<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-K FOR THE ANNUAL PERIODS ENDED DECEMBER 31, 1997,1996 AND 1995 AND IS 
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>

       
  
<S>                         <C>                                <C>                     <C>
<PERIOD-TYPE>              12-MOS                              12-MOS                  12-MOS   
<FISCAL-YEAR-END>                              Dec-31-1997              Dec-31-1996           Dec-31-1995
<PERIOD-START>                                 Jan-01-1997              Jan-01-1996           Jan-01-1995
<PERIOD-END>                                   Dec-31-1997              Dec-31-1996           Dec-31-1995
<CASH>                                         13,796,274               11,212,110             5,623,456
<SECURITIES>                                    7,475,821                3,000,000                     0
<RECEIVABLES>                                   4,321,151                1,181,513             1,652,921
<ALLOWANCES>                                            0                        0                     0 
<INVENTORY>                                    36,716,122 <F1>          52,766,342 <F1>       48,938,098  <F1>
<CURRENT-ASSETS>                                  653,023                  784,508             2,011,152
<PP&E>                                                  0                        0                     0
<DEPRECIATION>                                      6,862                        0                     0
<TOTAL-ASSETS>                                 62,969,253               68,944,473            58,225,627    
<CURRENT-LIABILITIES>                           2,899,038                7,584,003             7,575,303
<BONDS>                                        38,804,107 <F2>          41,218,205 <F2>       39,105,138  <F2>
<PREFERRED-MANDATORY>                                   0                        0                     0 
<PREFERRED>                                             0                        0                     0 
<COMMON>                                           42,918                   42,918                15,893
<OTHER-SE>                                     21,223,190               20,099,347            11,529,293
<TOTAL-LIABILITY-AND-EQUITY>                   62,969,253               68,944,473            58,225,627   
<SALES>                                           488,563                5,479,114             6,933,318
<TOTAL-REVENUES>                                3,917,890                6,404,822             7,389,376
<CGS>                                                   0                        0                     0
<TOTAL-COSTS>                                           0                        0                     0 
<OTHER-EXPENSES>                                2,867,025                3,054,227             2,041,658
<LOSS-PROVISION>                                  328,236               10,079,777                     0
<INTEREST-EXPENSE>                              3,599,487                3,983,606             3,352,178 
<INCOME-PRETAX>                               (2,876,858)              (10,712,788)            1,995,540
<INCOME-TAX>                                      (4,000)                  525,711              (624,510)
<INCOME-CONTINUING>                           (2,880,858)              (10,187,077)            1,371,030
<DISCONTINUED>                                          0                        0                     0
<EXTRAORDINARY>                                 3,891,494                  487,600              (567,831)
<CHANGES>                                               0                        0                     0
<NET-INCOME>                                    1,010,636                9,699,477               803,199  
<EPS-PRIMARY>                                            .29                    (2.46)                 .51
<EPS-DILUTED>                                            .28                    (2.46)                 .42 


<FN>
<F1> INCLUDES ASSETS HELD FOR SALE AND PURCHASED LIFE INSURANCE POLICIES FOR 
     1997 AND 1996.  INCLUDES ONLY PURCHASED LIFE INSURANCE POLICIES FOR 1995.
<F2> REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>
        


</TABLE>