FORM 10-QSB

                  SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C.  20549

(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   AND EXCHANGE ACT OF 1934

     For the transition period from

                Commission file number      33-24299

             CONSOLIDATED CAPITAL OF NORTH AMERICA, INC.
        (Exact name of registrant as specified in its charter)

     Colorado                                     93-0962072
(State or other jurisdiction of                (I.R.S. Employer
incorporation or organization)                Identification No.)

5525 Erindale Drive, Suite 201
Colorado Springs, Colorado                           80918
(Address of principal executive offices)           (Zip Code)

                            (719) 260-8509
         (Registrant's telephone number, including area code)

                            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   XX    No

             APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.

     Class of Stock                        Amount Outstanding
    $.0001 par value                 1,529,546 shares outstanding
     Common Stock                          at November 1, 1996



          CONSOLIDATED CAPITAL OF NORTH AMERICA, INC.


                           Index


Part I - FINANCIAL INFORMATION

         Item 1.  Financial Statements

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

Part II - OTHER INFORMATION


SIGNATURES



Consolidated Capital of North America, Inc.
Consolidated Balance Sheet


                                            Unaudited     Audited
                                            September    December
                                             30, 1996    31, 1995
ASSETS

Current Assets:

Cash And Cash Equivalents                     $11,577     $6,494
Notes Receivable & Accrued Interest           165,755    162,173
Notes Receivable & Accrued Interest -
Related Party                                 146,825    143,609

Total Current Assets                          324,157    312,276

Undeveloped Real Estate, at cost                    0    284,687

Property and Equipment (Net of Accumulated
Depreciation)                                       0          0

Other Assets:

Long-Term Portion Of Notes Receivable
& Accrued Interest                            501,408     84,240
Equipment Held For Resale                      21,009     25,209
Prepaid Expenses                                    0      6,166
Marketable Securities                          37,500     37,500

Total                                         559,917    153,115

TOTAL ASSETS                                 $884,074   $750,078



LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Current Liabilities:

Current Portion - Notes Payable                    $0   $193,000
Current Portion - Notes Payable
- Related Party                                22,700     11,700
Accounts Payable - Trade                       38,837     28,631
Accrued Expenses                               52,798     26,348

Total                                         114,335    259,679

Long-Term Portion Of Notes Payable                  0          0

Total Liabilities                             114,335    259,679


Minority Interest                             277,478    124,172


SHAREHOLDERS' EQUITY:

Preferred Stock, Par Value $.01 Per Share;
Authorized 10,000,000 Shares; Series A:
authorized, issued and outstanding -0- at
June 30, 1996 and -0- Shares at Dec. 31, 1995.      0          0

Common Stock, $.0001 Par Value;
Authorized 50,000,000 Shares; Issued
and outstanding shares 1,529,546 and
1,529,546 shares                                   153       153

Additional Paid-In Capital                     832,075   832,075

Retained Deficit                              (339,967) (466,001)

TOTAL SHAREHOLDERS' EQUITY                     492,261   366,227

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    $884,074  $750,078

See Accompanying Notes To These Consolidated Financial Statements.



Consolidated Capital of North America, Inc.
Unaudited
Consolidated Statement Of Operations

                                      Three Months   Three Months
                                          Ended          Ended
                                      September 30, September 30,
                                          1996            1995
Revenue:
Sale Of Real Estate                             $0            $0

Cost Of Real Estate Sold                         0             0

Gross Profit                                     0             0

Depreciation And Amortization                    0             0
General And Administrative                   8,459         7,031
Personnel And Consulting                    11,000        11,566
Taxes - Payroll & Property                       0             0

Total Expenses                              19,459        18,597

Operating Profit (Loss)                    (19,459)      (18,597)

Other Income (Expense):

Minority Interest In Profit of
Joint Venture                                (6,257)       4,049
Equity (Loss)                                     0      (13,875)
(Loss) On Asset Sales                             0            0
Interest Income                              18,834        6,444
Interest (Expense)                           (1,875)     (15,755)
Other                                             0          525

Total                                        10,702      (18,612)

Net Income                                  ($8,757)    ($37,209)

Earnings Per Common Share                    ($0.01)      ($0.02)

Weighted Average Common Shares
Outstanding                               1,529,546    1,529,546

See Accompanying Notes To These Consolidated Financial Statements.



