On March 31, 2009, the Registrant issued a press release (the "Press Release") announcing the completion of a deed-in-lieu transaction regarding its 151-lot project in Corona, California with an investor that had acquired the $31.2 million loan secured by the project from IndyMac Federal Bank. The Registrant conveyed the remaining 134 finished lots to the investor in exchange for a $28.7 million reduction in the note balance and retained seven completed homes which secure the remaining note balance of $2.5 million. Subject to certain conditions, after all seven homes have been sold, the guaranty of this debt by the Registrant will be released and any remaining balance on the $2.5 million note will be cancelled.

The Registrant also announced that it extended the maturity date on its senior secured revolving credit agreement from September 30, 2009 to June 30, 2010.

Attached hereto as Exhibit 99.1 and incorporated by reference herein is a copy of the Press Release.

The information in this Current Report on Form 8-K, including the exhibit hereto that is being furnished under Item 7.01, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

(d) Exhibits

99.1              Press Release of the Registrant, dated March 31, 2009, announcing
                  completion of the deed-in-lieu transaction and the extension of the
                  maturity date on its senior secured revolving credit agreement from
                  September 30, 2009 to June 30, 2010.