UNITED STATES
                       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, 1998
                                        ---------------------------------------

                                       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.
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          Delaware                                      22-2472608
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(State or other jurisdiction of              (IRS employer identification no.)
 incorporation or organization)

    9950 Princess Palm Ave., Suite 112, Tampa, FL          33619
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   (Address of principal executive offices)             (Zip Code)

                                 (813) 664-1100
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              (Registrant's telephone number, including area code)


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
                                       ---     ---

Number of shares of common stock, par value $0.01 per share outstanding as of
October 31, 1998 was 2,780,895.
<PAGE>

                                                                               2

Part I.  FINANCIAL

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

         Item 2 is hereby amended by adding the following language to the end
thereof:

         Year 2000

                  The Company believes that Year 2000 issues are not material to
         its business and that the consequences of such issues would not have a
         material effect on the Company's business, results of operations or
         financial condition without taking into account the Company's efforts
         to avoid those consequences. Nevertheless the Company is taking what it
         believes to be all necessary steps to become Year 2000 compliant.

                  Substantially all of the Company's computer equipment is
         relatively new and, when purchased, was and is Year 2000 compliant. The
         Company's mainframe computer is not yet Year 2000 compliant, but the
         Company intends to take all steps necessary to bring it into compliance
         during the first half of calendar year 1999. Only limited testing of
         the Company's computer systems is expected to be necessary.

                  The costs of purchasing the Company's existing Year 2000
         compliant computer equipment was approximately $10,000, all of which
         was financed from working capital and capitalized with provision for
         amortization over a period of two years. The anticipated costs of
         bringing its mainframe computer into compliance is not yet known but is
         not expected to be material.

                  The Company believes that its existing software programs are
         capable of being modified to conform to Year 2000 requirements. The
         estimated costs of remediation of the Company's software programs
         and/or the purchase of comparable Year 2000 compliant software will not
         exceed $5,000. Costs of modifying and/or purchasing needed software
         will be capitalized as incurred.

                  Most of the materials used by the Company in connection with
         its home-building activities are purchased from local suppliers for
         whom Year 2000 issues as they relate to the Company are either
         non-existent or immaterial. The Company has made inquiries of its
         principal suppliers, i.e., those firms from whom it purchases
         appliances, concrete, lumber and windows, but as yet is not in a
         position to assess the Year 2000 readiness of such suppliers. Because
         the Company is a relatively modest customer of the suppliers of certain
         of those items, the Company believes that it will have only limited
         opportunities to engage in interactive testing with such suppliers for
         the purpose of determining Year 2000 readiness for transactions with
         them.

                  Because of the nature of the Company's relationship with its
         home-buyer customers, Year 2000 issues are not directly relevant to
         such relationships.

                  The Company has not formulated any contingency plan with
         respect to its failure or the failure of any of its suppliers to be
         Year 2000 compliant prior to December 31, 1999. The Company does not
         believe that a failure by the Company or any of its suppliers to be
         Year 2000 compliant by that date will have a material adverse effect on
         the Company's business.
<PAGE>

                                                                               3

                                   SIGNATURES


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


                           International American Homes, Inc.

  
                           By: /s/ Robert J. Suarez
                               --------------------
                               Robert J. Suarez
                               Chairman of the Board of Directors and President


                           By: /s/ Robert I. Antle
                               -------------------
                               Robert I. Antle
                               Executive Vice President, Secretary, Treasurer
                               and Chief Financial Officer

DATE: February 18, 1999