<SEC-DOCUMENT>0001437749-17-020983.txt : 20171221
<SEC-HEADER>0001437749-17-020983.hdr.sgml : 20171221
<ACCEPTANCE-DATETIME>20171221094520
ACCESSION NUMBER:		0001437749-17-020983
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171221
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171221
DATE AS OF CHANGE:		20171221

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:		171268250

	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>hov20171220_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
	<title>hov20171220_8k.htm</title>


	<!-- Created by RDG HTML Converter v1.1.0.0 12/20/2017 8:25:01 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 10px; margin-right: 10px; cursor: auto;">
<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><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="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported): <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>December 21, 2017</b></font></p>

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

<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><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="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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

		<tr>
			<td style="vertical-align:top;width:33%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>

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

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

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">of Incorporation)</p>
			</td>
			<td style="vertical-align:top;width:34%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1-8551</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
			</td>
			<td style="vertical-align:top;width:33%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>22-1851059</b></p>

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

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

</table>

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

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

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

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

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

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

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

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

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">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="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 68.6%; text-align: right;">Emerging growth company <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="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.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">On December 21, 2017, Hovnanian Enterprises, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing its preliminary financial results for the fiscal fourth quarter and fiscal year ended October 31, 2017. A copy of the press release is attached as Exhibit 99.1.</p>

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

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

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

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

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The attached earnings press release contains information about income before income taxes excluding land-related charges, joint-venture write-downs and loss 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 income before income taxes excluding land-related charges, joint-venture write-downs and loss on extinguishment of debt to income (loss) before income taxes is contained in the earnings press release.</p>

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

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Management believes homebuilding gross margin, before costs of sales interest expense and land charges, enables investors to better understand the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&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="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Management believes income before income taxes excluding land-related charges, joint-venture write-downs and loss on extinguishment of debt to be relevant and useful information because it provides a better metric of the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s operating performance. Income before income taxes excluding land-related charges, joint-venture write-downs and loss 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 income before income taxes excluding land-related charges, joint-venture write-downs and loss on extinguishment of debt may be different than the calculation used by other companies, and, therefore, comparability may be affected.</font></p>

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

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">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 Fourth Quarter and Fiscal Year Ended October 31, 2017. </font></p>

<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-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&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; font-family: Times New Roman, Times, serif; font-size: 10pt; text-align: center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>SIGNATURES</u></font></p>

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

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

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

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

		<tr>
			<td style="vertical-align: bottom; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align: bottom; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN ENTERPRISES, INC.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align: bottom; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Registrant)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 42%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: bottom; width: 42%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ J. Larry Sorsby</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name: J. Larry Sorsby</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 55%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title: Executive Vice President and Chief Financial Officer</p>
			</td>
		</tr>

</table>

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

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

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

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: December 21, 2017</p>

<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-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

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

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

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

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

		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:11.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Exhibit </b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Number</b></p>
			</td>
			<td style="vertical-align:top;width:2.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:86.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exhibit</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">Exhibit 99.1</p>
			</td>
			<td style="vertical-align:top;width:2.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:86.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_102337.htm" style="-sec-extract:exhibit;">Earnings Press Release<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&ndash;Fiscal Fourth Quarter and Fiscal Year Ended October 31, 2017. </font></a></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex_102337.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
	<title>ex_102337.htm</title>
	<!-- Created by RDG HTML Converter v1.1.0.0 12/20/2017 8:29:23 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 10px; margin-left: 10px; cursor: auto;">
<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>

<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 style="width: 57.9%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
			</td>
			<td style="width: 42%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>News Release</b></p>
			</td>
		</tr>

</table>

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

<hr style="margin: 3pt 0px; border: currentColor; border-image: none; width: 100%; height: 3px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<hr style="margin: 0px 0px 3pt; border: currentColor; border-image: none; width: 100%; height: 1px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<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 style="width: 16.6%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contact:</b></p>
			</td>
			<td style="width: 41.4%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">J. Larry Sorsby</p>
			</td>
			<td style="width: 42%; vertical-align: middle;">
			<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>
			</td>
		</tr>
		<tr>
			<td style="width: 16.6%; vertical-align: middle;">&nbsp;</td>
			<td style="width: 41.4%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Executive Vice President &amp; CFO</p>
			</td>
			<td style="width: 42%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Vice President, Investor Relations</p>
			</td>
		</tr>
		<tr>
			<td style="width: 16.6%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 41.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">732-747-7800</p>
			</td>
			<td style="width: 42%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">732-747-7800</p>
			</td>
		</tr>
		<tr>
			<td style="width: 16.6%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 41.4%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 42%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</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" id="TBL3" style="margin: 0pt; width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td style="width: 10%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 80%; vertical-align: bottom;">
			<p style="margin: 0pt 0.05pt 0pt 0pt; text-align: center; text-transform: uppercase; text-indent: 49.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>HOVNANIAN ENTERPRISES REPORTS <font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;">fiscal 2017&nbsp;Results</font></b></u></p>
			</td>
			<td style="width: 10%; vertical-align: top;">&nbsp;</td>
		</tr>

</table>

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

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Gross Margin</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b> Percentage</b><b> Improved for Both Fourth Quarter and Full Year</b></font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Ended Year with </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>$</b><b>464</b><b> Million of </b><b>Cash</b><b> and Cash Equivalents</b></font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contracts per Community </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Including Unconsolidated Joint Ventures </b><b>Increased 16% </b><b>for the</b><b> Quarter</b></font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></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;">December 21, 2017 &ndash; Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal fourth quarter and year ended October 31, 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; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;We <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">focused on enhancing our operating results throughout fiscal 2017 and this is reflected in improvements in our gross margin percentage and our contracts per community, both of which increased during the fourth quarter and the full year,&rdquo; stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. &ldquo;We ended fiscal 2017 with $464 million of cash, which is $219 million in excess of the high end of our target range and the highest level at a quarter&rsquo;s end since July 31, 2010. As we move forward, we remain focused on controlling more lots, further operational improvements and returning to consistent profitability. Given our renewed efforts to expand our land position, we believe we should be well positioned for growing our deliveries, revenues and profitability in 2019 and beyond.&rdquo;</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; text-indent: 0.7pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Although we are taking steps to increase our future community count, our 2017 deliveries and revenues were impacted by a decrease in our community count, which resulted from the decisions we made in fiscal 2016 to exit four underperforming markets, convert a number of wholly owned communities to joint ventures and temporarily reduce land spend, in order to pay off $320 million of maturing debt,&rdquo; concluded 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;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; 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 style="width: 1650px; vertical-align: bottom;">
			<p style="margin: 0pt 1.5pt 0pt 0pt; text-align: left; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>RESULTS FOR<font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;the THREE-MONTHs&nbsp;and Year&nbsp;ENDED October 31, 2017:</font></b></u></p>
			</td>
			<td style="width: 95px; vertical-align: bottom;">&nbsp;</td>
		</tr>

