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                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549


                                   FORM 10-Q/A
                                 Amendment No. 1


(Mark One)

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

              For the quarterly period ended  September 30, 1996

                                      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                    (I.R.S. Employer
 incorporation or organization)                  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

                                NOT APPLICABLE
  (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   X    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   X   No
                           -----    -----

As of October 31, 1996, the number of shares  outstanding  of  the registrant's
common stock, par value $.01, was 2,734,395.

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                           Total number of pages: 4
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   Part II.  Other Information
 
   Item 6.  Exhibits and Reports on Form 8-K
 
   (a)  Exhibits
 
            Exhibit
            Number
 
            27                     Financial Data Schedule.
 
   (b)  Reports on Form 8-K:  n/a
 
 
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                             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:  January 9, 1997                By: /S/ ROBERT J. SUAREZ
                                          --------------------
                                      Robert J. Suarez
                                      President


Date:  January 9, 1997                By: /S/ ROBERT I. ANTLE
                                          -------------------
                                      Robert I. Antle
                                      Executive Vice President, Treasurer, and
                                      Chief Financial Officer


                                 

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                       EXHIBIT INDEX
 
 
  Exhibit                        Description
  Number

    27                      Financial Data Schedule