<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                      20,636,788
<SECURITIES>                                 4,210,229
<RECEIVABLES>                                1,831,989
<ALLOWANCES>                                         0
<INVENTORY>                                 56,307,028<F1>
<CURRENT-ASSETS>                             1,204,699
<PP&E>                                         178,826
<DEPRECIATION>                                (64,552)
<TOTAL-ASSETS>                              84,305,007
<CURRENT-LIABILITIES>                        9,777,958
<BONDS>                                     44,005,138<F2>
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        42,918
<OTHER-SE>                                  30,478,993
<TOTAL-LIABILITY-AND-EQUITY>                84,305,007
<SALES>                                      1,812,601
<TOTAL-REVENUES>                             2,118,321
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             (637,153)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                         (1,007,753)
<INCOME-PRETAX>                                473,415
<INCOME-TAX>                                 (179,898)
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   293,517
<EPS-PRIMARY>                                     0.10
<EPS-DILUTED>                                        0
<FN>
<F1>INCLUDES PURCHASED LIFE INSURANCE POLICIES.
<F2>REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>