--------------------------------------------------------------------*

             SECURITIES AND EXCHANGE COMMISSION
                  WASHINGTON, D.C.  20549
                    *---------------*

                        FORM 10-Q


(MARK ONE)

[X]   QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES 
      EXCHANGE ACT OF 1934

               FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1995

                                     OR

[ ]   TRANSITION REPORT  PURSUANT  TO  SECTION  13 OR 15(D) OF THE SECURITIES
      EXCHANGE ACT OF 1934

               FOR THE TRANSITION PERIOD FROM           to

                      Commission File Number 0-13800

                INTERNATIONAL AMERICAN HOMES, INC.
        (Exact name of registrant as specified in its charter)

           DELAWARE                                22-2472608
(State or other jurisdiction of 
incorporation or organization)       (I.R.S. Employer Identification Number)

               4640 FORBES BOULEVARD, LANHAM, MARYLAND  20706
            (Address of principal executive offices) (Zip Code)

     Registrant's telephone number, including area code:  (301) 306-5306

               6001 MONTROSE ROAD, ROCKVILLE, MARYLAND  20852
(Former  name,  former  address  and  former fiscal year, if changed since last
report)

      Indicate by check mark whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities  Exchange  Act of
1934  during  the  preceding  12  months  (or  for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.   Yes  <check-mark>    No


                 APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

      Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13,  or  15(d)  of  the  Securities
Exchange Act of 1934 subsequent to the distribution of securities under  a plan
confirmed by a court.  Yes  <check-mark>    No


      As  of  January  31,  1996,  the  number  of  shares  outstanding  of the
registrant's  common stock, par value $.01, was 2,612,132.  After giving effect
to the future issuance of 112,263 shares of common stock to creditors, pursuant
to the Company's  confirmed  Plan  of  Reorganization,  the aggregate number of
shares of common stock outstanding will be 2,724,395.

----------------------------------------------------------------------

                          Total number of pages: 17

<PAGE>
                                  Page 2

                     INTERNATIONAL AMERICAN HOMES, INC.

                              AND SUBSIDIARIES

                                    INDEX

                                                                       PAGE

Part I.    Financial Information:

Item 1.    Consolidated Financial Statements

           Consolidated Balance Sheets (Unaudited) as of December 31, 1995
           and March 31, 1995 ............................................ 3

           Consolidated   Statements  of  Income  and  Retained   Earnings
           (Unaudited) for  the  three  months ended December 31, 1995 and
           1994 .......................................................... 5

           Consolidated  Statements  of  Income   and   Retained  Earnings
           (Unaudited)  for the nine months ended December  31,  1995  and
           1994 .......................................................... 6

           Consolidated Statements  of Cash Flows (Unaudited) for the nine
           months ended December 31, 1995 and 1994 ....................... 7

           Notes to Consolidated Financial Statements (Unaudited)......... 8

Item 2.    Management's Discussion and Analysis of Financial Condition and
           Results of Operations ........................................ 12

Part II.   Other Information:

Item 6.    Exhibits and Reports on Form 8-K ............................. 16

Signatures .............................................................. 17




<PAGE>
                                  Page 3

Part I.Financial Information


                                   ITEM 1

                      CONSOLIDATED FINANCIAL STATEMENTS



                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                           (Dollars in thousands)
                                 (Unaudited)


                                   ASSETS

<TABLE>
<CAPTION>
                                                             December 31, 1995     March 31, 1995
                                                             -----------------     --------------
<S>                                                       <C>                        <C>
                                                              $  1,570                $  1,938
CASH AND SHORT-TERM INVESTMENTS
   ($860 and $457 restricted)
RECEIVABLES                                                        729                     444
REAL ESTATE INVENTORY                                           19,490                  16,997
COLLATERAL FOR BONDS PAYABLE                                     6,805                   7,620
PROPERTY AND EQUIPMENT - less accumulated depreciation of          123                     106
$209 and $162
OTHER ASSETS                                                       639                     583
                                                              --------                --------
      TOTAL ASSETS                                            $ 29,356                $ 27,688
                                                              ========                ========
</TABLE>





The accompanying notes to consolidated financial  statements  are  an  integral
part of these statements.

