<ARTICLE> 5
 <LEGEND>
 This Schedule contains summary financial
 information extracted from the financial
 statements contained in the body of the
 accompanying Form 10-K and is qualified in its
 entirety by reference to such financial
 statements.
 </LEGEND>
 <MULTIPLIER>                  1,000
        
                            
 <PERIOD-TYPE>                 YEAR
 <FISCAL-YEAR-END>             DEC-31-1996
 <PERIOD-END>                  DEC-31-1996
 <CASH>                        11,441
 <SECURITIES>                  53,617
 <RECEIVABLES>                 0
 <ALLOWANCES>                  0
 <INVENTORY>                   107,637
 <CURRENT-ASSETS>              0
 <PP&E>                        0
 <DEPRECIATION>                0
 <TOTAL-ASSETS>                227,213
 <CURRENT-LIABILITIES>         0
 <BONDS>                       96,671
 <PREFERRED-MANDATORY>         53,617
 <PREFERRED>                   0
 <COMMON>                      49
 <OTHER-SE>                    74,164
 <TOTAL-LIABILITY-AND-EQUITY>  227,213
 <SALES>                       70,940
 <TOTAL-REVENUES>              112,899
 <CGS>                         51,430
 <TOTAL-COSTS>                 51,430
 <OTHER-EXPENSES>              26,176
 <LOSS-PROVISION>              2,029
 <INTEREST-EXPENSE>            13,872
 <INCOME-PRETAX>               19,392
 <INCOME-TAX>                  (16,013)
 <INCOME-CONTINUING>           35,405
 <DISCONTINUED>                0
 <EXTRAORDINARY>               0
 <CHANGES>                     0
 <NET-INCOME>                  27,696
 <EPS-PRIMARY>                 5.63
 <EPS-DILUTED>                 5.63