<ARTICLE>                     5
<LEGEND>
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
     FORM 10Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996 AND IS QUALIFIED IN
     ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>
              
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   JUN-30-1996
<CASH>                                          11,873,955
<SECURITIES>                                     4,107,502
<RECEIVABLES>                                    1,719,197
<ALLOWANCES>                                             0                                   
<INVENTORY>                                     61,861,548 <F1> 
<CURRENT-ASSETS>                                 1,199,399
<PP&E>                                             179,608
<DEPRECIATION>                                     (74,570)
<TOTAL-ASSETS>                                  80,866,639
<CURRENT-LIABILITIES>                            2,649,990    
<BONDS>                                         47,589,911 <F2>
<PREFERRED-MANDATORY>                                    0 
<PREFERRED>                                              0                   
<COMMON>                                            42,918
<OTHER-SE>                                      30,583,820
<TOTAL-LIABILITY-AND-EQUITY>                    80,866,639 
<SALES>                                          3,697,032 
<TOTAL-REVENUES>                                 4,320,595
<CGS>                                                    0
<TOTAL-COSTS>                                            0                                  
<OTHER-EXPENSES>                                 1,490,979
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                               1,974,938
<INCOME-PRETAX>                                    854,678 
<INCOME-TAX>                                      (367,512)
<INCOME-CONTINUING>                                      0 
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                       487,166
<EPS-PRIMARY>                                            0.13 
<EPS-DILUTED>                                            0 

<FN>
<F1> INCLUDES PURCHASED LIFE INSURANCE POLICIES.
<F2> REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>