<PAGE>
                                  Page 4

                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                           (Dollars in thousands)
                                 (Unaudited)


                    LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                 December 31, 1995           March 31, 1995
                                                             -----------------------    ----------------------
<S>                                                         <C>                       <C>
MORTGAGE NOTES AND LOANS PAYABLE
  Construction and mortgage notes secured by real estate         $  11,281                   $  9,664
inventory
  Other notes payable                                                   49                         60
                                                                  --------                   --------
                                                                    11,330                      9,724
BONDS PAYABLE                                                        6,570                      7,362
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES                             4,919                      4,908
CUSTOMER DEPOSITS                                                      209                        183
                                                                  --------                   --------
      Total Liabilities                                             23,028                     22,177
                                                                  --------                   --------

PREFERRED STOCK - $.01 par value, 4,000,000 shares                       -                          -
authorized, none issued
COMMON STOCK - $.01 par value, 10,000,000 shares authorized,            29                         29
2,894,343 shares issued including 112,263 shares to be
issued to creditors
ADDITIONAL PAID-IN CAPITAL                                           2,348                      2,348
RETAINED EARNINGS                                                    3,953                      3,136
TREASURY STOCK - 169,948 shares                                        (2)                        (2)
                                                                   -------                     ------
      Total Stockholders' Equity                                     6,328                      5,511
                                                                   -------                     ------
      TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                                        $ 29,356                   $ 27,688
                                                                  ========                   ========
                                 
</TABLE>




The  accompanying  notes  to  consolidated financial statements are an integral
part of these statements.

<PAGE>
                                  Page 5

                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
              (Dollars in thousands, except per share amounts)
                                 (Unaudited)

<TABLE>
<CAPTION>
                                                           Three Months Ended December 31,
                                                           -------------------------------
<S>                                                 <C>                        <C>
                                                                 1995                   1994
                                                              ---------              ---------
REVENUES
  Home sales                                                  $ 13,719               $ 15,691
  Interest and other income                                        231                    301
                                                              --------               --------
                                                                13,950                 15,992
                                                              --------               --------
COSTS AND EXPENSES
  Cost of home sales                                            11,827                 13,702
  Selling, general and administrative                            1,593                  1,537
  Interest                                                         210                    274
  Depreciation                                                      21                     20
                                                               -------                -------
                                                                13,651                 15,533
                                                               -------                -------
INCOME BEFORE INCOME TAXES                                         299                    459
PROVISION FOR INCOME TAXES                                          15                  (214)
                                                               -------                -------
NET INCOME                                                         284                    673
RETAINED EARNINGS BEGINNING OF PERIOD                            3,669                  2,514
                                                             ---------               --------
RETAINED EARNINGS END OF PERIOD                              $   3,953               $  3,187
                                                             =========               ========
PER SHARE DATA (Primary and Fully Diluted)
  Net income                                                $      .10                $   .25
                                                             =========              =========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
  Primary and fully diluted                                  2,724,395              2,724,395
                                                             =========              =========
</TABLE>


The accompanying notes to consolidated  financial  statements  are  an integral
part of these statements.

<PAGE>
                                  Page 6

                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
              (Dollars in thousands, except per share amounts)
                                 (Unaudited)

<TABLE>
<CAPTION>
                                                                     Nine Months Ended December 31,
                                                                     ------------------------------
<S>                                                              <C>                      <C>
                                                                      1995                      1994
                                                                  ----------               ------------
REVENUES
  Home sales                                                        $ 42,988                  $ 38,470
  Interest and other income                                              675                       893
                                                                  ----------               -----------
                                                                      43,663                    39,363
                                                                  ----------               -----------
COSTS AND EXPENSES
  Cost of home sales                                                  37,220                    33,121
  Selling, general and administrative                                  4,927                     4,169
  Interest                                                               602                       798
  Depreciation                                                            47                        61
                                                                  ----------                ----------
                                                                      42,796                    38,149
                                                                  ----------                ----------
INCOME BEFORE INCOME TAXES                                               867                     1,214
PROVISION FOR INCOME TAXES                                                50                        76
                                                                  ----------                ----------
NET INCOME                                                               817                     1,138
RETAINED EARNINGS BEGINNING OF PERIOD                                  3,136                     2,049
                                                                  ----------                ----------
RETAINED EARNINGS END OF PERIOD                                    $   3,953                 $   3,187
                                                                  ==========                ==========
PER SHARE DATA (Primary and Fully Diluted)
  Net income                                                      $      .30                $      .42
                                                                  ==========                ==========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING                   
  Primary and fully diluted                                        2,724,395                 2,724,395
                                                                  ==========                ==========
</TABLE>





