53.5)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">99</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">108</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.3)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">150</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">268</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(44.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$29,918</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$74,727</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(60.0)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$45,917</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$53,913</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.8)%&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$68,650</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$135,164</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(49.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$453,300</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$526,248</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(13.9)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$463,805</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$499,194</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.1)%&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$457,667</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$504,343</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Mid-Atlantic </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DE, MD, VA, WV)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">226</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">285</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(20.7)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">202</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">194</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.1% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">440</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">598</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(26.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$123,045</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$150,369</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.2)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$100,120</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$89,873</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">11.4%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$273,986</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$336,358</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$544,445</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$527,609</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3.2% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$495,647</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$463,262</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$622,696</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,472</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">10.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Midwest</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(2)</b></sup><b>&nbsp;</b></font></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IL, MN, OH) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">196</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">216</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.3)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">134</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">239</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(43.9)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">431</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">554</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$61,489</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$69,445</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(11.5)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$41,794</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$76,793</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(45.6)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$126,138</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$162,671</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$313,721</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$321,503</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2.4)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$311,896</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$321,312</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2.9)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$292,663</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$293,630</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(0.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southeast</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(3)</b></sup><b>&nbsp;</b></font></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(FL, GA, NC, SC) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">141</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">205</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(31.2)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">127</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">156</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.6)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">316</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">425</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(25.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$55,577</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$84,665</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(34.4)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$54,005</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$51,230</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">5.4%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$136,807</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$190,435</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(28.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$394,159</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$412,996</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(4.6)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$425,235</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$328,396</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">29.5%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$432,935</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$448,083</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southwest </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(AZ, TX)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">671</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">731</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.2)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">639</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">733</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(12.8)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">749</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,041</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(28.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$227,500</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$262,344</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(13.3)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$224,898</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$273,304</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(17.7)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$275,870</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$416,205</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(33.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$339,047</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$358,884</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(5.5)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$351,954</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$372,857</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(5.6)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$368,317</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$399,812</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.9)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>West </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(CA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">290</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">233</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">24.5% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">157</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">168</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(6.5)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">418</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">342</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">22.2%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$142,522</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$126,505</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12.7% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$100,819</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$81,044</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">24.4%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$211,215</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$188,859</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">11.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$491,454</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$542,944</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.5)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$642,158</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$482,404</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">33.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$505,299</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$552,218</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Consolidated Segment Total</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,590</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,812</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(12.3)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,358</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,598</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(15.0)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,504</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,228</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$640,051</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$768,055</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(16.7)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$567,553</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$626,157</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.4)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,092,666</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,429,692</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(23.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$402,547</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$423,871</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(5.0)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$417,933</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$391,838</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6.7%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$436,368</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$442,903</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Unconsolidated Joint Ventures</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(4)</b></sup></font></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">158</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">50</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">216.0% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">139</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">183.7%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">310</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">225</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$87,317</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$21,236</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">311.2% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$86,215</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$25,576</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">237.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$174,325</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$147,376</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$552,641</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$424,720</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">30.1% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$620,248</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$521,959</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,337</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$655,004</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Grand Total</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,748</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,862</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(6.1)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,497</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,647</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.1)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,814</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,453</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$727,368</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$789,291</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.8)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,266,991</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,577,068</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$416,114</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$423,894</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1.8)% &nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$450,246</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$456,724</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1.4)%&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL1" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes:</p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">(2) The Midwest net contracts include 16 homes and $7.0 million for the three months ended April 30, 2016 from Minneapolis, MN.</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">(3) The Southeast net contracts include 24 homes and $9.9 million for the three months ended April 30, 2016 from Raleigh, NC.</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">(4) Represents home deliveries, home revenues and average prices for our unconsolidated <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &ldquo;Loss from unconsolidated joint ventures&rdquo;.</font></td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL1" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">&nbsp;</td>
		</tr>

</table>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">13</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL2" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="20" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="20" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="20" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(SEGMENT DATA </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>EXCLUDES</b></u><b> UNCONSOLIDATED JOINT VENTURES)</b></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL2" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 22%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(UNAUDITED)</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Communities Under Development</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months -April 30, 2017</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Net Contracts</b></p>
			</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Deliveries</b></p>
			</td>
			<td colspan="5" style="border-width: thin thin 1px; border-style: solid solid none; border-color: rgb(0, 0, 0); width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contract</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months Ended</b></p>
			</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months Ending</b></p>
			</td>
