M.D.C. (MDC) 8-K M.D.C. Holdings Announces First Quarter 2009 Results

Exhibit 99.1

M.D.C. HOLDINGS, INC.

NEWS BULLETIN

M.D.C. HOLDINGS, INC.	RICHMOND AMERICAN HOMES
	HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
FRIDAY, MAY 8, 2009

Contact:	Robert N. Martin
	Investor Relations
	(720) 977-3431
	bob.martin@mdch.com

M.D.C. HOLDINGS ANNOUNCES FIRST QUARTER 2009 RESULTS

• Cash flow from operations of $239.5 million, including $161.4 million tax refund

• Quarter-end cash and investments of $1.61 billion

• No borrowings on homebuilding line of credit

• Pre-tax loss of $41.1 million; includes asset impairments of $14.6 million

• Net loss of $40.9 million vs. $72.8 million in 2008

• Diluted loss per share of $0.88 vs. $1.58 in 2008

• Total revenue of $175.9 million vs. $395.8 million in 2008

• SG&A expenses of $53.6 million vs. $83.8 million in 2008

• Closed 580 homes at an average selling price of $287,900

• Net orders for 676 homes with an estimated value of $191.0 million

• Cancellation rate of 23% vs. 43% in 2008

DENVER, Friday, May 8, 2009 — M.D.C. Holdings, Inc. (NYSE: MDC) today reported results for its first quarter ended March 31, 2009. The Company announced a net loss for the quarter of $40.9 million, or $0.88 per diluted share, which included pre-tax charges of $14.6 million for asset impairments and a $15.3 million increase in our deferred tax valuation allowance. The net loss for the 2008 first quarter was $72.8 million, or $1.58 per diluted share, which included pre-

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M.D.C. HOLDINGS, INC.

tax charges of $54.8 million for asset impairments and an increase in our deferred tax valuation allowance of $10.6 million.

Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “During the first quarter of 2009, we battled many of the same issues we faced in 2008, including high foreclosure rates, rising unemployment and low consumer confidence. While declining home prices and historically low interest rates have improved affordability across our markets, we have yet to see a meaningful recovery in sales activity.”

Mizel continued, “In an effort to accelerate our sales pace, we are introducing smaller, more affordable homes in many of our markets. These homes are designed both to meet the current needs of our customers and to allow for a more efficient construction process. As we await a recovery in homebuilding activity, we will continue to pursue and implement improvements to our business processes that we believe will enhance profitability for our Company in the future.”

Mizel concluded, “On the strength of nearly $240 million of operating cash flow, our cash and investments balance grew to more than $1.6 billion during the quarter. With no borrowings outstanding on our homebuilding line of credit and no senior debt maturities until 2012, we are well positioned with the option to take advantage of market opportunities as they arise. However, in the face of continued economic and regulatory uncertainty, we will take a cautious and conservative approach to redeploying our capital.”

Homebuilding Results

Homebuilding loss before taxes for the quarter ended March 31, 2009 improved to $18.3 million compared with a loss of $77.3 million for the same period in 2008. The loss in 2009 was lower in large part due to a decline in asset impairments, an improvement in home gross margin and a decrease in marketing, commissions and general and administrative expenses (“SG&A”), partially offset by the impact of closing fewer homes and a lower average selling price compared with the same period in 2008.

Homebuilding revenue for the 2009 first quarter fell to $173.0 million, compared with $388.3 million in the first quarter of 2008. The decline in revenue was primarily the result of a year-over-year decline in home closings of 49%. All of our markets experienced significant year-over-year decreases in home closings in the first quarter of 2009. Most notable were the decreases in Arizona, California and Nevada, where our homebuilding activity has been most heavily concentrated. Additionally, the average selling price during the first quarter of 2009 was down 8% from the prior year. Each of our markets experienced a decrease in its average selling price with the exception of Virginia, which showed a significant increase due to changes in the size and style of the homes that were closed during the quarter. Home gross margins during the first quarter of 2009 increased to 15.4% from 11.5% in the first quarter of 2008, primarily due to significant prior period impairments, which lowered the lot cost basis on homes that closed during the quarter, and also due to a $3.6 million reduction of our warranty reserves. These

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M.D.C. HOLDINGS, INC.

positive adjustments partially were offset by the decline in the average selling prices of homes closed and by a shift in mix to a higher percentage of low-margin model and finished spec home closings during the first quarter of 2009.