The  accompanying  notes  to  consolidated financial statements are an integral
part of these statements.

<PAGE>
                                  Page 7


                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Dollars in thousands)
                                 (Unaudited)

<TABLE>
<CAPTION>
                                                                       Nine Months Ended December 31,
                                                              -------------------------------------------
                                                                  1995                          1994
                                                              ------------                 --------------
<S>                                                          <C>                      <C>
                                                              
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                    $   817                     $ 1,138
  Adjustments to reconcile net income to net cash
provided by operating activities:
     Depreciation                                                    47                          61
  Changes in operating assets and liabilities
     Increase in receivables                                       (285)                       (568)
     Increase in real estate inventory                           (2,493)                     (2,507)
     Decrease in collateral for bonds payable                       815                         733
     Increase (decrease) in accounts payable and accrued             11                        (144)
liabilities
     Increase (decrease) in customer deposits                        26                         (54)
     Increase in other assets                                       (56)                        (31)
                                                                -------                     -------
Net cash used in operating activities                            (1,118)                     (1,372)
                                                                -------                     -------
CASH FLOWS USED IN INVESTING ACTIVITIES:
  Property and equipment, net                                       (64)                        (48)
                                                                -------                     -------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from mortgage notes and loans payable                 25,582                      21,243
  Payments of mortgage notes and loans payable                  (23,976)                    (20,367)
  Repayments of bonds payable - finance subsidiaries               (792)                       (680)
                                                                -------                     -------
Net cash provided by financing activities                           814                         196
                                                                -------                     -------

NET DECREASE IN CASH AND EQUIVALENTS                               (368)                     (1,224)
CASH AND EQUIVALENTS BEGINNING OF PERIOD                          1,938                       3,353
                                                                -------                     -------
CASH AND EQUIVALENTS END OF PERIOD                             $  1,570                    $  2,129
                                                                =======                     =======

</TABLE>


The accompanying notes to consolidated  financial  statements  are  an integral
part of these statements.

<PAGE>
                                  Page 8

                     INTERNATIONAL AMERICAN HOMES, INC.
                              AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

International  American Homes, Inc. (the "Company") was incorporated under  the
laws of the State  of  Delaware  on  April  27, 1983.  The Company, through its
subsidiaries,  designs, builds, and sells single-family  homes  and  townhomes.
The  Company  currently   conducts  its  building  activities  in  Metropolitan
Washington, D.C. and Greater Tampa, Florida.

The interim consolidated financial statements have been prepared without audit.
In the opinion of management,  all  adjustments  for  interim periods presented
have been made (which include only normal recurring accruals and deferrals) for
a fair presentation of consolidated financial position,  results of operations,
and  cash  flows.   The consolidated financial statements and  condensed  notes
should be read in conjunction  with  the  Consolidated Financial Statements and
Notes thereto included in the Company's latest  Annual  Report  on  Form  10-K.
Results for interim periods are not necessarily indicative of the results which
might be expected for a full year.


NOTE 2 - REORGANIZATION UNDER CHAPTER 11

On  April  16,  1990,  the Company and certain of its wholly-owned subsidiaries
filed voluntary petitions (the "Bankruptcy Petitions") for relief under Chapter
11, Title 11 of the United  States  Code  in the United States Bankruptcy Court
for  the  District  of New Jersey (the "Bankruptcy  Court").   Certain  related
partnerships filed similar petitions in the same Court in 1990 and 1991.  Under
the bankruptcy proceeding,  substantially  all claims against the Company as of
the  date  of  the filing of the Bankruptcy Petitions  were  stayed  while  the
Company continued operations as a debtor-in-possession.

