<ARTICLE> 5
 <LEGEND>
 This Schedule contains summary financial
 information extracted from the financial
 statements contained in the body of the
 accompanying Form 10-Q and is qualified in its
 entirety by reference to such financial
 statements.
 </LEGEND>
 <MULTIPLIER>                  1,000
        
                            
 <PERIOD-TYPE>                 6-MOS
 <FISCAL-YEAR-END>             DEC-31-1995
 <PERIOD-END>                  JUN-30-1996
 <CASH>                        6,336
 <SECURITIES>                  111,776
 <RECEIVABLES>                 0
 <ALLOWANCES>                  0
 <INVENTORY>                   107,160
 <CURRENT-ASSETS>              0
 <PP&E>                        0
 <DEPRECIATION>                0
 <TOTAL-ASSETS>                291,038
 <CURRENT-LIABILITIES>         0
 <BONDS>                       163,081
 <PREFERRED-MANDATORY>         59,431
 <PREFERRED>                   0
 <COMMON>                      49
 <OTHER-SE>                    64,638
 <TOTAL-LIABILITY-AND-EQUITY>  291,038
 <SALES>                       27,678
 <TOTAL-REVENUES>              47,927
 <CGS>                         19,062
 <TOTAL-COSTS>                 19,062
 <OTHER-EXPENSES>              12,669
 <LOSS-PROVISION>              0
 <INTEREST-EXPENSE>            8,131
 <INCOME-PRETAX>               8,065
 <INCOME-TAX>                  (14,230)
 <INCOME-CONTINUING>           22,295
 <DISCONTINUED>                0
 <EXTRAORDINARY>               0
 <CHANGES>                     0
 <NET-INCOME>                  18,419
 <EPS-PRIMARY>                 3.74
 <EPS-DILUTED>                 3.74