Homebuilding SG&A decreased to $31.0 million for the quarter ended March 31, 2009, compared with $63.3 million for the same period in the prior year. The decrease in SG&A resulted from various cost saving initiatives associated with right-sizing our operations in response to the reduced level of home closings. Also contributing to this decrease was a reduction in marketing expenses, primarily due to a significant reduction in sales office and model home expenses related to a 57% reduction in the number of model homes, as well as a decline in commission expenses resulting from fewer home closings and lower average selling prices.

During the first quarter of 2009, we recognized $14.6 million of asset impairments, a decrease of 73% from the 2008 first quarter. The impairments were concentrated in Nevada, which experienced a significant decrease in the value of homes during the 2009 first quarter. Overall, the year-over-year decrease in asset impairments can be attributed to a decrease in the total number of owned lots at March 31, 2009 and the impact of recording significant impairments over the last ten quarters, thereby reducing our exposure to further impairments.

Net orders for the first quarter ended March 31, 2009 totaled 676 homes with an estimated sales value of $191.0 million, compared with net orders for 1,098 homes with an estimated sales value of $324.0 million during the same period in 2008. The lower net orders for the quarter contributed to a significant decline in our backlog compared to the prior year, although we saw a slight increase compared to the quarter ended December 31, 2008. We ended the first quarter of 2009 with a backlog of 629 homes under contract with an estimated sales value of $196.0 million, compared with a backlog of 1,909 homes with an estimated sales value of $623.0 million at March 31, 2008. During the first quarter of 2009, the Company’s cancellation rate dropped to 23% compared with 43% during the same period in 2008. Each of our markets experienced a decline in cancellation rate, primarily resulting from a decrease in mortgage-related issues and a decline in the number of prospective home buyers with a contingency to sell an existing home.

Christopher M. Anderson, MDC’s senior vice president and chief financial officer, said, “We continued to focus on controlling our expenses during the quarter, as evidenced by a 51% decline in homebuilding SG&A from the same period last year. While we are hopeful that the significant declines in our cancellation rate and our impairments are signs of stabilization for our industry and our Company, we continue to look for opportunities to reduce our overhead as we navigate an uncertain homebuilding market and drive toward a goal of once again achieving a sustainable level of profitability.”

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M.D.C. HOLDINGS, INC.

Financial Services and Other

Income before taxes from the Company’s Financial Services and Other segment for the quarter ended March 31, 2009 was $1.6 million compared with $4.1 million for the same period in 2008. The decreases in the 2009 first quarter primarily resulted from a combined decrease in gains on sales of mortgage loans and broker origination fees. These declines partially were offset by reductions in general and administrative expenses for our mortgage operations.

Balance Sheet and Cash Flow Highlights

For the quarter ended March 31, 2009, the Company generated $239.5 million in operating cash flow and ended the quarter with $1.61 billion in cash and investments. Our strong operating cash flow primarily was the result of a $161 million tax refund, combined with a continued reduction of our inventories. Total lots owned including WIP lots at March 31, 2009 decreased by 35% from a year ago and 7% from December 31, 2008, leaving a total inventory balance of $556.0 million at March 31, 2009, compared with $1.25 billion at March 31, 2008 and $637.3 million at December 31, 2008. For the 2,284 lots we controlled under option contracts at March 31, 2009, we only had $9.7 million at risk.

About MDC

Since 1972, MDC has built and financed the American dream for almost 160,000 families. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. As one of the largest homebuilders in the United States, the Company has homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. The Company also provides mortgage financing, insurance and title services, primarily for MDC homebuyers, through its wholly owned subsidiaries, HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit www.mdcholdings.com.

Forward-Looking Statements

     Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially

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different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Annual Report on Form 10-Q for the quarter ended March 31, 2009, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

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M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