A Third Amended Joint Plan of Reorganization dated June 29, 1992 was filed with
the Bankruptcy Court.   A  Second  Amended Disclosure Statement with respect to
the  Third  Amended  Joint Plan of Reorganization  and  exhibits  thereto  were
approved by Bankruptcy  Court  Order  dated June 29, 1992.  On August 12, 1992,
the Bankruptcy Court entered an order confirming  the  Third Amended Joint Plan
of Reorganization.  On October 29, 1992, the Bankruptcy  Court approved certain
technical modifications to the Third Amended Joint Plan of Reorganization to be
effective as of August 12, 1992.  A Fourth Amended Joint Plan of Reorganization
dated  November 17, 1992, containing those technical modifications,  was  filed
with the Bankruptcy Court.  (The Third Amended Joint Plan of Reorganization and
the Fourth Amended Joint Plan of Reorganization are collectively referred to as
the "Plan" or the "Plan of Reorganization.")

The  Plan   provides   for   an  initial  cash  distribution  to  creditors  of
approximately  $4,700,000  less  administrative  expenses.   The  Plan  further
provides for subsequent distributions  equal to 50 percent of future cash flows
(as defined in the Plan), if any, for the  periods ending June 30, 1993 through
June 30, 1998.  The Plan also provides for the  issuance of 2,043,296 shares of
the Company's common stock to the creditors resulting  in  the  dilution of the
existing  stockholders  to  25  percent  of the common stock outstanding  after
issuance of the additional shares to the creditors.

The Company made partial initial distributions  of cash amounting to $3,741,000
and  issued 1,931,033 shares of the Company's common  stock  to  the  creditors
through  December  31, 1995.  The Company anticipates 

<PAGE>
                                  Page 9

that the remainder of the initial cash distribution amounting to approximately 
$450,000 and the remaining  112,263 shares of stock  will  be  distributed  to 
the  creditors once certain remaining disputed claims are resolved.

The  Company  has  calculated the cash flow (as defined in the  Plan)  for  the
period ended on June  30, 1995 and has determined that there was no excess cash
flow (as defined in the  Plan)  for that period and accordingly no distribution
to creditors was required.

The accompanying financial statements  reflect  the  estimated  effect  of  the
reorganization,  including  the settlement of liabilities and other claims, the
estimated present value of future cash distributions to creditors of $1,322,000
and the issuance of 112,263 additional shares of common stock.


NOTE 3 - STATEMENTS OF CASH FLOWS

For purposes of the statements  of  cash flows, the Company generally considers
all highly liquid instruments purchased  with  an  original  maturity  of three
months  or  less  to  be cash equivalents. The Company paid interest and income
taxes as follows (in thousands):



          Period                            Interest             Income Taxes
-----------------------------------         --------             ------------

Nine months ended December 31, 1995          $ 1,679                  $ 64
Nine months ended December 31, 1994            1,635                    52



NOTE 4 - INTEREST INCLUDED IN COST OF SALES

Interest included in cost of sales is as follows (in thousands):



                Period                       Interest
------------------------------------         --------
Three months ended December 31, 1995         $   357
Nine months ended December 31, 1995            1,061
Three months ended December 31, 1994             314
Nine months ended December 31, 1994              839


<PAGE>
                                  Page 10


NOTE 5 -CONDENSED FINANCIAL STATEMENTS OF CONSOLIDATED FINANCE SUBSIDIARIES

The  Company's wholly-owned  finance  subsidiaries  were  established  to  sell
collateralized   mortgage   obligations   through   participation   in  various
multi-builder bond programs.  In these sales, which last occurred in  1987, the
Company  originated  and  pooled  mortgage  loans  which  were  then pledged as
collateral  for bonds payable.  The interest rates on the mortgage  loans  that
comprise the  collateral  for  bonds  payable  roughly equate with the interest
rates on the related bonds payable.

