exv99w1

Exhibit 99.1

NEWS BULLETIN




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

FOR IMMEDIATE RELEASE
FRIDAY JULY 31, 2009


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

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

	•		Net orders for 977 homes vs. 959 in Q2 2008

	•		Cancellation rate of 20% vs. 43% in Q2 2008

	•		Closed 665 homes at an average selling price of $279,000

	•		941 units in backlog with an estimated sales value of $295.0 million

	•		Total revenue of $195.3 million vs. $403.4 million in 2008

	•		Net loss narrowed to $29.6 million; includes $17.6 million increase in deferred tax valuation allowance

	•		Diluted loss per share of $0.64 vs. $2.18 in 2008

	•		Asset impairments of $1.2 million vs. $88.3 million in 2008

	•		Quarter-end cash and investments of $1.63 billion

DENVER, Friday, July 31, 2009 — M.D.C. Holdings, Inc. (NYSE: MDC) today reported results for its second quarter ended June 30, 2009. The Company announced a net loss for the quarter of $29.6 million, or $0.64 per diluted share, which included a pre-tax charge of $1.2 million for asset impairments. The 2009 second quarter net loss also included a $17.6 million increase in our deferred tax valuation allowance, of which $9.7 million related to a 2006 alternative minimum tax liability associated with our 2008 net operating loss carry back. The net loss for the 2008 second quarter was $100.7 million, or $2.18 per diluted share, which included a pre-tax charge of $88.3 million for asset impairments and an increase in our deferred tax valuation

-more-

allowance of $43.4 million. Total revenue for the second quarter of 2009 was $195.3 million, compared with revenue of $403.4 million for the same period in 2008.

Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “Overall economic conditions in the second quarter remained extremely difficult, as evidenced by a national unemployment rate that now stands at its highest level in more than 25 years. However, we did experience a year-over-year increase in quarterly net home orders for the first time since 2005, and our impairments dropped to a nominal level. In addition, building and sales activity for the industry overall improved from historic lows recorded earlier this year.”

Mizel continued, “We are pleased to report that we made significant progress during the second quarter on strategic initiatives designed to strengthen our operating platform. The smaller, more affordable homes that we introduced earlier this year in many of our markets have been well- received by our buyers, with a sales absorption pace exceeding the Company’s average. These homes are designed both to meet the current needs of our customers and to allow for a more efficient construction process, and we intend to expand their availability to a larger percentage of our active communities in the future.”

“We believe that the strategic production of unsold homes can be very effective if managed properly, and therefore we have built a limited supply of unsold inventory. We generally require construction on the unsold homes to stop at the drywall stage so that the buyers have the opportunity to personalize the homes with upgrades from one of our Home Galleries or design centers. We believe that this strategy will help us to turn our inventories more quickly while we maintain margins similar to those received for a build-to-order home. Because of this strategy, the number of unsold homes available for personalization increased slightly during the quarter. During the same period, we reduced our inventory of finished, unsold homes by more than 70%.”

Mizel concluded, “With our cash and investments balance of more than $1.6 billion at the end of the quarter, 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 that may arise. We continue to actively pursue and evaluate potential investments, subjecting each to our rigorous and disciplined investment process and approving only those that we believe will maximize long-term value for our shareholders.”

Operational Highlights

Net orders for the second quarter ended June 30, 2009 totaled 977 homes with an estimated sales value of $289.0 million, compared with net orders for 959 homes with an estimated sales value of $279.0 million during the same period in 2008. The slight net order improvement was driven by significant increases in our Mountain and East segments, offset by a substantial decline in our West segment. During the second quarter of 2009, the Company’s cancellation rate dropped to 20% compared with 43% during the same period in 2008, primarily due to a significantly lower

-more-

beginning backlog in the second quarter of 2009 as compared with the second quarter of 2008. In addition, cancellation rates were lower due to a decrease in mortgage-related issues and a decline in the number of prospective home buyers with a contingency to sell an existing home.

Homebuilding revenue for the 2009 second quarter fell to $192.0 million, compared with $400.9 million in the second quarter of 2008. The decline in revenue was primarily the result of a year-over-year decline in home closings and average selling price of 49% and 6%, respectively. All of our markets experienced year-over-year decreases in home closings and all but California experienced year-over-year declines in average selling price.

Home gross margins during the second quarter of 2009 increased to 18.0% from 11.7% in the second quarter of 2008, primarily due to significant prior period impairments, which lowered the lot cost basis on homes that closed during the quarter. In addition, second quarter home gross margins were positively impacted by a reduction in the warranty reserve, due to a decrease in warranty payments actually incurred. These positive results were partially 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 second quarter of 2009.

Homebuilding SG&A decreased to $30.8 million for the quarter ended June 30, 2009, compared with $56.7 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, including a 44% reduction in homebuilding headcount over the past year. Also contributing to this decrease was a reduction in marketing expenses, primarily due to a significant reduction in both the amortization of deferred marketing costs and sales office and model home expenses, as well as a decline in commission expenses resulting from fewer home closings and lower average selling prices.

During the second quarter of 2009, we recognized $1.2 million of asset impairments, a decrease of 99% from the $88.3 million recognized in the 2008 second quarter. Overall, the year-over-year decrease in asset impairments can be attributed to a reduction in the total number of lots owned and the impact of recording significant impairments over the last eleven quarters, thereby reducing our exposure to further impairments.

Six Month Results

Net loss for the six months ended June 30, 2009 was $70.4 million, or $1.52 per diluted share, which included a pre-tax charge of $15.8 million for asset impairments. The net loss for the six months ended June 30, 2009 also included a $33.0 million increase in our deferred tax valuation allowance, of which $9.7 million related to a 2006 alternative minimum tax liability associated with our 2008 net operating loss carry back. The net loss for the first six months of 2008 was $173.5 million, or

-more-

$3.77 per diluted share, which included a pre-tax charge of $143.1 million for asset impairments and an increase of $54.0 million to our deferred tax asset valuation allowance.