</table>

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

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

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt; font-variant: small-caps;"> </font></b></p>
			</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 revenues decreased 10.4% to $721.7 million in the fourth quarter of fiscal 2017, compared with $805.1 million in the fourth quarter of fiscal 2016. For the fiscal year ended October 31, 2017, total revenues decreased 10.9% to $2.45 billion compared with $2.75 billion in the prior year.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 35.25pt; 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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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 revenues for unconsolidated joint ventures increased 52.6% to $98.1 million in the fourth quarter of fiscal 2017, compared with $64.2 million in the fourth quarter of fiscal 2016. For the fiscal year ended October 31, 2017, homebuilding revenues for unconsolidated joint ventures increased 120.7% to $312.2 million compared with $141.4 million in the prior year.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 35.25pt; 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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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 SG&amp;A was $72.9 million, including a $12.5 million adjustment to&nbsp;construction defect reserves related to litigation for two closed communities, or 10.1% of total revenues, for the fourth quarter ended October 31, 2017 compared with $53.7 million, or 6.7% of total revenues, in last year&rsquo;s fourth quarter. Excluding the $12.5 million adjustment to&nbsp;construction defect reserves, total SG&amp;A would have been $60.4 million, or 8.4% of total revenues, for the fiscal 2017 fourth quarter. For fiscal 2017, total SG&amp;A was $255.7 million, including a $12.5 million adjustment to construction defect reserves in the fiscal 2017 fourth quarter related to litigation for two closed communities, or 10.4% of total revenues, compared with $253.1 million, or 9.2% of total revenues, in the prior fiscal year. Excluding the $12.5 million adjustment to&nbsp;construction defect reserves, total SG&amp;A would have been $243.2 million, or 9.9 % of total revenues, for the fiscal year ended October 31, 2017.</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>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">1</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" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Interest incurred (some of which was expensed and some of which was capitalized) was $43.3 million for the fourth quarter of fiscal 2017 compared with $40.3 million in the same quarter one year ago. For the fiscal year ended October 31, 2017, interest incurred decreased 4.0% to $160.2 million compared with $166.8 million during last year.</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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Total interest expense was $59.3 million in the fourth quarter of fiscal 2017, which includes $8.9 million of land and lot sales interest, compared with $48.2 million in the fourth quarter of fiscal 2016. Total interest expense increased 1.4% to $185.8 million for all of fiscal 2017 compared with $183.4 million in fiscal 2016.</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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Homebuilding gross margin percentage, after interest expense and land charges included in cost of sales, was 13.7% for the fourth quarter of fiscal 2017 compared with 13.0% in the prior year&rsquo;s fourth quarter. During all of fiscal 2017, this homebuilding gross margin percentage was 13.2% compared with 12.2% in the same period of the previous year.</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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 18.2% for the fourth quarter of fiscal 2017 compared with 17.6% in the prior year&rsquo;s fourth quarter. During fiscal 2017, this homebuilding gross margin percentage was 17.2% compared with 16.9% in the same period one year ago.</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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Income before income taxes for the quarter ended October 31, 2017 was $12.3 million compared to income before income taxes of $32.1 million during the fourth quarter of 2016. For fiscal 2017, the loss before income taxes was $45.2 million, which included a $34.9 million loss on extinguishment of debt, compared to income before income taxes of $2.4 million during fiscal 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Income before income taxes, excluding land-related charges and loss on extinguishment of debt, for the quarter ended October 31, 2017 was $20.8 million compared to $45.8 million during the fourth quarter of fiscal 2016. For fiscal 2017, income before income taxes, excluding land-related charges,&nbsp;joint venture write-downs and loss on extinguishment of debt, was $10.2 million compared to $39.0 million during fiscal 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Net income was $11.8 million, or $0.08 per common share, in the fourth quarter of fiscal 2017 compared with net income of $22.3 million, or $0.14 per common share, during the same quarter a year ago. For the fiscal year ended October 31, 2017, the net loss was $332.2 million, or $2.25 per common share, including the $294.0 million increase in the valuation allowance for our deferred tax assets and a $34.9 million loss on extinguishment of debt, compared with a net loss of $2.8 million, or $0.02 per common share, 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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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;">Contracts per community, including unconsolidated joint ventures, increased 16.2% to 8.6 contracts per community for the quarter ended October 31, 2017 compared with 7.4 contracts, including unconsolidated joint ventures, per community in last year&rsquo;s fourth quarter. Consolidated contracts per community increased 10.3% to 8.6 contracts per community for the fourth quarter of fiscal 2017 compared with 7.8 contracts per community in the fourth quarter of fiscal 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>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">2</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" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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;">For November 2017, contracts per community, including unconsolidated joint ventures, increased 27.3% to 2.8 contracts per community compared to 2.2 contracts per community for the same month one year ago. During November 2017, the number of contracts, including unconsolidated joint ventures, increased 10.8% to 443 homes from 400 homes in November 2016 and the dollar value of contracts, including unconsolidated joint ventures, increased 5.8% to $183.9 million in November 2017 compared with $173.8 million for November 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">As of the end of the fourth quarter of fiscal 2017, community count, including unconsolidated joint ventures, decreased 16.5% to 157 communities compared with 188 communities at October 31, 2016. Consolidated community count decreased 22.2% to 130 communities as of October 31, 2017 from 167 communities at the end of the prior year&rsquo;s fourth quarter. </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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Despite the significant drop in community count, the number of contracts, including unconsolidated joint ventures, for the fourth quarter ended October 31, 2017, decreased 3.2% to 1,344 homes from 1,389 homes for the same quarter last year. The number of consolidated contracts, during the fourth quarter of fiscal 2017, decreased 14.4% to 1,112 homes compared with 1,299 homes during the fourth quarter of 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">During fiscal 2017, the number of contracts, including unconsolidated joint ventures, was 5,937 homes, a decrease of 6.9% from 6,380 homes during fiscal 2016. The number of consolidated contracts, during the year ended October 31, 2017, decreased 14.9% to 5,196 homes compared with 6,109 homes in the previous year. </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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">The dollar value of contract backlog, including unconsolidated joint ventures, as of October 31, 2017, was $1.09 billion, a decrease of 10.6% compared with $1.22 billion as of October 31, 2016. The dollar value of consolidated contract backlog, as of October 31, 2017, decreased 24.4% to $808.0 million compared with $1.07 billion as of October 31, 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">For the quarter ended October 31, 2017, deliveries, including unconsolidated joint ventures, decreased 9.4% to 1,787 homes compared with 1,972 homes during the fourth quarter of fiscal 2016. Consolidated deliveries were 1,604 homes for the fourth quarter of fiscal 2017, a 14.2% decrease compared with 1,870 homes during the same quarter a year ago. </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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">For the year ended October 31, 2017, deliveries, including unconsolidated joint ventures, decreased 8.4% to 6,149, homes compared with 6,712 homes in the prior fiscal year. Consolidated deliveries were 5,602 homes in fiscal 2017, a 13.3% decrease compared with 6,464 homes 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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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;">The consolidated contract cancellation rate for the three months ended October 31, 2017 was 22%, compared with 20% in the fourth quarter of the prior year. The contract cancellation rate, including unconsolidated joint ventures, was 22% in the fourth quarter of fiscal 2017 compared with 21% in the fourth quarter of fiscal 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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">The valuation allowance was $918.2 million as of October 31, 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 0pt 0pt 36pt; 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: &quot;Times New Roman&quot;; font-size: 10pt;">3</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="TBL5" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 57.1%; vertical-align: bottom;">
			<p style="margin: 0pt 0.8pt 0pt 0pt; text-align: left; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>Liquidity AND Inventory as </b><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>of </b><b>October</b><b> 3</b><b>1</b><b>, 201</b><b>7</b><b>:</b></font></u></p>
			</td>
		</tr>

</table>

<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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Total liquidity at the end of the fourth quarter of fiscal 2017 was $473.8 million, which includes $463.7 million of cash and cash equivalents.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 0.35pt 0pt 35.25pt; 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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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;">For the year ended October 31, 2017, net new option lots increased by 5,565 lots to 6,597 lots compared with 1,032 lots for all of fiscal 2016. Total lots purchased were 5,825 lots in fiscal 2017 compared with 5,123 lots in the previous year.</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: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</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;">In the fourth quarter of fiscal 2017, approximately 3,100 lots were put under option or acquired in 35 communities, including unconsolidated joint ventures.</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: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9679;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> </font></p>
			</td>
			<td>
			<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;">Subsequent to the end of the fiscal year, paid off $56.0 million principal amount of debt that matured on December 1, 2017.</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" id="TBL6" style="margin: 0pt; width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td style="width: 99.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>Webcast Information:</b></u></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;">Hovnanian Enterprises will webcast its fiscal 201<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">7 fourth quarter financial results conference call at 11:00 a.m. E.T. on Thursday, December 21, 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>

<table border="0" cellpadding="0" cellspacing="0" id="TBL7" style="width: 99.8%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 48.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u><b>About Hovnanian Enterprises</b><font style="text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup><b>&reg;</b></sup><b>, Inc.:</b></font></u></p>
			</td>
		</tr>

