Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities and Consolidated Real Estate Not Owned (Tables)

Variable Interest Entities and Consolidated Real Estate Not Owned (Tables)

6 Months Ended

Jun. 30, 2012

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

Summary of lots under option or contract


		Number of Lots				Purchase Price				Option/Earnest Money Deposits Cash
Option and purchase contracts recorded on balance sheet as Real estate not owned			5			$	233			$	17
Option and purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1)			2,406				132,773				13,701
Option and purchase contracts not recorded on balance sheet — refundable deposits, committed			532				17,871				518

Total committed (on and off balance sheet)			2,943				150,877				14,236

Total option and purchase contracts not recorded on balance sheet — refundable deposits, uncommitted (2)			1,386				30,727				540

Total lots under option or contracts			4,329				181,604				14,776

Total option contracts not recorded on balance sheet			4,324			$	181,371			$	14,759	(3)

(1)	Deposits are generally non-refundable except if certain contractual conditions fail or certain contractual obligations are not performed by the selling party.

(2)	Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.

(3)	Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of June 30, 2012.