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

             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 SEPTEMBER 30, 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                           (I.R.S. Employer
of incorporation or organization)                   Identification Number)

               6001 MONTROSE ROAD, ROCKVILLE, MARYLAND  20852
              (Address of principal executive offices) (Zip Code)

     Registrant's telephone number, including area code:  (301) 231-8745

                               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  <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  October  31,  1995,  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: 18

<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  September  30,
           1995 and March 31, 1995 .......................................... 3

           Consolidated  Statements   of   Income  and  Retained  Earnings
           (Unaudited) for the three months  ended  September 30, 1995 and
           1994 ............................................................. 5

           Consolidated   Statements  of  Income  and  Retained   Earnings
           (Unaudited) for  the  six  months  ended September 30, 1995 and
           1994 ............................................................. 6

           Consolidated Statements of Cash Flows  (Unaudited)  for the six
           months ended September 30, 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 4.    Submission of Matters to a Vote of Securities Holders ........... 16

Item 6.    Exhibits and Reports on Form 8-K ................................ 17

Signatures ................................................................. 18


<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>
                                                            September 30, 1995        March 31, 1995
                                                            ------------------        --------------
<S>                                                       <C>                       <C>
                                                           
CASH AND SHORT-TERM INVESTMENTS
   ($584 and $457 restricted)                                  $  1,712                  $  1,938
RECEIVABLES                                                         682                       444
REAL ESTATE INVENTORY                                            16,219                    16,997
COLLATERAL FOR BONDS PAYABLE                                      7,279                     7,620
PROPERTY AND EQUIPMENT - less accumulated                  
   depreciation of $188 and $162                                     92                       106
OTHER ASSETS                                                        583                       583
                                                               --------                  --------
      TOTAL ASSETS                                             $ 26,567                  $ 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>
                                                            September 30, 1995             March 31, 1995
                                                            ------------------             --------------

<S>                                                            <C>                       <C>
MORTGAGE NOTES AND LOANS PAYABLE
  Construction and mortgage notes secured by real estate       
    inventory                                                      $  8,642                   $  9,664
  Other secured notes payable                                            63                         60
                                                                      -----                      -----
                                                                      8,705                      9,724
BONDS PAYABLE                                                         7,031                      7,362
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES                              4,557                      4,908
CUSTOMER DEPOSITS                                                       230                        183
                                                                     ------                     ------
      Total Liabilities                                              20,523                     22,177
                                                                     ------                     ------

PREFERRED STOCK - $.01 par value, 4,000,000 shares                        -                          -
authorized, none issued
COMMON STOCK - $.01 par value, 10,000,000 shares 
authorized, 2,894,343 shares issued including 112,263                 
shares to be issued to creditors                                         29                         29
ADDITIONAL PAID-IN CAPITAL                                            2,348                      2,348
RETAINED EARNINGS                                                     3,669                      3,136
TREASURY STOCK - 169,948 shares                                         (2)                        (2)
                                                                      -----                      -----
      Total Stockholders' Equity                                      6,044                      5,511
                                                                   --------                   --------
      TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                                         $ 26,567                   $ 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 September 30,
                                                      -------------------------------------

                                                            1995                  1994
                                                         --------               --------
<S>                                                 <C>                     <C>       

REVENUES
  Home sales                                             $ 14,658               $ 12,652
  Interest and other income                                   235                    270
                                                         --------               --------
                                                           14,893                 12,922
                                                         --------               --------
COSTS AND EXPENSES
  Cost of home sales                                       12,776                 10,970
  Selling, general and administrative                       1,670                  1,391
  Interest                                                    190                    254
  Depreciation                                                 16                     21
                                                         --------               --------
                                                           14,652                 12,636
                                                         --------               --------
INCOME BEFORE INCOME TAXES                                    241                    286
PROVISION FOR INCOME TAXES                                     15                    110
                                                         --------               --------
NET INCOME                                                    226                    176
RETAINED EARNINGS BEGINNING OF PERIOD                       3,443                  2,338
                                                        ---------               --------
RETAINED EARNINGS END OF PERIOD                        $    3,669             $    2,514
                                                       ==========             ==========

PER SHARE DATA (Primary and Fully Diluted)
  Net income                                           $      .08             $      .06
                                                       ==========             ==========
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>