			<td colspan="5" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Backlog</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="6" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="5" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Northeast </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(NJ, PA)</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">149</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">234</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(36.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">203</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">259</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(21.6)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">150</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">268</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(44.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$67,963</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$114,511</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(40.6)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$98,824</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$126,351</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(21.8)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$68,650</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$135,164</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(49.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$456,124</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$489,363</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(6.8)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$486,819</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$487,841</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(0.2)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$457,667</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$504,343</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Mid-Atlantic </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DE, MD, VA, WV)</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">416</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">545</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(23.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">406</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">400</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">440</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">598</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(26.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$225,291</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$280,685</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$200,279</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$183,425</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$273,986</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$336,358</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$541,564</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$515,017</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">5.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$493,297</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$458,562</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$622,696</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,472</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">10.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Midwest</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(2)</b></sup><b>&nbsp;</b></font></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IL, MN, OH) </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">341</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">423</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.4)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">284</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">513</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(44.6)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">431</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">554</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$107,055</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$137,014</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(21.9)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$85,445</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$168,633</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(49.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$126,138</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$162,671</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$313,946</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$323,911</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$300,863</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$328,720</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.5)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$292,663</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$293,630</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(0.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southeast</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(3)</b></sup><b>&nbsp;</b></font></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(FL, GA, NC, SC) </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">249</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">418</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(40.4)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">265</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">272</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2.6)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">316</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">425</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(25.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$102,028</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$174,924</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(41.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$110,391</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$90,424</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">22.1%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$136,807</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$190,435</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(28.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$409,750</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$418,478</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$416,569</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$332,443</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">25.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$432,935</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$448,083</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3.4)%&nbsp;</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southwest </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(AZ, TX)</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,156</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,291</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(10.5)% &nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,170</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,283</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.8)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">749</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,041</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(28.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$398,384</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$470,986</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(15.4)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$408,158</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$477,493</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.5)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$275,870</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$416,205</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(33.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$344,623</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$364,823</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(5.5)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$348,854</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$372,169</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(6.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$368,317</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$399,812</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.9)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>West </b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(CA)</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">452</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">432</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">320</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">293</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">418</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">342</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">22.2%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$226,945</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$218,578</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3.8%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$195,871</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$136,606</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">43.4%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$211,215</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$188,859</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">11.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$502,090</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$505,969</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(0.8)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$612,096</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$466,231</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$505,299</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$552,218</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Consolidated Segment Total</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,763</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,343</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(17.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,648</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,020</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(12.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,504</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,228</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(22.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,127,666</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,396,698</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,098,968</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,182,932</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,092,666</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,429,692</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(23.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$408,131</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$417,798</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2.3)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$415,018</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$391,699</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$436,368</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$442,903</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Unconsolidated Joint Ventures</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(4)</b></sup></font></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">297</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">111</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">167.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">247</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">93</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">165.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">310</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">225</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$167,617</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$61,057</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">174.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$150,856</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$45,763</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">229.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$174,325</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$147,376</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$564,368</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$550,061</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$610,753</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$492,074</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">24.1%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,337</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$655,004</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Grand Total</b></p>
			</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,060</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,454</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(11.4)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,895</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,113</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7.0)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,814</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3,453</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(18.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,295,283</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,457,755</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(11.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,266,991</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,577,068</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$423,295</p>
			</td>
			<td colspan="3" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$422,048</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">0.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$450,246</p>
			</td>
			<td colspan="2" style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$456,724</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1.4)%&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL2" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes:</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2) The Midwest net contracts include 61 homes and $25.5 million for the six months ended April 30, 2016 from Minneapolis, MN.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3) The Southeast net contracts include 70 homes and $23.7 million for the six months ended April 30, 2016 from Raleigh, NC.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(4) Represents home deliveries, home revenues and average prices for our unconsolidated <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &ldquo;Loss from unconsolidated joint ventures&rdquo;.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">14</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL3" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES)</b></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL3" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 22%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(UNAUDITED)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Communities Under Development</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months - April 30, 2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Net Contracts</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Deliveries</b></p>
			</td>
			<td colspan="3" style="border-width: thin thin 1px; border-style: solid solid none; border-color: rgb(0, 0, 0); width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contract</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Backlog</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Northeast </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3)</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">0.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">67</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">26</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">157.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(NJ, PA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$16,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">79</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(3,683)</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,945</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,64<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">79.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">6%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$34,032</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,604</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">254.4%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$606,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">630</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(1,227,667)</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$490,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">33</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$273,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">333</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">79.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">6%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">507,940</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$369,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">85</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Mid-Atlantic </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">13</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(27.8)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">100.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">42</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">26</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">61.5%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DE, MD, VA, WV)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$6,33<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">7</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$7,990</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(20.7)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$11,411</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$5,466</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">108.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$29,252</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$11,086</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">163.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$487,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">462</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$443,889</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$633,9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">44</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$607,327</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$696,478</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$426,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">85</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">63.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Midwest </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">17</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">4</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">28</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IL, MN, OH) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$12,765</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,978</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$20,986</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$750,882</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$744,514</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$749,50<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southeast </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">40</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">16</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">150.