	Three Months
	Ended March 31,
	2009			2008
Revenue
Home sales revenue	$	166,982		$	355,792
Land sales revenue		2,618			28,568
Other revenue		6,332			11,418
Total Revenue		175,932			395,778
Costs and Expenses
Home cost of sales		141,325			315,037
Land cost of sales		1,341			27,949
Asset impairments		14,569			54,832
Marketing expenses		8,832			19,203
Commission expenses		6,358			13,433
General and administrative expenses		38,381			51,188
Other operating expenses		265			1,724
Related party expenses		5			5
Total Operating Costs and Expenses		211,076			483,371
Loss from Operations		(35,144	)		(87,593	)
Other income (expense)
Interest income		4,071			10,476
Interest expense		(9,740	)		(130	)
Gain (loss) on sale of other assets		(260	)		21
Loss Before Taxes		(41,073	)		(77,226	)
Benefit from income taxes, net		220			4,406
NET LOSS	$	(40,853	)	$	(72,820	)
LOSS PER SHARE
Basic	$	(0.88	)	$	(1.58	)
Diluted	$	(0.88	)	$	(1.58	)
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic		46,397			45,953
Diluted		46,397			45,953
DIVIDENDS DECLARED PER SHARE	$	0.25		$	0.25

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M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)

	March 31,			December 31,
	2009			2008
Assets
Cash and cash equivalents	$	1,584,631		$	1,304,728
Short-term investments		22,909			54,864
Unsettled trades, net		3,254			57,687
Restricted cash		471			670
Receivables
Home sales receivables		12,306			17,104
Income taxes receivable		6,931			170,753
Other receivables		13,596			16,697
Mortgage loans held-for-sale, net		29,900			68,604
Inventories, net
Housing completed or under construction		349,405			415,500
Land and land under development		206,581			221,822
Property and equipment, net		37,119			38,343
Deferred tax asset, net of valuation allowance		—			—
Related party assets		28,627			28,627
Prepaid expenses and other assets, net		77,421			79,539
Total Assets	$	2,373,151		$	2,474,938
Liabilities
Accounts payable	$	21,100		$	28,793
Accrued liabilities		319,667			332,825
Mortgage repurchase facility		4,117			34,873
Senior notes, net		997,640			997,527
Total Liabilities		1,342,524			1,394,018
Commitments and Contingencies		—			—
Stockholders’ Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 250,000,000 shares authorized; 46,838,000 and 46,789,000 issued and outstanding, respectively, at March 31, 2009 and 46,715,000 and 46,666,000 issued and outstanding, respectively, at December 31, 2008		468			467
Additional paid-in-capital		790,361			788,207
Retained earnings		240,457			292,905
Treasury stock, at cost; 49,000 shares at March 31, 2009 and December 31, 2008		(659	)		(659	)
Total Stockholders’ Equity		1,030,627			1,080,920
Total Liabilities and Stockholders’ Equity	$	2,373,151		$	2,474,938

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M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,
	2009			2008
REVENUE
Homebuilding
West	$	74,682		$	223,379
Mountain		44,117			70,482
East		40,492			67,345
Other Homebuilding		13,683			27,049
Total Homebuilding		172,974			388,255
Financial Services and Other		5,563			10,180
Corporate		50			184
Inter-company adjustments		(2,655	)		(2,841	)
Consolidated	$	175,932		$	395,778
(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding
West	$	(10,303	)	$	(61,391	)
Mountain		(4,811	)		(11,608	)
East		(2,371	)		(2,379	)
Other Homebuilding		(831	)		(1,896	)
Total Homebuilding		(18,316	)		(77,274	)
Financial Services and Other		1,621			4,148
Corporate		(24,378	)		(4,100	)
Consolidated	$	(41,073	)	$	(77,226	)
ASSET IMPAIRMENTS
West	$	13,067		$	48,312
Mountain		254			3,954
East		964			1,533
Other Homebuilding		284			1,033
Consolidated	$	14,569		$	54,832

	March 31,			December 31,
	2009			2008
TOTAL ASSETS
Homebuilding
West	$	210,626		$	255,652
Mountain		270,753			288,221
East		131,866			151,367
Other Homebuilding		29,228			38,179
Total Homebuilding		642,473			733,419
Financial Services and Other		100,430			139,569
Corporate		1,676,205			1,647,907
Inter-company adjustments		(45,957	)		(45,957	)
Consolidated	$	2,373,151		$	2,474,938