Consolidated Capital of North America, Inc.
Unaudited
Consolidated Statement Of Operations

                                       Nine Months   Nine Months
                                           Ended        Ended
                                      September 30, September 30,
                                           1996         1995
Revenue:
Sale Of Real Estate                       $668,250      $342,991

Cost Of Real Estate Sold                   346,591       209,156

Gross Profit                               321,659       133,835

Depreciation And Amortization                6,166             0
General And Administrative                  26,763        32,812
Personnel And Consulting                    31,500        40,747
Taxes - Payroll & Property                     244             0

Total Expenses                              64,673        73,559

Operating Profit (Loss)                    256,986        60,276

Other Income (Expense):

Minority Interest In Profit of
Joint Venture                              (153,307)     (48,168)
Equity (Loss)                                     0      (33,481)
(Loss) On Asset Sales                        (1,750)           0
Interest Income                              34,207       13,859
Interest (Expense)                          (10,102)     (36,960)
Other                                             0        4,158

Total                                      (130,952)    (100,592)

Net Income                                 $126,034     ($40,316)

Earnings Per Common Share                     $0.08       ($0.03)

Weighted Average Common Shares
Outstanding                               1,529,546    1,529,546

See Accompanying Notes To These Consolidated Financial Statements.



Consolidated Capital of North America, Inc.
Unaudited
Consolidated Cash Flow Statement

                                        Nine Months  Nine Months
                                           Ended        Ended
                                      September 30, September 30,
                                            1996         1995


Cash Flows From Operating Activities:

Net Profit (Loss)                          $126,034     ($40,316)
Amortization And Depreciation                 6,166            0
Equity Loss In Affiliate                          0       33,481
Minority Interest Gain                      153,306       48,168
(Loss) On Asset Sales                         1,750            0
(Increase) In Accounts Receivable                 0         (824)
(Increase) In Interest Receivable           (12,543)           0
Decrease In Inventory-Other Assets                0        3,000
Decrease In Inventory-Land                  284,687       36,803
Increase In Accounts Payable & Accrued
Liabilities                                  36,656          398

Net Cash Flows From Operations              596,056       80,710

Cash Flows From Investing Activities:

Notes Receivable From Land Sales           (605,750)    (255,074)
Payments Received From Notes Receivable     190,000       72,000
Payments Received From Notes Receivable -
Related Parties                              10,514            0
Advances Made To Related Parties             (6,187)           0
Proceeds From Asset Sales                     2,450            0

Net Cash Flows Provided By Investing:      (408,973)    (183,074)


Cash Flows From Financing Activities:

Proceeds From Borrowing                           0      350,000
Proceeds From Investments                         0       23,367
Payments To Related Party                    (1,000)     (81,344)
Payments Of Debt                           (193,000)    (132,200)
Minority Interest in Subsidiary              12,000       22,074
Distributions To Joint Venture Partners           0      (81,650)

Net Cash Flows Provided By Financing       (182,000)     100,247

Net Increase (Decrease) In Cash               5,083       (2,117)
Cash At Beginning Of Period                   6,494        1,676

Cash At End Of Period                       $11,577        ($441)


Supplementary Disclosure Of Cash Flow Information:

Noncash Financing Activities:                    $0           $0

Common Stock Issued for Preferred Shares:        $0       $4,500

Cash Paid For Interest:                        $805      $36,960

See Accompanying Notes To These Consolidated Financial Statements.


             NOTES TO UNAUDITED FINANCIAL STATEMENTS


1.  Unaudited Information.  The information furnished herein was
taken from the books and records of the Company without audit.
The Company believes, however, that it has made all adjustments
necessary to reflect properly the results of operations for the
interim periods presented.  The adjustments consist only of
normal reoccurring accruals.  The results of operations for the
nine months ended September 30, 1996, are not necessarily
indicative of the results to be expected for the year ended
December 31, 1996.