                                                            Six Months Ended September 30,
                                                          ----------------------------------
                                                             1995                  1994
                                                          -----------         --------------
<S>                                                     <C>                   <C> 
REVENUES
  Home sales                                               $ 29,269              $ 22,820
  Interest and other income                                     444                   551
                                                           --------              --------
                                                             29,713                23,371
                                                           --------              --------
COSTS AND EXPENSES
  Cost of home sales                                         25,393                19,419
  Selling, general and administrative                         3,334                 2,632
  Interest                                                      392                   524
  Depreciation                                                   26                    41
                                                           --------              --------
                                                             29,145                22,616
                                                           --------              --------
INCOME BEFORE INCOME TAXES                                      568                   755
PROVISION FOR INCOME TAXES                                       35                   290
                                                           --------              --------
NET INCOME                                                      533                   465
RETAINED EARNINGS BEGINNING OF PERIOD                         3,136                 2,049
                                                           --------              --------
RETAINED EARNINGS END OF PERIOD                           $   3,669             $   2,514
                                                           ========              ========
PER SHARE DATA (Primary and Fully Diluted)
  Net income                                              $     .20             $     .17
                                                           ========              ========
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>
                                                              Six Months Ended September 30,
                                                              ------------------------------
                                                                  1995               1994
                                                               -----------        ----------
<S>                                                       <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                    $   533            $    465
  Adjustments to reconcile net income to net cash
provided by operating activities:
     Depreciation                                                    26                  41
  Changes in operating assets and liabilities
     Increase in receivables                                       (238)               (475)
     Decrease (increase) in real estate inventory                   778              (2,993)
     Decrease in collateral for bonds payable                       341                 568
     Decrease in accounts payable and accrued liabilities          (351)               (130)
     Increase (decrease) in customer deposits                        47                  (3)
     Decrease in other assets                                         -                  30
                                                                -------             -------
Net cash provided by (used in) operating activities                1136              (2,497)
                                                                -------             -------
CASH FLOWS USED IN INVESTING ACTIVITIES:
  Property and equipment, net                                      (12)                 (22)
                                                                -------             --------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from mortgage notes and loans payable                 15,338              13,810
  Payments of mortgage notes and loans payable                  (16,357)            (12,054)
  Repayments of bonds payable - finance subsidiaries               (331)               (526)
                                                                -------             -------
Net cash (used in) provided by financing activities              (1,350)              1,230
                                                                -------             -------
NET DECREASE IN CASH AND EQUIVALENTS                               (226)             (1,289)
CASH AND EQUIVALENTS BEGINNING OF PERIOD                          1,938               3,353
                                                                -------             -------
CASH AND EQUIVALENTS END OF PERIOD                             $  1,712            $  2,064
                                                                =======             =======
</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.

Certain  amounts in the prior period's consolidated financial  statements  have
been reclassified to conform with the current period's presentation.


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.

<PAGE>
                                  Page 9

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  September 30, 1995.  The Company anticipates that the remainder of the
initial cash distribution amounting to approximately $290,000 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
-----------------------------------          --------            ------------

Six months ended September 30, 1995          $ 1,131                $ 44
Six months ended September 30, 1994            1,037                  54



NOTE 4 - INTEREST INCLUDED IN COST OF SALES

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



                Period                                    Interest
--------------------------------------                    --------
Three months ended September 30, 1995                      $ 348
Six months ended September 30, 1995                          704
Three months ended September 30, 1994                        256
Six months ended September 30, 1994                          525


<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):



                          Condensed Balance Sheets

                                      September 30, 1995      March 31, 1995
                                      ------------------      --------------
Assets:
   Collateral for bonds payable            $ 7,279               $ 7,620
   Other assets                                 12                     9
                                           -------               -------
                                           $ 7,291               $ 7,629
                                           =======               =======

Liabilities and Equity:
   Bonds payable                           $ 7,031               $ 7,362
   Equity and intercompany advances            260                   267
                                           -------               -------
                                           $ 7,291               $ 7,629
                                           =======               =======




                          Condensed Statements of Operations



                                            Six Months Ended September 30,
                                            ------------------------------
                                               1995                 1994
                                            ----------          ----------
Revenues                                      $ 362                $ 513
                                              =====                =====
Income before income taxes                    $  12                $  16
                                              =====                =====







                                          Three Months Ended September 30,
                                          --------------------------------
                                              1995                 1994
                                          ------------          ----------
Revenues                                     $ 180                $ 252
                                             =====                =====
Income before income taxes                   $   6                $  11
                                             =====                =====

