<ARTICLE>                           5
<LEGEND>
           THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
           FROM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31,
           1998 AND FOR THE THREE MONTHS THEN ENDED AND IS QUALIFIED IN ITS
           ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

</LEGEND>
<MULTIPLIER>                        1,000
       
                                 
<PERIOD-TYPE>                       3-MOS
<FISCAL-YEAR-END>                   DEC-31-1998
<PERIOD-START>                      JAN-01-1998
<PERIOD-END>                        MAR-31-1998
<CASH>                              302,929
<SECURITIES>                        0
<RECEIVABLES>                       41,280
<ALLOWANCES>                        0
<INVENTORY>                         1,100,026
<CURRENT-ASSETS>                    0
<PP&E>                              0
<DEPRECIATION>                      0
<TOTAL-ASSETS>                      2,075,179
<CURRENT-LIABILITIES>               0
<BONDS>                             540,030<F1>
<COMMON>                            213
<PREFERRED-MANDATORY>               0
<PREFERRED>                         0
<OTHER-SE>                          823,921
<TOTAL-LIABILITY-AND-EQUITY>        2,075,179
<SALES>                             508,635<F2>
<TOTAL-REVENUES>                    520,571
<CGS>                               430,000<F2>
<TOTAL-COSTS>                       504,884
<OTHER-EXPENSES>                    0
<LOSS-PROVISION>                    0
<INTEREST-EXPENSE>                  3,886<F3>
<INCOME-PRETAX>                     17,852
<INCOME-TAX>                        6,962
<INCOME-CONTINUING>                 10,890
<DISCONTINUED>                      371
<EXTRAORDINARY>                     0
<CHANGES>                           0
<NET-INCOME>                        11,261
<EPS-PRIMARY>                       0.53<F4>
<EPS-DILUTED>                       0.52
<FN>
<F1> Bonds are comprised of subordinated debentures and senior notes.
<F2> Relates to homebuilding operations.
<F3> Relates to homebuilding operations. The Company capitalizes interest
cost into homebuilding inventories and charges the interest to homebuilding
interest expense when the related inventories are sold.
<F4> Relates to basic EPS.