<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> JUN-30-1997 <CASH> 15,066 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 164,306 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 254,066 <CURRENT-LIABILITIES> 0 <BONDS> 120,019 <PREFERRED-MANDATORY> 41,908 <PREFERRED> 0 <COMMON> 49 <OTHER-SE> 83,241 <TOTAL-LIABILITY-AND-EQUITY> 254,066 <SALES> 30,122 <TOTAL-REVENUES> 54,768 <CGS> 19,930 <TOTAL-COSTS> 19,930 <OTHER-EXPENSES> 14,816 <LOSS-PROVISION> 2,155 <INTEREST-EXPENSE> 5,909 <INCOME-PRETAX> 11,958 <INCOME-TAX> (251) <INCOME-CONTINUING> 12,209 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 8,966 <EPS-PRIMARY> 1.82 <EPS-DILUTED> 1.82