Condensed financial information is as follows (in thousands):

<TABLE>
<CAPTION>
                      Condensed Balance Sheets  
 

                                    December 31, 1995                   March 31, 1995
                                    -----------------                   ---------------

<S>                                  <C>                                 <C>
Assets:
    Collateral for bonds payable          $ 6,805                            $ 7,620   
    Other assets                                7                                  9
                                          -------                            -------   
                                          $ 6,812                            $ 7,629 
                                          =======                            =======

Liabilities and Equity:
    Bonds payable                         $ 6,570                             $ 7,362
    Equity and intercompany advances          242                                 267
                                          -------                             -------
                                          $ 6,812                             $ 7,629
                                          =======                             =======


</TABLE>

<TABLE>
<CAPTION>
                     Condensed Statements of Operations

                                                  Nine Months Ended December 31,
                                                 ----------------------------------
                                                     1995                  1994
                                                 -----------           ------------
<S>                                              <C>                  <C>
                                            
                                            
Revenues                                            $ 548                 $ 763
                                                    =====                 =====
Income before income taxes                         $   16                $   23
                                                    =====                 =====


</TABLE>


<TABLE>
<CAPTION>

                                                    Three Months Ended December 31,
                                                   ---------------------------------
                                                        1995              1994   
                                                   --------------     --------------
<S>                                             <C>                  <C>   

Revenues                                               $ 186              $ 250
                                                       =====              =====
Income before income taxes                            $    4              $   7
                                                      ======              =====

</TABLE>
<PAGE>
                                  Page 11


NOTE 6 - COMMITMENTS AND CONTINGENCIES

At  December 31, 1995, the Company had commitments  to  purchase  772  finished
building  lots  at  a total purchase price of approximately $27,266,000, over a
four year period.  Substantial  deposits  will  be  forfeited if the Company is
unable to satisfy these commitments.

The Company is involved from time to time in litigation arising in the ordinary
course of business, none of which is expected to have a material adverse effect
on the Company's financial position or the results of operations.


NOTE 7 - COMMON STOCK

At the 1994 Annual Meeting of Stockholders, which was  held  on  September  13,
1994,  the  stockholders  approved  a proposal to adopt certain amendments (the
"Amendments") to the Company's Restated  Certificate  of  Incorporation  (i) to
effect  a  1-for-10 reverse stock split of the Company's issued and outstanding
common stock  (the  "Reverse  Stock  Split")  and  (ii) to change the number of
authorized  shares  of  common  stock  from  30  million to  10  million.   The
Amendments did not change the par value of the common  stock  which remained at
$.01  per  share.   The  Amendments became effective on May 31, 1995  with  the
filing of a Certificate of Amendment with the Secretary of State of Delaware on
May 31, 1995.  The effect  of  the  Reverse  Stock Split has been retroactively
reflected in the statements for all periods presented.

Under the Plan of Reorganization, 2,043,296 shares of common stock, as adjusted
for the Reverse Stock Split, were to be issued  pro rata to the creditors which
would represent 75% of the outstanding common stock  after  issuance  of  those
shares.   1,931,033  of those shares have been issued and the remaining 112,263
shares will be distributed  to  the  creditors  once certain remaining disputed
claims are resolved.

Income  per share is based on the number of shares  outstanding  including  the
additional shares to be issued pursuant to the Plan.


<PAGE>
                                  Page 12

                                   ITEM 2

              MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                     CONDITION AND RESULTS OF OPERATIONS


THE PLAN OF REORGANIZATION

See Note  2,  "Reorganization  Under  Chapter  11"  of  Notes  to  Consolidated
Financial Statements of the Company appearing elsewhere in this report.


RESULTS OF OPERATIONS

The  following  table  sets  forth  certain  information  with respect to homes
delivered  and homes sold during the periods presented as well  as  homes  sold
under contract  but  not  delivered  ("Backlog") at the dates shown (dollars in
thousands).

