SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934
(Amendment No._2_)*	


				US Home Corporation			       
	 	
(Name of issuer)

					Common Stock			       
	
	
(Title of Class of Securities)

				91192010				       
	
(CUSIP Number)


	Check the following box if a fee is being paid with this statement . (A
 fee is not required only if the filing person: (1) has a previous statement
 on file reporting beneficial ownership of more than five percent of the
 class of securities described in Item 1; and (2) has filed no amendment
 subsequent thereto reporting beneficial ownership of five percent or less of
 such class.) (See Rule 13d-7.)

*The remainder of this cover page shall be filled out for a reporting
 person's initial filing on this form with respect to the subject class of
 securities, and for any subsequent amendment containing information which
 would alter the disclosures provided in a prior cover page.

	The information required in the remainder of this cover page shall not be
 deemed to be "filed" for the purpose of Section 18 of the Securities
 Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
 section of the Act but shall be subject to all other provisions of the Act
 (however, see the Notes).




(Continued on following page(s))
Page 1 of _6__ Pages

CUSIP No.  __91192010  ________		13G		  Page __2__ of __6__  Pages
1	NAME OF REPORTING PERSON	S.S. OR I.R.S. IDENTIFICATION NO.  OF ABOVE
 PERSON		MacKay-Shields Financial Corporation			13-26316812	
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a)
											(b)
		Not Applicable
3	SEC USE ONLY4	CITIZENSHIP OR PLACE OF ORGANIZATION	Delaware (United States)
	NUMBER OF	         5	       SOLE VOTING POWER

SHARES			Not Applicable BENEFICIALLY      
6	       SHARED VOTING POWER OWNED BY
			 442,749     (See Item 4a on page 4)				EACH		        
7	       SOLE DISPOSITIVE POWEREPORTING			Not ApplicablePERSON	       8
        SHARED DISPOSITIVE POWERWITH				442,749		
9 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	442,749
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN 	SHARES*			
Not Applicable	11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

	3.9%  (See Item 4a on page 4)
12	TYPE OF REPORTING PERSON*		IA*SEE INSTRUCTION BEFORE FILLING OUT!
SCHEDULE 13GSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
Under the Securities Exchange Act of 1934ITEM 
1 (a)	Name of Issuer:		US Home Corporation						
ITEM 1 (b)	Address of Issuer's Principal Executive Offices:			
1800 West Loop South									Houston, TX 77027							
ITEM 2 (a)	Name of Person Filing:		MacKay-Shields Financial Corporation					
ITEM 2  (b)	Address of Principal Business Office:
		9 West 57th Street								
		New York, NY 10019							
ITEM 2 (c)	Citizenship:
		United States								
ITEM 2 (d)	Title of Class of Securities:
		Common Stock								
ITEM 2 (e)	CUSIP Number:
		91192010									

ITEM 3.If this statement is filed pursuant to Rules 13d-1 (b), or 13d-2(b), 
check whether 	the person filing is a:

(a)    [  ]	Broker or Dealer registered under Section 15 of the Act
(b)    [  ]	Bank as defined in section 3(a)(6) of the Act
(c)    [  ]	Insurance Company as defined in section 3(a)(19) of the Act
(d)    [  ]	Investment Company registered under section 8 of the Investment
 Company Act
(e)    [X]	Investment adviser registered under Section 203 of the Investment
 Advisers Act of 1940
(f)[  ]	Employee Benefit Plan, Pension Fund which is subject to the provisions
 of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see
 section 240.13d-1 (b)(1)(ii)(F)


Page _3_  of  _6_  Pages

SCHEDULE 13G cont.


(g)[  ]	Parent Holding Company, in accordance with section 240.13d-l(b)(ii)(G) 
	(Note: See Item 7)
(h)    [  ]	Group, in accordance with section 240.13d-1 (b)(1)(ii)(H)


ITEM 4.            Ownership.

If the percent of the class owned, as of December 31 of the year covered by
the statement, or as of the last day of any month described in Rule 13d-l(b)(2),
if	applicable, exceeds five percent, provide the following information as of 
that date and 	identify those shares which there is a right to acquire.

	(a)	Amount Beneficially Owned:

Aggregate 442,749 consisting of (i) 37,200 shares of common stock, 
(ii) 	100,000 shares of common stock which may be acquired upon conversion of
preferred stock and (iii) 305,549 shares of common stock which may be	
acquired upon conversion of convertible bonds.					

	(b)	Percent of Class:
		3.9%										
													

	(c)	Number of shares as to which such person has:

		(i)	sole power to vote or to direct the vote

			Not Applicable								

		(ii)	shared power to vote or to direct the vote

			442,749									

		(iii) 	sole power to dispose or to direct the disposition of

			Not Applicable								

		(iv)	shared power to dispose or to direct the disposition of


			442,749									




Page  _4_  of  _6_  Pages


SCHEDULE 13G cont.


ITEM 5.            Ownership of Five Percent or Less of a Class.

Ifthis statement is being filed to report the fact that as of the date hereof
the	reporting person has ceased to be the beneficial owner of more than five
 percent of 	the class of securities, check the following [ X ].

													


ITEM 6.		Ownership of More than Five Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to 
direct	the receipt of dividends from, or the proceeds from the sale of, such
securities, a	statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, 
such person should be	identified.  A listing of the shareholders of an 
investment company registered under 	the Investment Company Act of 1940 or the 
beneficiaries of employee benefit plan, 	pension fun

	Not Applicable										


ITEM 7.		 Identification and Classification of the Subsidiary Which Acquired the
 Security Being Reported on By the Parent Holding Company.
		
If a parent holding company has filed this Form, so indicate under Item 3 (g)
and attach an exhibit stating the identity and the Item 3 classification of 
the relevant	subsidiary, and, if applicable, a separate exhibit furnishing 
the information called for by Rule 13d-l(b)(1)(ii)(G) with respect to 
non-qualified subsidiaries.

	Not Applicable										


ITEM 8.		 Identification and Classification of Members of the Group.

If a group has filed this Schedule, so indicate under Item 3(h) and attach an 
exhibit stating the identity and Item 3 classification of each member of the
 group.

	Not Applicable										



Page __5_  of _6__  Pages








SCHEDULE 13G cont.



ITEM 9.		Notice of Dissolution of Group

Notice of dissolution of a group may be furnished as an exhibit stating the 
date of the dissolution and that all further filings with respect to 
transactions in the security	reported on will be filed, if required, by 
members of the group, in their individual 	capacity.  See Item 5.

		Not Applicable									


ITEM 10.		Certification

By signing below I certify that, to the best of my knowledge and belief, the 
securities referred to above were acquired in the ordinary course of business
and were	not acquired for the purpose of and do not have the effect of 
changing or influencing	the control of the issuer of such securities and were
not acquired in connection with	or as a participant in any transaction having
 such purpose or effect.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, complete and
 correct.

Date:		August 8, 1995					


Signature:									


Name/Title:		Jeffry B. Platt, General Counsel		













Page _6__ of _6__  Pages













August 8, 1995

EDGAR

Securities and Exchange Commission
Washington, DC  20549

Gentlemen:

	Enclosed on behalf of MacKay-Shields Financial Corporation is an amendment to
 Schedule 13G setting forth information with respect to the following security:

	US Home Corporation,  Common Stock
	
	Would you please acknowledge receipt of the enclosed document by affirmation
 number.




					Very truly yours,

					MACKAY-SHIELDS FINANCIAL CORPORATION


					By___________________________________
						    General Counsel