</table>

<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<sup>&reg;</sup> 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>

<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;">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>

<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>

<table border="0" cellpadding="0" cellspacing="0" id="TBL8" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 39.9%; vertical-align: bottom;">
			<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>
			</td>
		</tr>

</table>

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

<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>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>income (</b><b>loss</b><b>)</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>income (</b><b>loss</b><b>)</b><b> </b><b>is presented in a table attached to this earnings release.</b></font></p>

<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; 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: &quot;Times New Roman&quot;; font-size: 10pt;">4</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 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.</b><b> </b><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></font></p>

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

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

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

<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>463.7</b><b> </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>8.</b><b>4 </b><b>million of availability under the unsecured revolving credit facility</b><b> as of </b><b>October</b><b> 31</b><b>, 201</b><b>7</b><b>.</b></font></p>

<p style="margin: 0pt; text-align: justify; 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: &quot;Times New Roman&quot;; font-size: 10pt;">5</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;"><b>&nbsp; </b></p>

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

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

<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>

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

<p style="margin: 0pt; text-align: center; 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: &quot;Times New Roman&quot;; font-size: 10pt;">6</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="TBL9" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 54.1%; vertical-align: top;">
			<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: 54.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>October 31, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 54.1%; vertical-align: top;">
			<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 style="width: 54.1%; vertical-align: top;">
			<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>

</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.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" 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;">Three Months Ended</p>
			</td>
			<td id=".trail.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" id=".amt.D7" 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;">Twelve Months Ended</p>
			</td>
			<td id=".trail.D7" 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.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" 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;">October 31,</p>
			</td>
			<td id=".trail.D5" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" id=".amt.D7" 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>
			</td>
			<td id=".trail.D7" 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.D4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" 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 colspan="2" 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>
			<td id=".lead.D6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D6" 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.D6" style="padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D7" 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.D7" 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.D5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" 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>
			<td id=".lead.D7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="6" id=".amt.D7" 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.D7" 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 colspan="1" 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;">Total Revenues</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$721,686</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$805,069</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$2,451,665</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$2,752,247</td>
			<td id=".trail.7" 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 colspan="1" 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.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">712,443</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=".symb.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;">770,609</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,455,008</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,742,265</td>
			<td id=".trail.7" 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 colspan="1" 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 on Extinguishment of Debt</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">-</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=".symb.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;">(3,200</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(34,854</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(3,200</td>
			<td id=".trail.7" 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 colspan="1" 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 (Loss) from Unconsolidated Joint Ventures</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">3,062</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">881</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".amt.6" 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;">(7,047</td>
			<td id=".trail.6" 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.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".amt.7" 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;">(4,346</td>
			<td id=".trail.7" 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 colspan="1" 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 (Loss) Before Income Taxes</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">12,305</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=".symb.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;">32,141</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">(45,244</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">2,436</td>
			<td id=".trail.7" 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 colspan="1" 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 Provision</p>
			</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">464</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">9,852</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>
			<td id=".lead.6" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".amt.6" 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;">286,949</td>
			<td id=".trail.6" 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.7" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td id=".amt.7" 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;">5,255</td>
			<td id=".trail.7" 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 colspan="1" 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 Income (Loss)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; 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;">&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;">$11,841</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=".symb.5" style="width: 1%; 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;">&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;">$22,289</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(332,193</td>
			<td id=".trail.6" 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.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; 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;">&nbsp;</td>
			<td id=".amt.7" 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;">$(2,819</td>
			<td id=".trail.7" 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.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 colspan="1" 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.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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>
			<td id=".lead.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" 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 colspan="1" 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.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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>
			<td id=".lead.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" 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 colspan="1" 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; font-family: Times New Roman, Times, serif; font-size: 10pt;">Income (Loss) Per Common Share</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.08</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.14</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(2.25</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.02</td>
			<td id=".trail.7" 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="width: 47.6%; font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Weighted Average Number of Common Shares Outstanding (b)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">147,905</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=".symb.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;">147,521</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,703</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,451</td>
			<td id=".trail.7" 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 colspan="1" 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.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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>
			<td id=".lead.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" 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 colspan="1" 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; font-family: Times New Roman, Times, serif; font-size: 10pt;">Income (Loss) Per Common Share</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.08</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.14</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(2.25</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(0.02</td>
			<td id=".trail.7" 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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Weighted Average Number of Common Shares Outstanding (b)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">160,548</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=".symb.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;">160,590</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>
			<td id=".lead.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,703</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">147,451</td>
			<td id=".trail.7" 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" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;">(a) Includes inventory impairment loss and land option write-offs.</p>
			</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;">(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" class="finTable" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;"><b>Hovnanian Enterprises, Inc.</b></p>
			</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;"><b>October 31, 2017</b></p>
			</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;">Reconciliation of Income Before Income Taxes Excluding Land-Related Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, Joint Venture Write-Downs and Loss on Extinguishment of Debt to Income (Loss) Before Income Taxes</font></p>
			</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td>&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom;">
			<td colspan="1" 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;">(Dollars in Thousands)</p>
			</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="6" 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="6" 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;">Twelve 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="6" 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>
			</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="6" 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;">October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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="6" 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="6" 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: 52%; 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 (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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$12,305</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$32,141</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(45,244</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$2,436</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=".symb.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;">8,479</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=".symb.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;">10,438</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>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">17,813</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=".symb.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;">33,353</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;">Unconsolidated Joint Venture Investment Write Downs</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">-</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=".symb.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=".symb.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;">2,763</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=".symb.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="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 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(34,854</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Income Before Income Taxes Excluding Land-Related Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, Joint Venture Write-Downs and Loss on Extinguishment of Debt (a)</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; 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;">&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;">$20,784</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=".symb.3" style="width: 1%; 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;">&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;">$45,779</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=".symb.4" style="width: 1%; 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;">&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;">$10,186</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=".symb.5" style="width: 1%; 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;">&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;">$38,989</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>

<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 colspan="1" 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;">(a) Income Before Income Taxes Excluding Land-Related Charges<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, Joint Venture Write-Downs and Loss on Extinguishment of Debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Income (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;">&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: &quot;Times New Roman&quot;; 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: 51.3%; 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: 51.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>October 31, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 51.3%; 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: 51.3%; 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="6" 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="6" 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="6" 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="6" 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;">Twelve 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="6" 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>
			</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="6" 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;">October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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="6" 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="6" 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: 52%; 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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$666,783</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$777,472</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$2,340,033</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$2,600,790</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">545,150</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">640,580</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,937,116</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,162,284</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Homebuilding Gross Margin, Before Cost of Sales Interest Expense and Land Charges (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">121,633</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">136,892</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">402,917</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">438,506</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; 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: none;">&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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Cost of Sales Interest Expense, Excluding Land Sales Interest Expense</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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">21,618</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">25,302</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">76,902</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">86,593</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Homebuilding Gross Margin, After Cost of Sales Interest Expense, Before Land Charges (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">100,015</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">111,590</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">326,015</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">351,913</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; 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: none;">&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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">8,479</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">10,438</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">17,813</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">33,353</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;">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=".symb.2" style="width: 1%; 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;">&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;">$91,536</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=".symb.3" style="width: 1%; 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;">&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;">$101,152</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=".symb.4" style="width: 1%; 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;">&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;">$308,202</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=".symb.5" style="width: 1%; 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;">&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;">$318,560</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=".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>
		</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;">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=".symb.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;">13.7</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=".symb.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;">13.0</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=".symb.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;">13.2</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=".symb.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;">12.2</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Gross Margin Percentage, Before Cost of Sales Interest Expense and Land Charges (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">18.2</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=".symb.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;">17.6</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=".symb.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;">17.2</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=".symb.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;">16.9</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Gross Margin Percentage, After Cost of Sales Interest Expense, Before Land Charges (b)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">15.0</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=".symb.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;">14.4</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=".symb.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;">13.9</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=".symb.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;">13.5</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="6" 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="6" 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="6" 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="6" 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;">Twelve 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="6" 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>
			</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="6" 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;">October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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="6" 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="6" 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: 52%; 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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$37,099</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$5,990</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$48,596</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$76,041</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">17,301</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">5,898</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">24,688</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">68,173</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;">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; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">19,798</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">92</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; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">23,908</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">7,868</td>
			<td id=".trail.5" nowrap="true" style="width: 1%; 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: none;">&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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">8,888</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">396</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">11,634</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">5,798</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;">&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;">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=".symb.2" style="width: 1%; 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;">&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;">$10,910</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">&nbsp;</td>
			<td id=".amt.3" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(304</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=".symb.4" style="width: 1%; 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;">&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;">$12,274</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=".symb.5" style="width: 1%; 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;">&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;">$2,070</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>