<TABLE>
<CAPTION>
                                               Three Months Ended                              Nine Months Ended
                                                  December 31,                                   December 31,
                                       ------------------------------------          ---------------------------------------

                                             1995                  1994                    1995                    1994
                                       -------------           ------------          --------------          ---------------
<S>                                   <C>                    <C>                    <C>                     <C>
Homes delivered

  Units                                          93                    105                     284                     267

  Home sales revenue                       $ 13,719               $ 15,691                $ 42,988                $ 38,470

  Average sales price                     $   147.5              $   149.4               $   151.4               $   144.1


Homes sold

  Units                                          85                     70                     266                     259

  Sales value                              $ 12,504                $ 9,609                $ 40,042                $ 39,963

  Average sales price                     $   147.1              $   137.3               $   150.5               $   154.3


</TABLE>


                                                     December 31,
                                          -----------------------------------
                                              1995                    1994
                                          -------------           -----------
Backlog

  Units                                         103                     103

  Sales value                              $ 18,079                $ 18,974

  Average sales price                     $   175.5               $   184.2



The decrease in home sales revenues for  the  three  months  ended December 31,
1995  compared  to  the  three  months ended December 31, 1994 results  from  a
combination of a decrease in the  number  of  homes delivered and a decrease in
the average sales price of the homes delivered.

The increase in home sales revenues for the nine months ended December 31, 1995
compared to the nine months ended December 31,  1994 results from a combination
of an increase in the number of homes delivered and  an increase in the average
sales price of the homes delivered.

<PAGE>
                                  Page 13

The number of homes sold during the three months ended  December  31,  1995 and
the  average  sales price of the homes sold during that period were both higher
when compared with  the prior comparable period.  The increase in the number of
homes sold is due to  an  increase  in the number of homes sold in Metropolitan
Washington, D.C., and the increase in the average sales price of the homes sold
is attributable to a larger proportion  of  sales  in  Metropolitan Washington,
D.C., where prices are higher.

The Company realized an increase in the number of homes  sold  during  the nine
months  ended December 31, 1995 compared to the nine months ended December  31,
1994.  The  average  sales  price  of  the homes, however, decreased as did the
average sales price of the homes in Backlog  at December 31, 1995 when compared
to  December  31,  1994.   The increase in the number  of  homes  sold  is  due
primarily to an increase in the number of homes sold in Greater Tampa, Florida.
The decrease in the average  sales  price  of the homes sold and in the average
sales price of the homes in Backlog is attributable  to  a larger proportion of
sales  in  Greater  Tampa,  Florida, where prices are lower, and  also  to  the
introduction of a lower priced  townhouse  product  in  Metropolitan Washington
D.C.

The Backlog at December 31, 1995 and at December 31, 1994  includes  $6,142,000
and $3,681,000 of contingent contracts, respectively.


THREE  MONTHS  ENDED  DECEMBER  31,  1995  COMPARED  TO  THE THREE MONTHS ENDED
DECEMBER 31, 1994.

RESULTS OF OPERATIONS

The following table sets forth, for the periods indicated,  certain information
regarding the Company's operations (dollars in thousands).
<TABLE>
<CAPTION>

                                                       Three Months Ended December 31,
                                        ---------------------------------------------------------------------------------
                                                       1995                                          1994
                                        -----------------------------------       ---------------------------------------
                                           Dollars                   %                   Dollars                   %
                                        -----------            ------------       --------------------       ------------
<S>                                     <C>                    <C>                <C>                        <C>
Home sales revenues                       $ 13,719                100.0%               $  15,691                100.0%

Cost of home sales                          11,827                  86.2                  13,702                  87.3

Gross profit                                 1,892                  13.8                   1,989                  12.7

Selling, general and administrative          1,593                  11.6                   1,537                   9.8
expenses

Pre-tax profit                                 299                   2.1                     459                   2.9

</TABLE>


While  gross  profit  decreased  for the three months ended December  31,  1995
compared  to the three months ended  December  31,  1994,  gross  profit  as  a
percentage  of  home sales revenue increased from 12.7% to 13.8%.  The decrease
in gross profits  is  due  to  the  decrease  in  home sales revenue, while the
increase in gross profit as a percentage of home sales revenue is due primarily
to cost savings on both land and construction which  have  resulted in improved
margins realized on homes sold in Greater Tampa, Florida.