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2009			2008			Amount			%
SELECTED FINANCIAL DATA
General and Administrative Expenses
Homebuilding	$	15,779		$	30,702		$	(14,923	)		-49	%
Financial Services and Other	$	4,498		$	7,023		$	(2,525	)		-36	%
Corporate (1)	$	18,109		$	13,468		$	4,641			34	%
Total	$	38,386		$	51,193		$	(12,807	)		-25	%
SG&A as a % of Home Sales Revenue
Homebuilding Segments		18.5	%		17.8	%		0.7	%
Corporate Segment (1)		10.8	%		3.8	%		7.0	%
Depreciation and Amortization(2)	$	3,893		$	8,612		$	(4,719	)		-55	%
Home Gross Margins (3)		15.4	%		11.5	%		3.9	%
Interest in Home Cost of Sales as a % of Home Sales Revenue		-4.8	%		-4.4	%		-0.4	%
Cash Provided by (Used in)
Operating Activities	$	239,493		$	230,733		$	8,760			4	%
Investing Activities	$	82,690		$	(43	)	$	82,733			N/A
Financing Activities	$	(42,280	)	$	(41,604	)	$	(676	)		2	%
Corporate and Homebuilding Interest
Interest capitalized, beginning of period	$	39,239		$	53,487		$	(14,248	)		-27	%
Interest capitalized, net of interest expense	$	4,844		$	14,453		$	(9,609	)		-66	%
Previously capitalized interest included in home cost of sales	$	(8,033	)	$	(15,773	)	$	7,740			-49	%
Interest capitalized, end of period	$	36,050		$	52,167		$	(16,117	)		-31	%

(1)	Includes related party expenses.
(2)	Includes depreciation and amortization of long-lived assets and amortization of deferred marketing costs.
(3)	Home sales revenue less home cost of sales (excluding commissions, amortization of deferred marketing, project cost write offs and asset impairments) as a percent of home sales revenue. During the three months ended March 31, 2009 and March 31, 2008, we closed homes on lots for which we had previously recorded $43.2 million and $49.9 million, respectively, of asset impairments.

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2009			2008			Amount			%
HOMEAMERICAN OPERATING ACTIVITIES
Principal amount of mortgage loans originated	$	126,507		$	164,743		$	(38,236	)		-23	%
Principal amount of mortgage loans brokered	$	12,965		$	59,571		$	(46,606	)		-78	%
Capture Rate		82	%		58	%		24	%
Including brokered loans		90	%		75	%		15	%
Mortgage products (% of mortgage loans originated)
Fixed rate		100	%		94	%		6	%
Adjustable rate — interest only		0	%		2	%		-2	%
Adjustable rate — other		0	%		4	%		-4	%
Prime loans (4)		42	%		63	%		-21	%
Alt A loans (5)		0	%		0	%		0	%
Government loans (6)		58	%		37	%		21	%
Sub-prime loans (7)		0	%		0	%		0	%

(4)	Prime loans generally are defined as loans with Fair, Isaac and Company (“FICO”) scores greater than 620 and that comply with the documentation standards of the government sponsored enterprise guidelines.
(5)	Alt-A loans are defined as loans that would otherwise qualify as prime loans except that they do not comply with the documentation standards of the government sponsored enterprise guidelines.
(6)	Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.
(7)	Sub-prime loans generally are defined as non government insured loans that have FICO scores of less than or equal to 620.

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)

	March 31,		December 31,		March 31,
	2009		2008		2008
HOMES COMPLETED OR UNDER CONSTRUCTION
Unsold Home Under Construction — Final		293		451		449
Unsold Home Under Construction — Frame		255		329		516
Unsold Home Under Construction — Foundation		100		41		134
Total Unsold Homes Under Construction		648		821		1,099
Sold Homes Under Construction		471		409		1,340
Model Homes		274		387		640
Homes Completed or Under Construction		1,393		1,617		3,079
LOTS OWNED(excluding homes completed or under construction)
Arizona		1,365		1,458		2,423
California		695		839		1,150
Nevada		1,045		1,111		1,241
West		3,105		3,408		4,814
Colorado		2,523		2,597		2,890
Utah		621		642		830
Mountain		3,144		3,239		3,720
Delaware Valley		110		115		138
Maryland		180		176		287
Virginia		227		241		336
East		517		532		761
Florida		242		257		561
Illinois		141		141		165
Other Homebuilding		383		398		726
Total		7,149		7,577		10,021

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)

	March 31,		December 31,		March 31,
	2009		2008		2008
LOTS CONTROLLED UNDER OPTION
Arizona		460		472		400
California		149		149		157
Nevada		95		95		—
West		704		716		557
Colorado		158		184		255
Utah		—		—		—
Mountain		158		184		255
Delaware Valley		14		40		327
Maryland		350		355		449
Virginia		620		592		1,072
East		984		987		1,848
Florida		438		471		470
Illinois		—		—		—
Other Homebuilding		438		471		470
Total		2,284		2,358		3,130
NON-REFUNDABLE OPTION DEPOSITS
Cash	$	5,526	$	5,145	$	6,476
Letters of Credit		3,257		4,358		4,221
Total Non-Refundable Option Deposits	$	8,783	$	9,503	$	10,697