2.  Notes.  Management has elected to omit substantially all
notes to the Company's financial statements.  Reference is made
to the Company's Annual Report on Form 10-KSB for the year ended
December 31, 1995, as this Report incorporates the notes to the
Company's year-end financial statements.

3.  Termination of Development State Status.  Management has
determined that the Company is no longer in the development stage
and has therefore not included the additional financial
information required by FASB-7.

4.  Stock Split.  All references to Common Stock outstanding have
been adjusted retroactively to reflect a 200-for-1 reverse stock
split effective January 15, 1991.

5.  Basis Of Presentation.  The Company was incorporated under
the laws of the State of Delaware on November 24, 1987, and
reincorporated as a Colorado corporation on March 17, 1992.  The
Company's primary business is in the real estate and manufactured
home industries.  The unaudited Consolidated Financial Statements
of the Company include the Company and its majority owned
subsidiary, Northcrest Joint Venture.

6.  Equity Investment The Company formerly accounted for its
interest in investments for which it has less than a 50% interest
under the equity method.  Under this method, the Company's
proportionate share of the equity investment's income or loss
either increased or decreased the Company's investment.  As of
December 31, 1995, the Company discontinued using the equity
method because its share of the investee's losses reduced the
investment below zero.

7.  Bear Star Limited Liability Company.  During 1995, notes
receivable of the Company were assigned to Bear Star in
connection with the reorganization of that entity.  This
reorganization resulted in the Company owning approximately 19%
of Bear Star (as compared to an indirect interest of 12% in 1994)
and acquiring a note receivable of $22,897 from Columbine.  Bear
Star is organized to sell developed and undeveloped manufactured
homesites.

    The Company's original indirect interest in Bear Star was
acquired through advances of approximately $114,000.  Bear Star
has substantial obligations, including notes payable of
$1,046,434 as of September 30, 1996.  In addition, certain
additional improvements must be made to the property prior to the
sale of lots for modular homes.  The Company has not guaranteed
these obligations, but the ultimate realization of its advances
will be dependent upon Bear Star's satisfaction of such
obligations and the ability to raise capital to make necessary
improvements to the property.  The Company believes financial
commitments from other members of Bear Star, as well as future
sales of Bear Star homesites to other sales companies will enable
it to meet such obligations.

8.  Sale of Real Estate.  In a transaction effective June 21,
1996, the Company's majority owned subsidiary, Northcrest, sold
the balance of its real estate inventory to an independent third
party.  The property was sold for a price of $668,250, which was
reduced by an improvement credit of $50,000 given to the buyer,
prior buyer's deposits of $5,000 and miscellaneous closing costs
paid by the seller of $1,629.  The remaining balance due of
$605,750 represented by a non-recourse promissory note in favor
of Northcrest.  Principal is payable in equal monthly installment
of $10,000 commencing October 21, 1996, and continuing until May
21, 1998.  Thereafter the monthly payments increase to $16,000
until the note is paid in full or June 21, 2000, when the
principal and accrued is payable in full.  All such monthly
payments shall be applied towards the outstanding principal
amount of the promissory note.  Interest at the rate of 9 1/4%
per annum shall be paid on the maturity date.  The promissory
note is secured by a deed of trust on the property in favor of
Northcrest.

9.  Subsequent Events.  Effective October 3, 1996, Northcrest
discounted a portion of the note receivable described in Note 8
above.  The Joint Venture accepted payment in the amount of
$172,000 in payment of that portion of the Note represented by
the $10,000 installments due and payable commencing October 21,
1996.  The Company's portion of the proceeds were utilized to
reduce current liabilities, including trade payables and notes
payable to related parties.  Remaining installments under the
Note are scheduled to commence in 1998.



