<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000016387
<NAME> CALIFORNIA REAL ESTATE
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<CASH>                                           3,248
<SECURITIES>                                    15,606
<RECEIVABLES>                                    3,371
<ALLOWANCES>                                   (1,116)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                21,483
<PP&E>                                           8,562
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                  30,045
<CURRENT-LIABILITIES>                              219
<BONDS>                                          5,192
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        64,255
<OTHER-SE>                                    (39,621)
<TOTAL-LIABILITY-AND-EQUITY>                    30,045
<SALES>                                              0
<TOTAL-REVENUES>                                 1,288
<CGS>                                                0
<TOTAL-COSTS>                                    (169)
<OTHER-EXPENSES>                                 (313)
<LOSS-PROVISION>                               (1,184)
<INTEREST-EXPENSE>                               (136)
<INCOME-PRETAX>                                  (514)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              (514)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (514)
<EPS-PRIMARY>                                   (0.06)
<EPS-DILUTED>                                        0