<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: 100%; 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 Consolidated Statements of Operations.</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) Homebuilding Gross Margin, Before Cost of Sales Interest Expense and Land Charges, and Homebuilding Gross Margin Percentage, before Cost 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.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; 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: &quot;Times New Roman&quot;; 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: 46.1%; vertical-align: top;">
			<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: 46.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>October 31, 2017 </b></p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Reconciliation of Adjusted EBITDA to Net Income (Loss)</p>
			</td>
		</tr>
		<tr>
			<td style="width: 46.1%; vertical-align: top;">
			<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="6" 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="6" 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;">Three 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="6" 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>
			</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="6" 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;">October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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="6" 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.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B4" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B4" style="text-align: center; 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=".symb.B5" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: center; 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="width: 52%; 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 Income (Loss)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$11,841</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$22,289</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(332,193</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$(2,819</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 Provision</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">464</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=".symb.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;">9,852</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=".symb.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;">286,949</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=".symb.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;">5,255</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">59,327</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">48,197</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">185,840</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">183,358</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=".symb.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;">71,632</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=".symb.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;">80,338</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=".symb.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;">140,596</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=".symb.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;">185,794</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=".symb.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;">1,037</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=".symb.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;">957</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=".symb.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;">4,249</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=".symb.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;">3,565</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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,446</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">5,261</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=".symb.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;">72,669</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=".symb.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;">82,741</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=".symb.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;">146,477</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=".symb.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;">194,620</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=".symb.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;">8,479</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=".symb.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;">10,438</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>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">17,813</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=".symb.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;">33,353</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 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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%; padding-bottom: 1px; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(34,854</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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(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=".symb.2" style="width: 1%; 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;">&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;">$81,148</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=".symb.3" style="width: 1%; 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;">&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;">$96,379</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=".symb.4" style="width: 1%; 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;">&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;">$199,144</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=".symb.5" style="width: 1%; 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;">&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;">$231,173</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=".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>
		</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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$43,259</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$40,341</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$160,203</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$166,824</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=".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>
		</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=".symb.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;">1.88</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=".symb.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;">2.39</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=".symb.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;">1.24</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=".symb.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;">1.39</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: top;">
			<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 income (loss). EBIT represents earnings before interest expense and income taxes.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: top;">
			<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 income (loss). EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="width: 100%; vertical-align: top;">
			<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 income (loss). Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and loss 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: 46.1%; 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 style="width: 46.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>October 31, 2017</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 46.1%; 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: 46.1%; 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>

<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="6" 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="6" 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;">Twelve 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="6" 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>
			</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="6" 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;">October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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="6" 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="6" 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: 52%; 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$87,119</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$104,544</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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=".symb.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;">43,259</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=".symb.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;">40,341</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=".symb.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;">160,203</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=".symb.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;">166,824</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=".symb.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;">59,327</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=".symb.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;">48,197</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=".symb.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;">185,840</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=".symb.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;">183,358</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.2" style="width: 1%; 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;">&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;">$71,051</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=".symb.3" style="width: 1%; 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;">&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;">$96,688</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=".symb.4" style="width: 1%; 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;">&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;">$71,051</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=".symb.5" style="width: 1%; 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;">&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;">$96,688</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>

<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 Consolidated Statement of Operations as a result of this transaction<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.</font></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; text-align: center; 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: &quot;Times New Roman&quot;; 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>

<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;">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 colspan="2" 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;">October 31,</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="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="2" 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;">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="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 colspan="2" 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;">(Unaudited)</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.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".symb.3" rowspan="1" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: center;">(1)</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="width: 70%; 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=".symb.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=".symb.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=".symb.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=".symb.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;">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=".symb.2" style="width: 1%; 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;">&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;">$463,697</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=".symb.3" style="width: 1%; 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;">&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;">$339,773</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,077</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">3,914</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;">Inventories:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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;">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=".symb.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;">744,119</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=".symb.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: 9pt;">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=".symb.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;">140,924</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=".symb.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: 9pt;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">124,784</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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: 27pt;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,009,827</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,283,084</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">115,090</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">100,502</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">58,149</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">49,726</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">52,919</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">50,332</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">37,026</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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: 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,738,785</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,874,093</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;">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=".symb.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;">5,623</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=".symb.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(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 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=".symb.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;">156,490</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=".symb.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(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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">-</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.2" style="width: 1%; 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;">&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;">$1,900,898</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=".symb.3" style="width: 1%; 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;">&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=".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>
		</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=".symb.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=".symb.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=".symb.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=".symb.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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$64,512</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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=".symb.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;">335,057</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=".symb.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=".symb.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;">33,772</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=".symb.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=".symb.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;">13,012</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=".symb.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=".symb.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;">91,101</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=".symb.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=".symb.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=".symb.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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,627,674</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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: 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,217,128</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,311,021</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;">Financial services</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">141,914</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; 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: none;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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: none;">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; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&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 payable</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,227</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">-</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 liabilities</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,361,269</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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(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&#39; equity deficit:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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 October 31, 2017 and 2016</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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 - authorized 400,000,000 shares; issued 144,046,073 shares at October 31, 2017 and 143,806,775 shares 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=".symb.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;">1,440</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=".symb.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) - authorized 60,000,000 shares; issued 15,999,355 shares at October 31, 2017 and 15,942,809 shares 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=".symb.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;">160</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=".symb.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 - common stock</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">706,466</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=".symb.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=".symb.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;">(1,188,376</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=".symb.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 - at cost <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&ndash; 11,760,763 shares of Class A common stock and 691,748 shares of Class B common stock at October 31, 2017 and 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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: 27pt;">Total stockholders&#39; equity deficit</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(460,371</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.2" style="width: 1%; 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;">&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;">$1,900,898</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</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; 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;">(1) Derived from the audited balance sheet as of October 31, 2016</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: &quot;Times New Roman&quot;; 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;">H<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">OVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">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="6" 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 October 31,</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="6" 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;">Twelve Months Ended October 31,</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 colspan="2" 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 colspan="2" 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 colspan="2" 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 colspan="2" 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: 52%; 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=".symb.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=".symb.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=".symb.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=".symb.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;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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=".symb.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=".symb.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;">Sale<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> of homes</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$666,783</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$777,472</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$2,340,033</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$2,600,790</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;">Land<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> sales and other revenues</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">38,496</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">6,694</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">52,889</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">78,840</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>&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>
		</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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total homebuilding</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">705,279</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=".symb.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;">784,166</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=".symb.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;">2,392,922</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=".symb.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;">2,679,630</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;">Financial<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> services</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">16,407</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">20,903</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">58,743</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">72,617</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=".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>
		</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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> revenues</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">721,686</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">805,069</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,451,665</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,752,247</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=".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>
		</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=".symb.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=".symb.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=".symb.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=".symb.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;">Homebuilding:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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=".symb.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=".symb.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;">Cost<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> of sales, excluding interest</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">562,451</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=".symb.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;">646,478</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=".symb.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;">1,961,804</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=".symb.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;">2,230,457</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;">Cost<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> of sales interest</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">30,506</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=".symb.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;">25,698</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=".symb.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;">88,536</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=".symb.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;">92,391</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;">Inventory<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> impairment loss and land option write-offs</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">8,479</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">10,438</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">17,813</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">33,353</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=".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>
		</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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total cost of sales</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">601,436</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=".symb.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;">682,614</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=".symb.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;">2,068,153</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=".symb.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;">2,356,201</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>&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>
		</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;">Selling,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> general and administrative</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">60,928</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">37,378</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">196,320</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">192,938</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=".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>
		</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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> homebuilding expenses</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">662,364</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=".symb.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;">719,992</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>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">2,264,473</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=".symb.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;">2,549,139</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>&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>
		</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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> services</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">9,264</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=".symb.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;">10,395</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=".symb.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;">32,346</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=".symb.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;">37,144</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>&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>
		</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;">Corporate<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> general and administrative</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">11,942</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=".symb.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;">16,337</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=".symb.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;">59,367</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=".symb.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;">60,141</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>&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>
		</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;">Other<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> interest</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">28,821</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=".symb.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;">22,499</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=".symb.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;">97,304</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=".symb.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;">90,967</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>&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>
		</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;">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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">52</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,386</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">1,518</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">4,874</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=".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>
		</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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total expenses</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">712,443</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">770,609</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,455,008</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,742,265</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=".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>
		</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 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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(34,854</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(3,200</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(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>
		</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 (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=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">3,062</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">881</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(7,047</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(4,346</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(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>
		</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 (loss) before<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> income taxes</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">12,305</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">32,141</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">(45,244</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,436</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=".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>
		</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;">State<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> and federal income tax provision (benefit):</font></p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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=".symb.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=".symb.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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">State</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">464</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=".symb.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;">(2,538</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=".symb.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;">11,261</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=".symb.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;">2,457</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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Federal</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">12,390</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">275,688</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">2,798</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;">&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>
		</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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Total income taxes</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">464</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">9,852</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=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">286,949</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&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;">5,255</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=".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>
		</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;">Net income (loss)</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; 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;">&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;">$11,841</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=".symb.3" style="width: 1%; 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;">&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;">$22,289</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$(332,193</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=".symb.5" style="width: 1%; 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;">&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;">$(2,819</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=".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>
		</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;">Per<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> share data:</font></p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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=".symb.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=".symb.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;">Basic:</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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=".symb.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=".symb.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=".symb.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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Income (loss) per common share</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.08</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.14</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(2.25</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$(0.02</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted-average number of common</font>&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">shares outstanding</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">147,905</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=".symb.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;">147,521</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=".symb.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;">147,703</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=".symb.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;">147,451</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=".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>
		</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=".symb.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=".symb.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=".symb.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=".symb.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;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Income (loss) per common share</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.08</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=".symb.3" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$0.14</td>
			<td id=".trail.3" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$(2.25</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=".symb.5" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&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;">$(0.02</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="text-indent: -9pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted-average number of common</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> shares outstanding</font></p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.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;">160,548</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=".symb.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;">160,590</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=".symb.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;">147,703</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=".symb.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;">147,451</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: &quot;Times New Roman&quot;; 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>