          CONSOLIDATED CAPITAL OF NORTH AMERICA, INC.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Liquidity and Capital Resources

     The liquidity and capital resources of Consolidated Capital
of North America, Inc. (the "Company") improved from December
31, 1995 to September 30, 1996, although remained substantially
unchanged from the prior quarter ended June 30, 1996.   Working
capital at September 30, 1996 was $209,822, compared to $52,597
at December 31, 1995 and $226,446 at June 30, 1996.  The
improvement from fiscal year end is attributable solely to the
sale of real property held by the Company for sale.  That
transaction was completed during the quarter ended June 30, 1996.
 Since that date, the Company's working capital has decreased
only slightly, as a result of payment of  general and
administrative expenses.

     Management anticipates that existing liquidity and capital
resources are sufficient for the balance of the current fiscal
year and the foreseeable portion of fiscal 1997.  The Company's
only immediate needs for working capital are general and
administrative expenses, including salaries and consulting, legal
and accounting fees incurred by the Company.  Proceeds from the
payment of current and long-term notes receivable should be
sufficient to defray these cash requirements for the foreseeable
future.  Development at the Bear Creek property, in which the
Company owns an interest through a limited liability company, is
not anticipated to require substantial capital in the foreseeable
future.

     In an effort to enhance its liquidity, the Company is
currently exploring alternatives for sale of the Bear Creek
property.  The assets of that entity consist of partially
developed real estate utilized as a manufactured home community.
 The limited liability company had previously marketed lots on an
individual basis to manufactured home dealers located in and
around Colorado Springs in which the community is located.  The
Company is currently negotiating to sell the entire project,
although as of the date of filing this Report, no definitive
agreement has been reached.  It is anticipated that the Company
will continue these negotiations in an effort to maximize
proceeds of the sale.

     On a long term basis, the Company will require additional
capital resources from an outside source until it can increase
its asset base and attain profitable operation on a consistent
basis.  Management continues to exploration alternatives to meet
that objective.  Management is currently considering additional
opportunities in the real estate industry, or a merger with, or
acquisition of, a privately held company engaged in a variety of
industries.  The Company's ultimate objective is to obtain assets
and operations sufficient to qualify for listing in NASDAQ to
increase interest in the Company's stock.

Results of Operations

     For the nine month period ended September 30, 1996, the
Company realized gross revenues of $668,250 and net income of
$126,034, or $.08 per share.  The Company's revenues were
unchanged from the three months ended June 30, 1996, as no
additional sales were recorded during the current period.  All of
the Company's revenues during 1996 are attributable to the sale
of real estate in which the Company held an interest.  Since all
of the Northcrest property was sold earlier this year, any
remaining sales would come from sale of the Bear Creek property,
of which there is no assurance.

     Net income for the nine months ended September 30, 1996
increased $166,350 or 413 % over the comparable period of 1995.
Such increase is attributable to greater revenues from the sale
of real estate during 1996.  Overhead expenses, such as general
and administrative, depreciation and amortization, remained
generally constant for the first nine months of 1996, compared to
the comparable period in 1995.

     Management is unable to predict with any degree of certainty
future operating results, pending identification and evaluation
of additional business opportunities.  However, it is not
anticipated that the Company will generate substantial revenues,
profits or losses until the Company completes an additional
merger or acquisition.

     PART II.  OTHER INFORMATION


Item 1.  Legal Proceedings.

              Not applicable.


Item 2.  Changes in Securities.

              Not applicable.


Item 3.  Defaults Upon Senior Securities.

              Not applicable.


Item 4.  Submission of Matters to a Vote of Security Holders.

              Not applicable.


Item 5.  Other Information.

              Not applicable.


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

              A. Exhibits: None

              B. Reports on Form 8-K:  None.


                        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.

                               CONSOLIDATED CAPITAL OF NORTH AMERICA, INC.


                               (Registrant)


Date:  November 06, 1996

                               \s\ Raymond E. McElhaney
                               By: Raymond E. McElhaney
                               President/Treasurer,
                               Chief Executive Officer,
                               Financial Officer and
                               Chairman of the Board of Directors