Selling,  general  and  administrative  expenses  for  the  three months  ended
December 31, 1995 increased when compared with the prior comparable  period and
also  increased  as  a  percentage  of  the  related home sales revenue.  These
increases are due to the opening of new communities  and  to an increase in the
fixed components of selling, general, and administrative expenses.

<PAGE>
                                Page 14

The  change  in  pre-tax  profit for the three months ended December  31,  1995
compared to the three months  ended  December  31,  1994 is a reflection of the
changes  in  gross  profit and in selling, general and administrative  expenses
described above.

NINE MONTHS ENDED DECEMBER  31, 1995 COMPARED TO THE NINE MONTHS ENDED DECEMBER
31, 1994.

RESULTS OF OPERATIONS

The following table sets forth,  for the periods indicated, certain information
regarding the Company's operations (dollars in thousands).
<TABLE>
<CAPTION>
                                                                     Nine Months Ended December 31,
                                              --------------------------------------------------------------------------------
                                                            1995                                         1994
                                              -----------------------------------          -----------------------------------
                                               Dollars                   %                   Dollars                  %
                                              ------------          -------------          ----------------       ------------
<S>                                         <C>                    <C>                    <C>                    <C>
Home sales revenues                              $ 42,988                 100.0%              $  38,470               100.0%

Cost of home sales                                 37,220                   86.6                 33,121                 86.1

Gross profit                                        5,768                   13.4                  5,349                 13.9

Selling, general and administrative                 4,927                   11.5                  4,169                 10.8
expenses

Pre-tax profit                                        867                    2.0                  1,214                  3.2

</TABLE>


While  gross profit increased for the  nine  months  ended  December  31,  1995
compared  to  the  nine  months  ended  December  31,  1994,  gross profit as a
percentage  of  home  sales  revenue  decreased  from  13.9%  to  13.4%.   This
percentage  decrease results primarily from comparative increases in  developed
lot costs as  well  as  increases  in  other  construction  costs.   These cost
increases  could  not  be  recouped  through  higher sales prices due to strong
competition in the markets where the Company operates.

Selling, general and administrative expenses for the nine months ended December
31,  1995 increased when compared with the prior  comparable  period  and  also
increased  as  a percentage of the related home sales revenue.  These increases
are due to the increase  in  sales and are also due to an increase in the fixed
components of selling, general, and administrative expenses.

The change in pre-tax profit for  the  nine  months  ended  December  31,  1995
compared  to  the  nine  months  ended December 31, 1994 is a reflection of the
changes in gross profit and in selling,  general  and  administrative  expenses
described above.

Uncertain  local  economic  conditions  in the areas where the Company operates
have adversely affected sales of new homes  and the level of gross profit.  The
Company is unable to predict the extent to which  such factors will continue to
adversely affect the Company's operations in the future.

INTEREST AND OTHER INCOME

Interest and other income includes $548,000 and $763,000  and  interest expense
includes $522,000 and $721,000 for the nine months ended December  31, 1995 and
for  the  nine  months ended December 31, 1994, respectively, from wholly-owned
finance subsidiaries  established  to  sell collateralized mortgage obligations
through participation in various multi-builder bond programs.

<PAGE>
                             Page 15


LIQUIDITY AND CAPITAL RESOURCES

The Company, through its subsidiaries, obtains  financing from commercial banks
for a portion of the cost of acquiring finished building  lots  and for most of
the costs of the construction of homes.  This financing is generally  available
for homes that are subject to a contract of sale and also for a limited  number
of homes in advance of sale.  The Company's loan commitments as well as current
banking  regulations  limit  the  portion  of each home that can be financed to
approximately  75%  of  its  value.  Since the Company  uses  its  own  capital
resources to fund those costs  that  cannot  be  financed, the Company's future
growth will be limited by the amount of such resources.  As a result of the use
of  these  financing  arrangements, the Company is currently,  and  expects  to
continue to be, highly leveraged.