<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>
		<tr>
			<td style="width: 22.9%; 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>
		</tr>

</table>

<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 style="width: 22.9%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; 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>Three Months - October 31, 2017</b></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; 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>Contracts</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b><b>(1)</b></font></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Deliveries</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: none;">
			<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: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; 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: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Three Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: none;">
			<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: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; 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>Oct 31,</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Oct 31,</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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>Oct 31,</b></p>
			</td>
		</tr>

</table>

<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 style="background-color: rgb(204, 238, 255);">
			<td style="width: 22.9%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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>
			<td style="width: 7.7%; 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>2017</b></p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: none; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">44</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">106</p>
			</td>
			<td style="width: 7.7%; 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;">(58.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">62</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">162</p>
			</td>
			<td style="width: 7.7%; 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;">(61.7)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">98</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">204</p>
			</td>
			<td style="width: 7.7%; 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;">(52.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$24,407</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$50,179</p>
			</td>
			<td style="width: 7.7%; 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;">(51.4)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$27,913</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$81,467</p>
			</td>
			<td style="width: 7.7%; 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;">(65.7)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$51,778</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$99,512</p>
			</td>
			<td style="width: 7.7%; 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;">(48.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$554,708</p>
			</td>
			<td style="width: 7.7%; 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;">$473,383</p>
			</td>
			<td style="width: 7.7%; 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;">17.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$450,208</p>
			</td>
			<td style="width: 7.7%; 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;">$502,884</p>
			</td>
			<td style="width: 7.7%; 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;">(10.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$528,349</p>
			</td>
			<td style="width: 7.7%; 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;">$487,803</p>
			</td>
			<td style="width: 7.7%; 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;">8.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">146</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">(25.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">256</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">332</p>
			</td>
			<td style="width: 7.7%; 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;">(22.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">309</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">430</p>
			</td>
			<td style="width: 7.7%; 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;">(28.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$77,112</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$99,179</p>
			</td>
			<td style="width: 7.7%; 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;">(22.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$149,881</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$162,902</p>
			</td>
			<td style="width: 7.7%; 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;">(8.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$185,123</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$248,974</p>
			</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$528,168</p>
			</td>
			<td style="width: 7.7%; 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;">$506,012</p>
			</td>
			<td style="width: 7.7%; 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%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$585,473</p>
			</td>
			<td style="width: 7.7%; 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;">$490,668</p>
			</td>
			<td style="width: 7.7%; 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;">19.3%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$599,104</p>
			</td>
			<td style="width: 7.7%; 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;">$579,009</p>
			</td>
			<td style="width: 7.7%; 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;">3.5%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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;"><b>(2)</b></font></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">137</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">125</p>
			</td>
			<td style="width: 7.7%; 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;">9.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">229</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">215</p>
			</td>
			<td style="width: 7.7%; 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;">6.5%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">382</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">374</p>
			</td>
			<td style="width: 7.7%; 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;">2.1%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$38,139</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$38,339</p>
			</td>
			<td style="width: 7.7%; 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;">(0.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$72,944</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$62,193</p>
			</td>
			<td style="width: 7.7%; 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;">17.3%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$98,969</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$104,527</p>
			</td>
			<td style="width: 7.7%; 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;">(5.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$278,383</p>
			</td>
			<td style="width: 7.7%; 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;">$306,712</p>
			</td>
			<td style="width: 7.7%; 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;">(9.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$318,533</p>
			</td>
			<td style="width: 7.7%; 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;">$289,271</p>
			</td>
			<td style="width: 7.7%; 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;">10.1%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$259,082</p>
			</td>
			<td style="width: 7.7%; 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;">$279,485</p>
			</td>
			<td style="width: 7.7%; 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;">(7.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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;"><b>(3)</b></font></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">146</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">3.5%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">183</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">164</p>
			</td>
			<td style="width: 7.7%; 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;">11.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">332</p>
			</td>
			<td style="width: 7.7%; 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;">(14.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$56,354</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$53,372</p>
			</td>
			<td style="width: 7.7%; 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;">5.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$78,267</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$67,690</p>
			</td>
			<td style="width: 7.7%; 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;">15.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$120,382</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$145,171</p>
			</td>
			<td style="width: 7.7%; 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;">(17.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$385,986</p>
			</td>
			<td style="width: 7.7%; 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;">$378,522</p>
			</td>
			<td style="width: 7.7%; 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;">2.0%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$427,691</p>
			</td>
			<td style="width: 7.7%; 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;">$412,744</p>
			</td>
			<td style="width: 7.7%; 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;">3.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$422,394</p>
			</td>
			<td style="width: 7.7%; 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;">$437,261</p>
			</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">551</p>
			</td>
			<td style="width: 7.7%; 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;">(22.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">606</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">796</p>
			</td>
			<td style="width: 7.7%; 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;">(23.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">509</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">763</p>
			</td>
			<td style="width: 7.7%; 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;">(33.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$142,926</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$190,426</p>
			</td>
			<td style="width: 7.7%; 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;">(24.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$209,223</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$298,689</p>
			</td>
			<td style="width: 7.7%; 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;">(30.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$177,818</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$285,644</p>
			</td>
			<td style="width: 7.7%; 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;">(37.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$336,298</p>