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,				Change
	2009		2008		Amount			%
HOMES CLOSED (UNITS)
Arizona		172		351		(179	)		-51	%
California		59		154		(95	)		-62	%
Nevada		74		180		(106	)		-59	%
West		305		685		(380	)		-55	%
Colorado		91		117		(26	)		-22	%
Utah		40		82		(42	)		-51	%
Mountain		131		199		(68	)		-34	%
Delaware Valley		19		31		(12	)		-39	%
Maryland		26		49		(23	)		-47	%
Virginia		41		65		(24	)		-37	%
East		86		145		(59	)		-41	%
Florida		49		95		(46	)		-48	%
Illinois		9		12		(3	)		-25	%
Other Homebuilding		58		107		(49	)		-46	%
Total		580		1,136		(556	)		-49	%
AVERAGE SELLING PRICES PER HOME CLOSED
Arizona	$	192.6	$	232.2	$	(39.6	)		-17	%
California		398.1		444.6		(46.5	)		-10	%
Colorado		352.3		354.4		(2.1	)		-1	%
Delaware Valley		424.9		425.8		(0.9	)		0	%
Florida		219.2		233.4		(14.2	)		-6	%
Illinois		320.4		400.5		(80.1	)		-20	%
Maryland		440.6		496.9		(56.3	)		-11	%
Nevada		203.0		247.3		(44.3	)		-18	%
Utah		298.6		340.1		(41.5	)		-12	%
Virginia		508.5		453.5		55.0			12	%
Company Average	$	287.9	$	313.2	$	(25.3	)		-8	%

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2009			2008			Amount			%
ORDERS FOR HOMES, NET (UNITS)
Arizona		158			282			(124	)		-44	%
California		75			159			(84	)		-53	%
Nevada		95			181			(86	)		-48	%
West		328			622			(294	)		-47	%
Colorado		134			163			(29	)		-18	%
Utah		41			44			(3	)		-7	%
Mountain		175			207			(32	)		-15	%
Delaware Valley		14			22			(8	)		-36	%
Maryland		37			47			(10	)		-21	%
Virginia		56			70			(14	)		-20	%
East		107			139			(32	)		-23	%
Florida		58			115			(57	)		-50	%
Illinois		8			15			(7	)		-47	%
Other Homebuilding		66			130			(64	)		-49	%
Total		676			1,098			(422	)		-38	%
Estimated Value of Orders for Homes, net	$	191,000		$	324,000		$	(133,000	)		-41	%
Estimated Average Selling Price of Orders for Homes, net	$	282.5		$	295.1		$	(12.5	)		-4	%
Cancellation Rate(8)		23	%		43	%		-20	%

⁽⁸⁾ We define “Cancellation Rate” as the approximate number of cancelled home order contracts during a reporting period as a percent of total home orders received during such reporting period.

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	March 31,		December 31,		March 31,
	2009		2008		2008
BACKLOG (UNITS)
Arizona		144		158		523
California		65		49		208
Nevada		74		53		308
West		283		260		1,039
Colorado		115		72		259
Utah		43		42		140
Mountain		158		114		399
Delaware Valley		22		27		48
Maryland		69		58		124
Virginia		51		36		105
East		142		121		277
Florida		44		35		145
Illinois		2		3		49
Other Homebuilding		46		38		194
Total		629		533		1,909
Backlog Estimated Sales Value	$	196,000	$	173,000	$	623,000
Estimated Average Selling Price of Homes in Backlog	$	311.6	$	324.6	$	326.3
ACTIVE SUBDIVISIONS
Arizona		37		44		62
California		16		18		34
Nevada		23		24		34
West		76		86		130
Colorado		45		49		49
Utah		22		22		24
Mountain		67		71		73
Delaware Valley		2		3		2
Maryland		12		11		17
Virginia		10		12		19
East		24		26		38
Florida		7		7		15
Illinois		1		1		4
Other Homebuilding		8		8		19
Total		175		191		260
Average for quarter ended		182		202		272

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