Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

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REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
 
 
As of
 
 
March 31, 2018
 
December 31, 2017
Homes under contract under construction (1)
 
$
668,579

 
$
566,474

Unsold homes, completed and under construction (1)
 
499,998

 
516,577

Model homes (1)
 
138,848

 
142,026

Finished home sites and home sites under development (2)
 
1,495,373

 
1,506,303

Total
 
$
2,802,798


$
2,731,380



(1)
Includes the allocated land and land development costs associated with each lot for these homes.
(2)
Includes raw land, land held for development and land held for sale. Land held for development primarily reflects land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we may have chosen not to currently develop certain land holdings as they typically represent a portion or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
Summary of Capitalized Interest
A summary of our capitalized interest is as follows (in thousands):
 
 
Three Months Ended March 31,
 
2018
 
2017
Capitalized interest, beginning of period
$
78,564

 
$
68,196

Interest incurred
20,869

 
17,895

Interest expensed
(136
)
 
(825
)
Interest amortized to cost of home and land closings
(17,469
)
 
(14,381
)
Capitalized interest, end of period
$
81,828

 
$
70,885