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">42</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">97</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">212.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(FL, GA, NC, SC) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$16,866</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,75<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">72.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$19,551</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$48,077</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$19,123</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">151.4%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$421,650</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$609,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">75</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(30.9)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$465,497</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$495,640</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$616,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">71</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southwest </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">10</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(AZ, TX)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$7,124</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,353</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$18,914</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$712,400</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$676,282</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$700,5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">19</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>West </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">51</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">19</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">168.4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">67</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">34</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">97.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">142</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(65.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(CA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$27,846</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$7,171</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">288.3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$47,97<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">7</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$18,4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">70</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">159.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$23,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">064</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$107,56<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(78.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">6)%&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$546,000</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$377,421</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">44.7<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$716,06<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$543,2<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">35</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$470,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">694</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$757,4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">86</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(37.9)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Unconsolidated Joint Ventures</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(</b></sup><sup><b>2</b></sup><sup><b>)</b></sup></font></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">158</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">50</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">216.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">139</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">183.7%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">310</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">225</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.8% &nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$87,317</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$21,236</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">311.2%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$86,215</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$25,576</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">237.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$174,325</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$147,376</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$552,641</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$424,720</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">30.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$620,248</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$521,959</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.8%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,337</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$655,004</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.1)%&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL3" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes:</p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &ldquo;Loss from unconsolidated joint ventures&rdquo;.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">15</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL4" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES)</b></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL4" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 22%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(UNAUDITED)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Communities Under Development</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months - April 30, 2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Net Contracts</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-left-width: thin; border-top-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Deliveries</b></p>
			</td>
			<td colspan="3" style="border-width: thin thin 1px; border-style: solid solid none; border-color: rgb(0, 0, 0); width: 77%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contract</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Six Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Backlog</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
			<td colspan="3" style="width: 77%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: thin; border-bottom-width: 1px; border-left-width: thin; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Apr 30,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: thin; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2017</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Northeast </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">52</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8)</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">14</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.3)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">67</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">26</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">157.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(NJ, PA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$28,454</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(7,973)</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,685</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$3,896</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">20.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$34,032</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,604</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">254.4%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$547,192</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$996,622</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$390,378</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$278,286</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">40.3%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$507,9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">40</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$369,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">85</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.5%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Mid-Atlantic </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">30</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3.2)%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">28</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">19</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">47.4%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">42</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">26</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">61.5%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(DE, MD, VA, WV)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$15,764</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$14,413</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9.4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$16,601</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$11,135</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$29,252</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$11,086</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">163.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$525,470</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$464,936</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">13.0<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$592,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">93</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$586,0<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">53</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1.2%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$696,478</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$426,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">85</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">63.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Midwest </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">11</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">28</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IL, MN, OH) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$19,992</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$8,594</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$20,986</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$740,4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">44</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$781,2<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">72</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$749,50<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southeast </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">75</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">23</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">226.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">66</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">97</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">212.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(FL, GA, NC, SC) </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$33,745</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$14,584</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">131.4%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$29,39<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$385</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$48,077</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$19,123</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">151.4%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$449,934</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$634,092</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(29.0)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$445,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">03</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$385,000</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">15.7%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$495,640</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$616,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">71</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(19.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Southwest </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">22</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">-</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(AZ, TX)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$15,790</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,353</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$18,914</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$717,723</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$676,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">500</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$700,5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">19</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">-</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">n/a%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>West </b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(unconsolidated joint ventures)</p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">91</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">65</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">40.0%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">128</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">59</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">116.9%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">142</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(65.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(CA)</b></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$53,872</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$40,033</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">34.6%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$90,23<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$30,347</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">197.3%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$23,06<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">4</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$107,56<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(78.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: thin; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$592,004</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$615,887</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3.9)%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$704,941</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$514,359</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$470,6<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">94</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$757,4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">86</font></p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(37.9)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Unconsolidated Joint Ventures</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>(</b></sup><sup><b>2</b></sup><sup><b>)</b></sup></font></p>
			</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Home</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">297</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">111</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">167.6%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">247</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">93</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">165.6%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">310</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">225</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">37.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: none; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dollars</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$167,617</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$61,057</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">174.5%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$150,856</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$45,763</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">229.6%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$174,325</p>
			</td>
			<td style="width: 7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$147,376</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1px; border-right-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">18.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$564,368</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$550,061</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2.6%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$610,753</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$492,074</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">24.1%&nbsp;</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-bottom-width: 1px; border-left-width: 1px; border-bottom-style: solid; border-left-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$562,337</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$655,004</p>
			</td>
			<td style="width: 7%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(14.1)%&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<div style="font-size: 10pt;">&nbsp;</div>

<table border="0" cellpadding="0" cellspacing="0" id="TBL4" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes:</p>
			</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</td>
		</tr>
		<tr>
			<td colspan="11" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &ldquo;Loss from unconsolidated joint ventures&rdquo;.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">16</p>
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</DOCUMENT>
</SEC-DOCUMENT>