The Company's subsidiaries currently have financing agreements in the aggregate
amount of $31,450,000 with  commercial  banks located in the areas in which the
subsidiaries operate.  The terms of these  financing  agreements vary, are each
for  one  year  or more from their date of origination (with  expiration  dates
ranging from March  1996  to  October  1998),  are  generally guaranteed by the
Company,  and  are  all  secured  by  the related real estate  inventory.   The
Company's Chairman and President has personally  guaranteed  certain  of  these
obligations up to a maximum aggregate principal amount of $19,500,000, of which
$3,548,000 was outstanding at December 31, 1995.

The  Company  generally  acquires  finished building lots under contracts which
spread the time for acquisition of those lots over a substantial period of time
roughly coinciding with the estimated  time  required for the sale of the homes
on those lots.  At December 31, 1995, the Company  had  commitments to purchase
772  finished  building  lots  at  a  total  purchase  price  of  approximately
$27,266,000  over  a  four  year period.  These commitments assure a continuing
supply of finished building lots  in  the future.  Substantial deposits will be
forfeited if the Company is unable to satisfy these commitments.

The Company's short-term liquidity and  its  ability to operate over the short-
term  are  reasonably  assured by the financing agreements  in  place,  by  the
Company's  backlog of sales  contracts,  and  by  the  commitments  to  acquire
finished building  lots.   The Company's long-term liquidity is not affected by
any material capital expenditures  but  would  be  impacted by the inability to
renew certain of the financing agreements when they  mature.   Also  having  an
impact  on  the  Company's  long-term liquidity are the strength of the housing
markets in the areas where the  Company operates and the ability of the Company
to maintain a continued supply of  finished building lots.  Management believes
that the Company currently has adequate  financing  and  liquidity  to meet its
financial obligations and will be able to fund the acquisition and construction
of  inventory  to  support modest growth.  However, there is no assurance  that
such financing will  be  available  to the Company in the future.  In addition,
homebuilding  is  a  cyclical  industry  with   economic  conditions  having  a
substantial impact on operating performance.

The Plan does not permit the subsidiaries of the  Company  to pay any dividends
to  the  parent  company.   The  Plan  further  prohibits the Company  and  its
subsidiaries from acquiring debt securities from  or  loaning  or advancing any
monies  to  any  other party except in the ordinary course of business.   These
restrictions are effective  until  August  12, 1998 and by their nature require
the  Company's  subsidiaries  to be self sufficient.   From  time  to  time,  a
subsidiary of the Company makes  a purchase of developed land from or on behalf
of another and later resells that  land to the latter on terms that will assure
that  the  accommodation  purchaser  recovers   its   costs   plus   reasonable
compensation for having made the purchase.  While such transactions can  affect
temporarily  the  cash flow of each of the participating subsidiaries, they  do
not impact the overall cash flow of the Company.  The Plan further provides for
the payment of distributions to the creditors equal to 50 percent of cash flows
(as defined in the  Plan),  if any, generated by the Company's subsidiaries for
the periods ending June 30, 1993 through June 30, 1998.  Any such payment of 50
percent of the cash flow would be funded from the cash flow generated.  Despite
these 

<PAGE>
                             Page 16

requirements and restrictions,  management  believes that the Company and
each  of  its  subsidiaries  currently have adequate liquidity  to  meet  their
financial obligations.  However,  there is no assurance that these requirements
and restrictions will not have an impact on the future liquidity of the Company
or its subsidiaries.


Part II.  Other Information

                                   ITEM 6

                      EXHIBITS AND REPORTS ON FORM 8-K

    (a) Exhibits

        None

    (b) Reports on Form 8-K

        None

<PAGE>
                             Page 17

                            SIGNATURES

Pursuant  to the requirements of the  Securities  Exchange  Act  of  1934,  the
registrant  has  duly  caused  this  report  to  be signed on its behalf by the
undersigned thereunto duly authorized.




                           INTERNATIONAL AMERICAN HOMES, INC.




Date:    FEBRUARY 14, 1996        By:  /S/ ROBERT J. SUAREZ
                                      -------------------------
                                      Robert J. Suarez
                                      President



Date:   FEBRUARY 14, 1996        By:  /S/ MICHAEL P. VILLA
                                      -------------------------
                                      Michael P. Villa
                                      Vice President, Treasurer, and
                                      Chief Financial Officer