<ARTICLE>     5
<LEGEND>
   THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
   EXTRACTED FROM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
   AS OF MARCH 31, 1996 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-31-1996
<PERIOD-START>                  JAN-01-1996
<PERIOD-END>                    MAR-31-1996
<CASH>                          $   174,828
<SECURITIES>                              0
<RECEIVABLES>                        80,506
<ALLOWANCES>                              0
<INVENTORY>                         920,817
<CURRENT-ASSETS>                          0
<PP&E>                                    0
<DEPRECIATION>                            0
<TOTAL-ASSETS>                    1,921,045
<CURRENT-LIABILITIES>                     0
<BONDS>                             363,893<F1>
<COMMON>                                267
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<OTHER-SE>                          753,926
<TOTAL-LIABILITY-AND-EQUITY>      1,921,045
<SALES>                             413,220<F2>
<TOTAL-REVENUES>                    432,519
<CGS>                               352,685<F2>
<TOTAL-COSTS>                       423,905
<OTHER-EXPENSES>                          0
<LOSS-PROVISION>                          0
<INTEREST-EXPENSE>                    3,206<F3>
<INCOME-PRETAX>                       8,614
<INCOME-TAX>                          3,506
<INCOME-CONTINUING>                   5,108
<DISCONTINUED>                        1,972
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                          7,080
<EPS-PRIMARY>                          0.26
<EPS-DILUTED>                          0.26
<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 closed.