			</td>
			<td style="width: 7.7%; 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;">$345,601</p>
			</td>
			<td style="width: 7.7%; 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;">(2.7)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$345,252</p>
			</td>
			<td style="width: 7.7%; 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;">$375,237</p>
			</td>
			<td style="width: 7.7%; 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;">(8.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$349,347</p>
			</td>
			<td style="width: 7.7%; 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;">$374,370</p>
			</td>
			<td style="width: 7.7%; 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;">(6.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">214</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">180</p>
			</td>
			<td style="width: 7.7%; 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;">18.9%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">268</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">201</p>
			</td>
			<td style="width: 7.7%; 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;">33.3%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">400</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">295</p>
			</td>
			<td style="width: 7.7%; 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;">35.6%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$91,048</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$102,819</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">$128,555</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$104,531</p>
			</td>
			<td style="width: 7.7%; 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;">23.0%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$173,963</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$185,274</p>
			</td>
			<td style="width: 7.7%; 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;">(6.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$425,457</p>
			</td>
			<td style="width: 7.7%; 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;">$571,218</p>
			</td>
			<td style="width: 7.7%; 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;">(25.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$479,683</p>
			</td>
			<td style="width: 7.7%; 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;">$520,055</p>
			</td>
			<td style="width: 7.7%; 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;">(7.8)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$434,906</p>
			</td>
			<td style="width: 7.7%; 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;">$628,047</p>
			</td>
			<td style="width: 7.7%; 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;">(30.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,112</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,299</p>
			</td>
			<td style="width: 7.7%; 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;">(14.4)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">1,604</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,870</p>
			</td>
			<td style="width: 7.7%; 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;">(14.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,983</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,398</p>
			</td>
			<td style="width: 7.7%; 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;">(17.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$429,986</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$534,314</p>
			</td>
			<td style="width: 7.7%; 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;">(19.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$666,783</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$777,472</p>
			</td>
			<td style="width: 7.7%; 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;">(14.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$808,033</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,069,102</p>
			</td>
			<td style="width: 7.7%; 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;">(24.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$386,678</p>
			</td>
			<td style="width: 7.7%; 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;">$411,327</p>
			</td>
			<td style="width: 7.7%; 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 style="width: 7.7%; 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;">$415,700</p>
			</td>
			<td style="width: 7.7%; 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;">$415,761</p>
			</td>
			<td style="width: 7.7%; 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;">(0.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$407,480</p>
			</td>
			<td style="width: 7.7%; 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;">$445,831</p>
			</td>
			<td style="width: 7.7%; 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;">(8.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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;"><b> (4)</b></font></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">232</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">90</p>
			</td>
			<td style="width: 7.7%; 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;">157.8%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">183</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">102</p>
			</td>
			<td style="width: 7.7%; 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;">79.4%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">454</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">251</p>
			</td>
			<td style="width: 7.7%; 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;">80.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$136,884</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$48,394</p>
			</td>
			<td style="width: 7.7%; 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;">182.9%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$97,590</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$64,099</p>
			</td>
			<td style="width: 7.7%; 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;">52.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$283,528</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$152,430</p>
			</td>
			<td style="width: 7.7%; 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;">86.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$590,017</p>
			</td>
			<td style="width: 7.7%; 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;">$537,706</p>
			</td>
			<td style="width: 7.7%; 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;">9.7%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$533,275</p>
			</td>
			<td style="width: 7.7%; 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;">$628,417</p>
			</td>
			<td style="width: 7.7%; 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;">(15.1)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$624,510</p>
			</td>
			<td style="width: 7.7%; 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;">$607,292</p>
			</td>
			<td style="width: 7.7%; 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;">2.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; vertical-align: bottom; border-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: 7.7%; 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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,344</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,389</p>
			</td>
			<td style="width: 7.7%; 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;">(3.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">1,787</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1,972</p>
			</td>
			<td style="width: 7.7%; 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;">(9.4)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,437</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,649</p>
			</td>
			<td style="width: 7.7%; 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;">(8.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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;">Dollars</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$566,870</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$582,708</p>
			</td>
			<td style="width: 7.7%; 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;">(2.7)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$764,373</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$841,571</p>
			</td>
			<td style="width: 7.7%; 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;">(9.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,091,561</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,221,532</p>
			</td>
			<td style="width: 7.7%; 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;">(10.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; vertical-align: bottom; border-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: 7.7%; 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 0pt 0pt 9pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Avg. Price</p>
			</td>
			<td style="width: 7.7%; 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;">$421,778</p>
			</td>
			<td style="width: 7.7%; 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;">$419,516</p>
			</td>
			<td style="width: 7.7%; 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;">0.5%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$427,741</p>
			</td>
			<td style="width: 7.7%; 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;">$426,760</p>
			</td>
			<td style="width: 7.7%; 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;">0.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$447,912</p>
			</td>
			<td style="width: 7.7%; 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;">$461,130</p>
			</td>
			<td style="width: 7.7%; 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;">(2.9)%&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</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 style="width: 22.9%; 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 style="width: 22.9%; 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) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</font><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;">(2) Contract backlog as of October 31, 2016 reflects the reduction of 64 homes and $24.1 million, related to the sale of our land portfolio in Minneapolis, MN.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(3) Contract backlog as of October 31, 2016 reflects the reduction of 67 homes and $33.7 million, related to the sale of our land portfolio in Raleigh, NC.</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">) 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;Income (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;">&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: &quot;Times New Roman&quot;; 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: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL17" 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>
		<tr>
			<td style="width: 22.9%; 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>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL17" style="border-image: none; width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt; border-collapse: collapse;">

