<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-K FOR THE ANNUAL PERIODS ENDED DECEMBER 31, 1997,1996 AND 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> Dec-31-1997 Dec-31-1996 Dec-31-1995
<PERIOD-START> Jan-01-1997 Jan-01-1996 Jan-01-1995
<PERIOD-END> Dec-31-1997 Dec-31-1996 Dec-31-1995
<CASH> 13,796,274 11,212,110 5,623,456
<SECURITIES> 7,475,821 3,000,000 0
<RECEIVABLES> 4,321,151 1,181,513 1,652,921
<ALLOWANCES> 0 0 0
<INVENTORY> 36,716,122 <F1> 52,766,342 <F1> 48,938,098 <F1>
<CURRENT-ASSETS> 653,023 784,508 2,011,152
<PP&E> 0 0 0
<DEPRECIATION> 6,862 0 0
<TOTAL-ASSETS> 62,969,253 68,944,473 58,225,627
<CURRENT-LIABILITIES> 2,899,038 7,584,003 7,575,303
<BONDS> 38,804,107 <F2> 41,218,205 <F2> 39,105,138 <F2>
<PREFERRED-MANDATORY> 0 0 0
<PREFERRED> 0 0 0
<COMMON> 42,918 42,918 15,893
<OTHER-SE> 21,223,190 20,099,347 11,529,293
<TOTAL-LIABILITY-AND-EQUITY> 62,969,253 68,944,473 58,225,627
<SALES> 488,563 5,479,114 6,933,318
<TOTAL-REVENUES> 3,917,890 6,404,822 7,389,376
<CGS> 0 0 0
<TOTAL-COSTS> 0 0 0
<OTHER-EXPENSES> 2,867,025 3,054,227 2,041,658
<LOSS-PROVISION> 328,236 10,079,777 0
<INTEREST-EXPENSE> 3,599,487 3,983,606 3,352,178
<INCOME-PRETAX> (2,876,858) (10,712,788) 1,995,540
<INCOME-TAX> (4,000) 525,711 (624,510)
<INCOME-CONTINUING> (2,880,858) (10,187,077) 1,371,030
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 3,891,494 487,600 (567,831)
<CHANGES> 0 0 0
<NET-INCOME> 1,010,636 9,699,477 803,199
<EPS-PRIMARY> .29 (2.46) .51
<EPS-DILUTED> .28 (2.46) .42
<FN>
<F1> INCLUDES ASSETS HELD FOR SALE AND PURCHASED LIFE INSURANCE POLICIES FOR
1997 AND 1996. INCLUDES ONLY PURCHASED LIFE INSURANCE POLICIES FOR 1995.
<F2> REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>