EXHIBIT 99.1

NEWS BULLETIN

M.D.C. HOLDINGS, INC.                                   RICHMOND AMERICAN HOMES
                                                         HOMEAMERICAN MORTGAGE

FOR IMMEDIATE RELEASE
MONDAY, JULY 26, 1999
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Contacts:    Paris G. Reece III                   Daniel S. Japha
             Chief Financial Officer              Director, Investor Relations
             (303) 804-7706                       (303) 804-7730
             (Financial Information)              (General Information)

                 MDC HOLDINGS ANNOUNCES SECOND QUARTER DIVIDEND

         DENVER, MONDAY, July 26, 1999 - M.D.C. Holdings, Inc. (NYSE/PCX:  MDC)
today  announced that its board of  directors  has  declared a dividend of five
cents per share for the  quarter  ended June 30, 1999.  The dividend is payable
on August 12, 1999 to shareowners of record on July 30, 1999.

         MDC is one  of the  largest  homebuilders  in the  United  States.  The
Company  also  provides  mortgage  financing,  primarily  for MDC's home buyers,
through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a
major regional  homebuilder with a significant presence in some of the country's
best housing  markets.  The Company is the largest  homebuilder in  metropolitan
Denver;  among  the top five  homebuilders  in  Northern  Virginia,  Tucson  and
Colorado  Springs;  among  the  top ten  homebuilders  in  Southern  California,
Phoenix,  suburban Maryland and Las Vegas; and has a growing presence in the San
Francisco Bay area.


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