<PAGE>
                                  Page 11

NOTE 6 - COMMITMENTS AND CONTINGENCIES

At September 30, 1995, the Company had commitments  to  purchase  827  finished
building  lots  at a total purchase price of approximately $28,474,000, 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             Six Months Ended
                                                    September 30,                 September 30,
                                          ----------------------------    ----------------------------
                                             1995              1994           1995            1994
                                          -----------     ------------    ------------     -----------
<S>                                      <C>              <C>             <C>              <C>
Homes delivered

  Units                                          94                88             191            162
  Home sales revenue                       $ 14,658          $ 12,652        $ 29,269       $ 22,820
  Average sales price                      $  155.9          $  143.8        $  153.2       $  140.9

Homes sold
  Units                                         103                96             181            189
  Sales value                              $ 16,614          $ 15,363        $ 27,538       $ 30,428
  Average sales price                      $  161.3          $  160.0        $  152.1       $  161.0

</TABLE>

                                                   September 30,
                                           ----------------------------
                                                1995            1994
                                           ------------     -----------
Backlog
  Units                                          111               138
  Sales value                               $ 19,294         $  25,089
  Average sales price                      $   173.8         $   181.8



The increases in home sales  revenues  for the three months ended September 30,
1995 compared to the three months ended  September  30,  1994  and  for the six
months ended September 30, 1995 compared to the six months ended September  30,
1994  both  result  from  a  combination  of an increase in the number of homes
delivered  and  from  an  increase in the average  sales  price  of  the  homes
delivered.

<PAGE>
                                  Page 13

The number of homes sold during  the  three months ended September 30, 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 a decrease  in  the  number  of  homes sold during the six
months ended September 30, 1995 compared to the six months  ended September 30,
1994.   The  average sales price of the homes sold also decreased  as  did  the
Backlog at September  30,  1995  when  compared  to  September  30,  1994.  The
decrease  in  the  number  of homes sold is due primarily to a decrease in  the
number of homes sold in Metropolitan  Washington,  D.C. during the three months
ended June 30, 1995.  The decrease in the average sales price of the homes sold
is  attributable  to  a larger proportion of sales in Greater  Tampa,  Florida,
where prices are lower.

The Backlog at September 30, 1995 and at September 30, 1994 includes $3,845,000
and $6,478,000 of contingent contracts, respectively.


THREE MONTHS ENDED SEPTEMBER  30,  1995  COMPARED  TO  THE  THREE  MONTHS ENDED
SEPTEMBER 30, 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 September 30,
                                                 ----------------------------------------------------------
                                                            1995                         1994
                                                 --------------------------    ----------------------------
                                                   Dollars           %           Dollars             %
                                                 ----------      ----------    -------------    -----------
<S>                                              <C>             <C>           <C>              <C>
Home sales revenues                               $ 14,658        100.0%          $  12,652         100.0%
Cost of home sales                                  12,776          87.2             10,970           86.7
Gross profit                                         1,882          12.8              1,682           13.3
Selling, general and administrative expenses         1,670          11.4              1,391           11.0
Pre-tax profit                                         241           1.6                286            2.3

</TABLE>


While  gross  profit  increased  for  the three months ended September 30, 1995
compared  to the three months ended September  30,  1994,  gross  profit  as  a
percentage  of home sales revenue decreased slightly from 13.3% to 12.8%.  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 the strong
competition in the markets where the Company operates.

Selling,  general  and administrative  expenses  for  the  three  months  ended
September 30, 1995 increased when compared with the prior comparable period but
were relatively unchanged  when  compared  as  a percentage of the related home
sale revenue.  The increase in selling, general  and administrative expenses is
due  to  the  increase in sales and is also due 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 September 30, 1995
compared to the three months ended September 30,  1994  is  a reflection of the
changes in gross profit and in selling, general and administrative expenses.

SIX MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THE SIX MONTHS  ENDED SEPTEMBER
30, 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>
                                                        Six Months Ended September 30,
                                            -----------------------------------------------------------
                                                        1995                               1994
                                            --------------------------      ---------------------------
                                             Dollars            %              Dollars            %
                                           <C>               <C>            <C>               <C>
Home sales revenues                         $ 29,269          100.0%         $  22,820         100.0%
Cost of home sales                            25,393            86.8            19,419           85.1
Gross profit                                   3,876            13.2             3,401           14.9
Selling, general and administrative            3,334            11.4             2,632           11.5
expenses
Pre-tax profit                                   568             1.9               755            3.3

</TABLE>


While  gross  profit  increased  for  the  six  months ended September 30, 1995
compared  to  the  six  months  ended September 30, 1994,  gross  profit  as  a
percentage  of  home  sales  revenue  decreased  from  14.9%  to  13.2%.   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 the strong
competition in the markets where the Company operates.