		<tr>
			<td style="width: 22.9%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Twelve Months - October 31, 201</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>7</b></font></td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contracts</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b><b>(1)</b></font></p>
			</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Deliveries</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Contract</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Twelve Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Twelve Months Ended</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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: 22.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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>Oct 31,</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; vertical-align: bottom; border-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>Oct 31,</b></p>
			</td>
			<td colspan="3" style="width: 23.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Oct 31,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 22.9%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">245</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">468</p>
			</td>
			<td style="width: 7.7%; 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;">(47.6)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">351</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">557</p>
			</td>
			<td style="width: 7.7%; 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;">(37.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">204</p>
			</td>
			<td style="width: 7.7%; 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;">(52.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; padding-left: 9pt; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$119,018</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$226,635</p>
			</td>
			<td style="width: 7.7%; 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;">(47.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$166,752</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$274,126</p>
			</td>
			<td style="width: 7.7%; 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;">(39.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$51,778</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$99,512</p>
			</td>
			<td style="width: 7.7%; 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;">(48.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$485,789</p>
			</td>
			<td style="width: 7.7%; 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;">$484,261</p>
			</td>
			<td style="width: 7.7%; 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 style="width: 7.7%; 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;">$475,077</p>
			</td>
			<td style="width: 7.7%; 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;">$492,147</p>
			</td>
			<td style="width: 7.7%; 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;">(3.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$528,349</p>
			</td>
			<td style="width: 7.7%; 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;">$487,803</p>
			</td>
			<td style="width: 7.7%; 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;">8.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">735</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">949</p>
			</td>
			<td style="width: 7.7%; 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;">(22.6)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">856</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">960</p>
			</td>
			<td style="width: 7.7%; 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;">(10.8)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">309</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">430</p>
			</td>
			<td style="width: 7.7%; 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;">(28.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; padding-left: 9pt; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$399,420</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$467,782</p>
			</td>
			<td style="width: 7.7%; 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;">(14.6)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$463,271</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$457,906</p>
			</td>
			<td style="width: 7.7%; 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;">1.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$185,123</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$248,974</p>
			</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$543,429</p>
			</td>
			<td style="width: 7.7%; 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;">$492,920</p>
			</td>
			<td style="width: 7.7%; 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;">10.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$541,205</p>
			</td>
			<td style="width: 7.7%; 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;">$476,985</p>
			</td>
			<td style="width: 7.7%; 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;">13.5%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$599,104</p>
			</td>
			<td style="width: 7.7%; 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;">$579,009</p>
			</td>
			<td style="width: 7.7%; 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;">3.5%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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 (2)</b></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">648</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">724</p>
			</td>
			<td style="width: 7.7%; 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 style="width: 7.7%; 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;">640</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">921</p>
			</td>
			<td style="width: 7.7%; 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;">(30.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">382</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">374</p>
			</td>
			<td style="width: 7.7%; 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;">2.1%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$193,451</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">229,671</font></p>
			</td>
			<td style="width: 7.7%; 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;">15.8)%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$199,009</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$287,469</p>
			</td>
			<td style="width: 7.7%; 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;">(30.8)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$98,969</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$104,527</p>
			</td>
			<td style="width: 7.7%; 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;">(5.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$298,535</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">317,225</font></p>
			</td>
			<td style="width: 7.7%; 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;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">5.9)%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$310,951</p>
			</td>
			<td style="width: 7.7%; 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;">$312,127</p>
			</td>
			<td style="width: 7.7%; 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;">(0.4)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$259,082</p>
			</td>
			<td style="width: 7.7%; 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;">$279,485</p>
			</td>
			<td style="width: 7.7%; 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;">(7.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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 (3)</b></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">567</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">701</p>
			</td>
			<td style="width: 7.7%; 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;">(19.1)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">614</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">581</p>
			</td>
			<td style="width: 7.7%; 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;">5.7%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">285</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">332</p>
			</td>
			<td style="width: 7.7%; 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;">(14.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$232,278</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$287,538</p>
			</td>
			<td style="width: 7.7%; 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;">(19.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$257,066</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$214,585</p>
			</td>
			<td style="width: 7.7%; 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;">19.8%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$120,382</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$145,171</p>
			</td>
			<td style="width: 7.7%; 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;">(17.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$409,662</p>
			</td>
			<td style="width: 7.7%; 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;">$410,183</p>
			</td>
			<td style="width: 7.7%; 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;">(0.1)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$418,675</p>
			</td>
			<td style="width: 7.7%; 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;">$369,339</p>
			</td>
			<td style="width: 7.7%; 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;">13.4%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$422,394</p>
			</td>
			<td style="width: 7.7%; 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;">$437,261</p>
			</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,103</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,480</p>
			</td>
			<td style="width: 7.7%; 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;">(15.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">&nbsp;2,357</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,750</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">509</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">763</p>
			</td>
			<td style="width: 7.7%; 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;">(33.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$718,595</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$887,341</p>
			</td>
			<td style="width: 7.7%; 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;">(19.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$826,422</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,024,410</p>
			</td>
			<td style="width: 7.7%; 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 style="width: 7.7%; 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;">$177,818</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$285,644</p>
			</td>
			<td style="width: 7.7%; 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;">(37.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$341,700</p>
			</td>
			<td style="width: 7.7%; 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;">$357,799</p>
			</td>
			<td style="width: 7.7%; 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;">(4.5)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$350,624</p>
			</td>
			<td style="width: 7.7%; 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;">$372,512</p>
			</td>
			<td style="width: 7.7%; 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;">(5.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$349,347</p>
			</td>
			<td style="width: 7.7%; 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;">$374,370</p>
			</td>
			<td style="width: 7.7%; 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;">(6.7)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">898</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">787</p>
			</td>
			<td style="width: 7.7%; 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;">14.1%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">784</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">695</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">400</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">295</p>
			</td>
			<td style="width: 7.7%; 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;">35.6%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$421,335</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$420,681</p>
			</td>
			<td style="width: 7.7%; 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;">0.2%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$427,513</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$342,294</p>
			</td>
			<td style="width: 7.7%; 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;">24.9%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$173,963</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$185,274</p>
			</td>
			<td style="width: 7.7%; 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;">(6.1)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$469,192</p>
			</td>
			<td style="width: 7.7%; 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;">$534,539</p>
			</td>
			<td style="width: 7.7%; 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;">(12.2)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$545,297</p>
			</td>
			<td style="width: 7.7%; 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;">$492,509</p>
			</td>
			<td style="width: 7.7%; 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;">10.7%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$434,906</p>
			</td>
			<td style="width: 7.7%; 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;">$628,047</p>
			</td>
			<td style="width: 7.7%; 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;">(30.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">5,196</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6,109</p>
			</td>
			<td style="width: 7.7%; 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;">(14.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">5,602</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6,464</p>
			</td>
			<td style="width: 7.7%; 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: 7.7%; 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;">1,983</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,398</p>
			</td>
			<td style="width: 7.7%; 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;">(17.3)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,084,097</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2,519,648</font></p>
			</td>
			<td style="width: 7.7%; 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;">17.3)%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$2,340,033</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,600,790</p>
			</td>
			<td style="width: 7.7%; 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;">(10.0)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$808,033</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,069,102</p>
			</td>
			<td style="width: 7.7%; 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;">(24.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$401,096</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">412,449</font></p>
			</td>
			<td style="width: 7.7%; 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;">(<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2.8)%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$417,714</p>
			</td>
			<td style="width: 7.7%; 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;">$402,350</p>
			</td>
			<td style="width: 7.7%; 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;">3.8%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$407,480</p>
			</td>
			<td style="width: 7.7%; 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;">$445,831</p>
			</td>
			<td style="width: 7.7%; 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;">(8.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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 (4)</b></p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">741</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">271</p>
			</td>
			<td style="width: 7.7%; 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;">173.4%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">547</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">248</p>
			</td>
			<td style="width: 7.7%; 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;">120.6%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">454</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">251</p>
			</td>
			<td style="width: 7.7%; 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;">80.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$436,538</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">154,088</font></p>
			</td>
			<td style="width: 7.7%; 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;">183.3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$310,573</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$140,576</p>
			</td>
			<td style="width: 7.7%; 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;">120.9%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$283,528</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$152,430</p>
			</td>
			<td style="width: 7.7%; 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;">86.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-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: 7.7%; 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;">$589,120</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">568,590</font></p>
			</td>
			<td style="width: 7.7%; 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;">3.6<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">%&nbsp; </font></p>
			</td>
			<td style="width: 7.7%; 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;">$567,774</p>
			</td>
			<td style="width: 7.7%; 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;">$566,836</p>
			</td>
			<td style="width: 7.7%; 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 style="width: 7.7%; 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;">$624,510</p>
			</td>
			<td style="width: 7.7%; 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;">$607,292</p>
			</td>
			<td style="width: 7.7%; 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;">2.8%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; 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: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom; border-left-color: rgb(0, 0, 0); border-left-width: 1px; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 7.7%; 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: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">5,937</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6,380</p>
			</td>
			<td style="width: 7.7%; 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;">(6.9)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">6,149</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6,712</p>
			</td>
			<td style="width: 7.7%; 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;">(8.4)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">2,437</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2,649</p>
			</td>
			<td style="width: 7.7%; 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;">(8.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 22.9%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: none; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,520,635</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,673,736</p>
			</td>
			<td style="width: 7.7%; 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;">(5.7)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$2,650,606</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,741,366</p>
			</td>
			<td style="width: 7.7%; 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;">(3.3)%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$1,091,561</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,221,532</p>
			</td>
			<td style="width: 7.7%; 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;">(10.6)%&nbsp;</p>
			</td>
		</tr>
		<tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<td style="width: 22.9%; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-width: 1px; border-left-width: 1px; border-right-style: solid; border-left-style: solid;">&nbsp;</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<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: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$424,564</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$419,081</p>
			</td>
			<td style="width: 7.7%; 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;">1.3%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$431,063</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$408,427</p>
			</td>
			<td style="width: 7.7%; 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;">5.5%&nbsp;</p>
			</td>
			<td style="width: 7.7%; 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;">$447,912</p>
			</td>
			<td style="width: 7.7%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$461,130</p>
			</td>
			<td style="width: 7.7%; 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;">(2.9)%&nbsp;</p>
			</td>
		</tr>

