8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 6, 2005

WILLIAM LYON HOMES

(Exact name of registrant as specified in its charter)

Delaware	001-31625	33-0864902
(State or other jurisdiction of incorporation or organization	(Commission file number)	(I.R.S. Employer Identification No.)

4490 Von Karman Avenue Newport Beach, California	92660 (Zip Code)
(Address of principal executive offices)

(949) 833-3600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name and former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02    Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of William Lyon Homes under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On July 6, 2005 William Lyon Homes issued a press release announcing its preliminary new home orders, closings and backlog for the three and six months ended June 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01    Exhibits

(c)  Exhibits

Exhibit No.	Description
99.1	Press Release issued on July 6, 2005 announcing preliminary new home orders, closings and backlog for the three and six months ended June 30, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 7, 2005

WILLIAM LYON HOMES
By:	/S/    WADE H. CABLE
Name: Its:	Wade H. Cable President and Chief Operating Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release issued on July 6, 2005 announcing preliminary new home orders, closings and backlog for the three and six months ended June 30, 2005.

EX-99.1

EXHIBIT 99.1

Contact: Investor Relations

W. Douglass Harris

William Lyon Homes

(949) 833-3600

WILLIAM LYON HOMES REPORTS NEW HOME ORDERS,

CLOSINGS AND BACKLOG

NEWPORT BEACH, CA—July 6, 2005—William Lyon Homes (NYSE: WLS) announced today preliminary new home orders, closings and backlog information for the three and six months ended June 30, 2005.

	Three Months Ended June 30,		Six Months Ended June 30,
	2005	2004	2005	2004
Number of new home orders:
California	738	630	1,319	1,464
Arizona	177	278	336	385
Nevada	239	219	372	370
	1,154	1,127	2,027	2,219
Average number of sales locations during period:
California	28	32	26	32
Arizona	6	7	6	5
Nevada	8	7	8	7
	42	46	40	44
Number of homes closed:
California	335	470	547	858
Arizona	171	107	297	169
Nevada	113	217	234	370
	619	794	1,078	1,397
Backlog of homes sold but not closed at end of period:
California	1,374	1,432
Arizona	521	423
Nevada	220	233
	2,115	2,088

New home orders for the three months ended June 30, 2005 were 1,154, an increase of 2% as compared to 1,127 for the three months ended June 30, 2004. New home orders for the six months ended June 30, 2005 were 2,027, a decrease of 9% as compared to 2,219 for the six months ended June 30, 2004.

The Company’s new home orders for the three and six months ended June 30, 2005 include 180 and 385 homes from 12 and 16 joint venture communities, respectively, compared to 276 and 649 homes from 14 joint venture communities for the three and six months ended June 30, 2004, respectively.

The Company’s number of new home orders per average sales location increased to 27.5 for the three months ended June 30, 2005 as compared to 24.5 for the three months ended June 30, 2004. The Company’s number of new home orders per average sales location increased slightly to 50.7 for the six months ended June 30, 2005, as compared to 50.4 for the six months ended June 30, 2004.

The Company’s cancellation rate for the three months ended June 30, 2005 was 13%, compared to 12% for the three months ended June 30, 2004. The Company’s cancellation rate for the six months ended June 30, 2005 was 13%, compared to 12% for the six months ended June 30, 2004.

The number of homes closed during the three months ended June 30, 2005 was 619, a decrease of 22% as compared to 794 for the three months ended June 30, 2004. The number of homes closed during the six months ended June 30, 2005 was 1,078, a decrease of 23% as compared to 1,397 for the six months ended June 30, 2004. Based on second quarter results, the Company currently anticipates that 2005 deliveries will be approximately 7-10% below 2004 deliveries. Because of adverse weather conditions in the first quarter which led to constructions delays, the Company anticipates that approximately 30% of the remaining 2005 deliveries will occur in the third quarter and approximately 70% will occur in the fourth quarter.

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The Company’s backlog of homes sold but not closed was 2,115 at June 30, 2005, a slight increase of 1% as compared to 2,088 at June 30, 2004.

William Lyon Homes is primarily engaged in the design, construction and sale of single family detached and attached homes in California, Arizona and Nevada and at June 30, 2005 had 41 sales locations. The Company’s corporate headquarters are located in Newport Beach, California. For more information about the Company and its new home developments, please visit the Company’s website at www.lyonhomes.com.

Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions regarding future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others, changes in general economic conditions and in the markets in which the Company competes, the outbreak, continuation or escalation of war or other hostilities, including terrorism, involving the United States, changes in mortgage and other interest rates, changes in prices of homebuilding materials, weather, the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements, the availability of labor and homebuilding materials, changes in governmental laws and regulations, the timing of receipt of regulatory approvals and the opening of projects, and the availability and cost of land for future development, as well as the other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.

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