Question-and-Answer Session
Operator
(Operator Instructions) Your first question is from the line of Stephen Kim of Citigroup.
Stephen S. Kim - Citigroup Smith Barney
Thanks, guys. Two questions for you; first of all, could you talk about your inventory? I know that you guys provide -- I think you gave $3.6 billion in sold and unsold homes and lot development. I was hoping you might be able to break out or give some sense as to what the land portion embedded in that $3.6 billion was.
Larry Sorsby
We don’t provide that level of detail, Stephen.
Stephen S. Kim - Citigroup Smith Barney
Is that something you think you might -- forget that. Someone’s going to count that as my second question. I wish you would.
Larry Sorsby
Duly noted. We understand.
Stephen S. Kim - Citigroup Smith Barney
Okay, good. Second question related to your cash flow. I was wondering whether I could get the components, operating cash, cash from investments, cash from financing.
Larry Sorsby
The cash flow we are referring to are before financing. It is just purely from operations.
Stephen S. Kim - Citigroup Smith Barney
I’m not talking about the guidance figures. I’m talking about just simply, do you have the components at the end of the second quarter?
Larry Sorsby
We’ll let Brad answer that.
Brad O’Connor
If you want to tie right to what’s going to be in the 10-Q, what you’re looking for is cash flow from operations, cash flow from investing activities, and then exclude or subtract the change in mortgage notes receivable line that’s in the operating section of the cash flow statement.
Stephen S. Kim - Citigroup Smith Barney
Got it. Great, thanks.
Operator
Your next question is from the line of Michael Rehaut of JP Morgan.
Michael Rehaut - JP Morgan
Thanks. Good morning. The first question I have is I was wondering if you could describe a little bit more in terms of the incentives that you saw that you mentioned you had to increase during the quarter, and perhaps where you were on an average in terms of percent of sales price of home at the beginning of the quarter and where you ended toward the end of the quarter. And then I have a follow-up.
Ara K. Hovnanian
First of all, as you know, it is extremely situationally isolated. I would say in the most recent quarter we certainly saw a broader use of incentives in the Southern California inland empire market, Riverside and San Bernardino counties, and also in the Sacramento market.