Selling, general and administrative expenses for the six months ended September
30,  1995 increased when compared with the prior  comparable  period  but  were
relatively  unchanged  when  compared  as a percentage of the related home sale
revenue.  The increase in selling, general  and  administrative expenses is due
to the increase in sales and is also due to an increase in the fixed components
of selling, general, and administrative expenses.

The  change  in  pre-tax  profit for the six months ended  September  30,  1995
compared to the six months  ended  September  30,  1994  is a reflection of the
changes in gross profit and in selling, general and administrative expenses.

The level of mortgage interest rates and 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 $362,000 and $513,000 and interest expense
includes $344,000  and $484,000 for the six months ended September 30, 1995 and
for the six months ended  September  30,  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 $31,200,000 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 November 1995 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 $19,250,000 of which
$4,604,000 was outstanding at September 30, 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 September 30, 1995, the Company had commitments  to purchase
827  finished  building  lots  at  a  total  purchase  price  of  approximately
$28,474,000  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 finished building lots from or on
behalf of another and later resells those lots 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 4

             SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


  The Annual Meeting of Stockholders  was  held  on  September  12,  1995.  The
following  matters  were  considered and acted upon, with the results indicated
below:

  The stockholders elected  three  members  of  the Board of Directors, each to
serve  until  August  27,  1998  or  until his successor  is  elected  and  has
qualified.  The names of the three directors, the votes cast for their election
and the number of votes withheld were as follows:


     Name                  Votes For        Votes Withheld
-----------------          ----------       --------------
Peter A. Davis             1,495,113            93,869
Philip T. Mercer           1,503,575            85,227
Jeffrey D. Prol            1,503,115            85,687


The other six Directors whose terms did not expire and who continue to serve on
the Board of Directors are:  Robert J.  Suarez,  William  D.  Aiken, Kenneth W.
Carlson, Dionel Cotanda, Robert E. Everett, and Brian Gibney.

  At the Annual Meeting of Stockholders, the stockholders approved  a  Proposal
to  approve  certain  amendments  to  the  Amended  and  Restated International
American Homes, Inc. Non-Qualified Stock Option Plan to increase  the number of
shares of common stock of the Company subject to the plan, clarify the language
describing  the  vesting schedule for options granted thereunder, provide  that
outside directors will no longer be eligible to receive options thereunder if a
non-employee  directors   stock  option  plan  is  approved  by  the  Company's
stockholders and becomes effective,  entitle  the  Company to require an option
holder who exercises an option to remit in addition  to  the exercised price an
amount  sufficient  to  satisfy  applicable  withholding tax requirements,  and
extend the term of the plan to June 22, 2005.   The votes for the proposal, the
votes against the proposal, the number of abstentions, and the number of shares
not voted were as follows:


      For         Against       Abstain       Not Voted
   ---------      -------       -------       ---------
   1,307,189      108,163       120,591        148,484



  At the Annual Meeting of Stockholders, the stockholders  approved  a Proposal
to  approve  the International American Homes, Inc. 1995 Non-Employee Directors
Stock Option Plan.  The votes for the proposal, the votes against the proposal,
the number of abstentions, and the number of shares not voted were as follows:


      For         Against       Abstain       Not Voted
   ---------      -------       -------       ---------
   1,233,854      88,579        117,885        148,484



<PAGE>
                                  Page 17

  In addition,  the  stockholders  voted  to  approve the appointment of Arthur
Andersen LLP as the auditors of the financial statements  of  the  Company  for
fiscal  year  1996.   The votes for and against the proposal, and the number of
abstentions were as follows:


      For         Against       Abstain
   ---------      -------       -------
   1,476,019      16,376        96,407



                                   ITEM 6

                      EXHIBITS AND REPORTS ON FORM 8-K

    (a) Exhibits

        None

    (b) Reports on Form 8-K

        None

<PAGE>
                                  Page 18

                                 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:   NOVEMBER 14, 1995        By:  /S/ ROBERT J. SUAREZ
        -------------------          -----------------------
                                      Robert J. Suarez
                                      President



Date:   NOVEMBER 14, 1995        By:  /S/ MICHAEL P. VILLA
        ------------------           ------------------------
                                      Michael P. Villa
                                      Vice President, Treasurer, and
                                      Chief Financial Officer