</table>

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

<table border="0" cellpadding="0" cellspacing="0" id="TBL17" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 22.9%; 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 style="width: 22.9%; 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) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</font></p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2) The Midwest net contracts include 65 homes and $27.4 million in 2016 from Minneapolis, MN. Contract backlog as of October 31, 2016 reflects the reduction of 64 homes and $24.1 million, related to the sale of our land portfolio in 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 $31.6 in 2016 from Raleigh, NC. Contract backlog as of October 31, 2016 reflects the reduction of 67 homes and $33.7 million, related to the sale of our land portfolio in Raleigh, NC.</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;">4) 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;Income (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>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;; 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="TBL18" 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 UNCONSOLIDATED JOINT VENTURES)</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; 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>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" id="TBL18" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 19.8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Three Months - October 31, 2017</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contracts (1)</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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="6" style="border-width: 1px; border-style: solid solid none; border-color: rgb(0, 0, 0); width: 24.1%; 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: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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="6" style="width: 24.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Oct 31,</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-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>Oct 31,</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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>Oct 31,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 19.8%; 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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">105</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">10</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">950.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">485.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">217</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">703.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$70,821</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$3,994</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,673.2%&nbsp;</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$19,498</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,323</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">739.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$156,679</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$10,26<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,426.6%&nbsp; </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$674,490</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$399,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">400</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">68.9%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$475,561</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$331,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">857</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">43.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$722,027</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$380,1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">11</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">90.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">16</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">25.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">30</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">40</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(25.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$8,282</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$8,819</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">$13,699</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$8,230</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">66.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$19,721</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$30,089</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(34.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$690,167</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$734,9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">17</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(6.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$684,950</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$514,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">75</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$657,365</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$752,2<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">25</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(12.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">9</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">800.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">17</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">466.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">125.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$5,561</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$404</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,276.5%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$12,286</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,042</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">501.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$18,718</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,589</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">95.2%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$617,889</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$40<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">4,000</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2.9%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$722,706</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$680,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">667</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">6.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$693,259</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$799,0<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">83</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(13.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">25</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">32</p>
			</td>
			<td colspan="2" style="width: 8%; 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: 8%; 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 colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,350.0%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">78</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">88</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(11.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,356</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$14,383</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(35.0)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$22,243</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$657</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,285.5%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$36,811</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$43,72<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(15.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$374,240</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$449,4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">69</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(16.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$453,937</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$328,5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">00</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">38.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$471,936</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$496,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">41</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(5.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">50</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">614.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">0</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">57</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">714.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$29,267</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,477</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">55<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">3.7%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$13,835</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$0</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">$33,252</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,477</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">642.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$585,340</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$639,57<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">1</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom; border-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;">$691,750</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$0</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">0.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$583,368</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$639,57<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">1</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(8.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">31</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">28</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">10.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">36</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">74</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(51.4)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">77</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(41.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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>&nbsp; (CA)</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$13,597</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$16,317</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">$16,029</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$50,847</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(68.5)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$18,347</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$54,290</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(66.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$438,613</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$582,7<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">50</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(24.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$445,252</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$687,117</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(35.2)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$407,711</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$705,067</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(42.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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;"><b> (2)</b></font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">232</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">90</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">157.8%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">183</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">102</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">79.4%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">454</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">251</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">80.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$136,884</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$48,394</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">182.9%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$97,590</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$64,099</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">52.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$283,528</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$152,430</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">86.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-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: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$590,017</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$537,7<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">11</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">9.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$533,275</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$628,417</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(15.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$624,510</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$607,292</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">2.8%&nbsp;</p>
			</td>
		</tr>

</table>

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

<table border="0" cellpadding="0" cellspacing="0" id="TBL18" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 19.8%; 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;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Notes:</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="21" style="width: 100%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</font></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;Income (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;">&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: &quot;Times New Roman&quot;; 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="TBL19" 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 UNCONSOLIDATED JOINT VENTURES)</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; 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>
		</tr>

</table>

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

<table border="0" cellpadding="0" cellspacing="0" id="TBL19" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 19.8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Twelve Months - October 31, 2017</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Contracts (1)</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; 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: 1px; border-bottom-width: 1px; border-left-width: 1px; 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="6" style="width: 24.1%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-width: 1px; border-style: solid solid none;">
			<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: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Twelve Months Ended</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-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; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Twelve Months Ended</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<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: 19.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Oct 31,</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-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>Oct 31,</b></p>
			</td>
			<td colspan="6" style="width: 24.1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Oct 31,</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>% Change</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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: 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: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2016</b></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<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: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">262</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">4</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,450.0%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">72</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">25</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">188.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">217</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">27</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">703.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$177,791</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(3,585)</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,059.3)%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$31,374</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$7,625</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">311.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$156,6<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">79</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$10,263</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,426.6%&nbsp; </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$678,592</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(896,250)</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(175.7)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$435,748</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$305,00<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">42.9%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$722,027</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$380,1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">11</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">90.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">55</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">61</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(9.8)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">65</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">47</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">38.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">30</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">40</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(25.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$30,866</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$46,811</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(34.1)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$41,233</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$24,530</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">68.1%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$19,72<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">1</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$30,08<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">9</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(34.5)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$561,200</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$767,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">93</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(26.9)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$634,354</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$521,889</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">21.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$657,3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">65</font></p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$752,2<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">25</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(12.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">49</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">6</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">716.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,033.3%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">12</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">125.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$34,833</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,79<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">5</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">626.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">4%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$25,704</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$2,042</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,158.8%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$18,718</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$9,589</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">95.2%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$710,882</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$799,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">167</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(11.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0)%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$756,004</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$680,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">667</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">11.1%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$693,259</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$799,0<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">83</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(13.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">139</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">82</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">69.5%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">149</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">3</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,866.7%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">78</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">88</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(11.4)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$60,451</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$39,841</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">51.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$67,364</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$1,042</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,364.9%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$36,811</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$43,72<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(15.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$434,903</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$485,868</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(10.5)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$452,106</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$347,355</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">30.2%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$471,936</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$496,8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">41</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(5.0)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">82</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,071.4%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">32</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">0</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">57</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">7</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">714.3%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$50,888</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,477</p>
			</td>
			<td colspan="2" style="width: 8%; 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<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">,036.7%&nbsp; </font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$22,113</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$0</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; 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;">$33,252</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$4,477</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">642.7%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$620,5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">85</font></p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$639,5<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">71</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">(3.0)%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$691,030</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$0</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">0.0%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$583,36<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8</font></p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$639,57<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">1</font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8.8)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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 colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">154</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">111</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">38.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">170</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">14.7%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">77</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(41.6)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$81,709</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$61,749</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">32.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$122,785</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$105,337</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">16.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$18,347</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$54,290</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(66.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$530,578</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$556,299</p>
			</td>
			<td colspan="2" style="width: 8%; 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 colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$629,669</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$619,631</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">1.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$407,711</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$705,067</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">(42.2)%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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;"><b> (2)</b></font></p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&nbsp;</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom;">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">741</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">271</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">173.4%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">547</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">248</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">120.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">454</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">251</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">80.9%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px none rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-left: 1px solid rgb(0, 0, 0);">
			<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: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$436,538</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$154,08<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">183.3%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$310,573</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$140,576</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">120.9%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; 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;">$283,528</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$152,430</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">86.0%&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&nbsp;</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<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: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$589,120</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$568,59<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0</font></p>
			</td>
			<td colspan="2" style="width: 8%; 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;">3.6%&nbsp;</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-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;">$567,774</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$566,836</p>
			</td>
			<td colspan="2" style="width: 8%; 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: 8%; vertical-align: bottom; border-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;">$624,510</p>
			</td>
			<td colspan="2" style="width: 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: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">$607,292</p>
			</td>
			<td colspan="2" style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 1px solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;">2.8%&nbsp;</p>
			</td>
		</tr>

</table>

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

<table border="0" cellpadding="0" cellspacing="0" id="TBL19" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 19.8%; 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;"><b>DELIVERIES INCLUDE EXTRAS</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 19.8%; 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) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.</font></p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(2<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">) 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;Income (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;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">15</p>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