About MDC

Since 1972, MDC has built and financed the American dream for over 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 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 Form 10-Q for the quarter June 30, 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

-more-

disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

-more-

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


	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2009			2008			2009			2008
Revenue

Home sales revenue	$	185,554		$	382,093		$	352,536		$	737,885
Land sales revenue		1,954			12,281			4,572			40,849
Other revenue		7,758			9,048			14,090			20,466

Total Revenue		195,266			403,422			371,198			799,200


Costs and Expenses

Home cost of sales		152,118			337,543			293,443			652,580
Land cost of sales		1,500			6,835			2,841			34,784
Asset impairments, net		1,243			88,278			15,812			143,110
Marketing expenses		7,930			20,350			16,762			39,553
Commission expenses		6,953			14,659			13,311			28,092
General and administrative expenses		37,800			43,922			76,181			95,110
Other operating expenses		292			1,846			557			3,570
Related party expenses		4			5			9			10

Total Operating Costs and Expenses		207,840			513,438			418,916			996,809


Loss from Operations		(12,574	)		(110,016	)		(47,718	)		(197,609	)


Other income (expense)
Interest income		2,968			8,547			7,039			19,023
Interest expense		(9,838	)		(80	)		(19,578	)		(210	)
Other income		381			9			121			30


Loss Before Taxes		(19,063	)		(101,540	)		(60,136	)		(178,766	)


(Provision for) benefit from income taxes, net		(10,519	)		814			(10,299	)		5,220


NET LOSS	$	(29,582	)	$	(100,726	)	$	(70,435	)	$	(173,546	)



LOSS PER SHARE

Basic	$	(0.64	)	$	(2.18	)	$	(1.52	)	$	(3.77	)


Diluted	$	(0.64	)	$	(2.18	)	$	(1.52	)	$	(3.77	)


WEIGHTED-AVERAGE SHARES OUTSTANDING

Basic		46,548			46,110			46,474			46,033


Diluted		46,548			46,110			46,474			46,033


DIVIDENDS DECLARED PER SHARE	$	0.25		$	0.25		$	0.50		$	0.50

-more-

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


	June 30,			December 31,
	2009			2008
Assets
Cash and cash equivalents	$	1,559,825		$	1,304,728
Marketable securities		71,926			54,864
Unsettled trades, net		2,133			57,687
Restricted cash		619			670
Receivables
Home sales receivables		13,073			17,104
Income taxes receivable		—			170,753
Other receivables		13,108			16,697
Mortgage loans held-for-sale, net		51,029			68,604
Inventories, net
Housing completed or under construction		297,092			415,500
Land and land under development		195,778			221,822
Property and equipment, net		37,146			38,343
Deferred tax asset, net of valuation allowance		—			—
Related party assets		28,627			28,627
Prepaid expenses and other assets, net		78,338			79,539

Total Assets	$	2,348,694		$	2,474,938


Liabilities
Accounts payable	$	28,582		$	28,793
Accrued liabilities		301,228			332,825
Income taxes payable, net		2,764			—
Mortgage repurchase facility		24,175			34,873
Senior notes, net		997,756			997,527

Total Liabilities		1,354,505			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; 47,017,000 and 46,964,000 issued and outstanding, respectively, at June 30, 2009 and 46,715,000 and 46,666,000 issued and outstanding, respectively, at December 31, 2008		470			467
Additional paid-in-capital		795,345			788,207
Retained earnings		199,033			292,905
Treasury stock, at cost; 53,000 and 49,000 shares at June 30, 2009 and December 31, 2008, respectively		(659	)		(659	)

Total Stockholders’ Equity		994,189			1,080,920

Total Liabilities and Stockholders’ Equity	$	2,348,694		$	2,474,938

-more-

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


	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2009			2008			2009			2008
REVENUE
Homebuilding
West	$	81,758		$	220,937		$	156,440		$	444,316
Mountain		57,658			87,405			101,775			157,887
East		39,479			63,501			79,971			130,846
Other Homebuilding		13,117			29,040			26,800			56,089

Total Homebuilding		192,012			400,883			364,986			789,138
Financial Services and Other		7,006			6,664			12,569			16,844
Corporate		—			193			50			377
Inter-company adjustments		(3,752	)		(4,318	)		(6,407	)		(7,159	)

Consolidated	$	195,266		$	403,422		$	371,198		$	799,200


(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding
West	$	10,075		$	(33,591	)	$	(228	)	$	(94,982	)
Mountain		(2,308	)		(39,027	)		(7,119	)		(50,635	)
East		(4,626	)		(12,700	)		(6,997	)		(15,079	)
Other Homebuilding		(677	)		(9,156	)		(1,508	)		(11,052	)

Total Homebuilding		2,464			(94,474	)		(15,852	)		(171,748	)
Financial Services and Other		2,615			557			4,236			4,705
Corporate		(24,142	)		(7,623	)		(48,520	)		(11,723	)

Consolidated	$	(19,063	)	$	(101,540	)	$	(60,136	)	$	(178,766	)

INVENTORY IMPAIRMENTS
West	$	(557	)	$	39,519		$	12,510		$	86,663
Mountain		—			30,100			254			34,054
East		1,725			9,008			2,475			10,541
Other Homebuilding		—			6,595			284			7,630

Consolidated	$	1,168		$	85,222		$	15,523		$	138,888


	June 30,			December 31,
	2009			2008
TOTAL ASSETS
Homebuilding
West	$	189,672		$	255,652
Mountain		253,566			288,221
East		114,105			151,367
Other Homebuilding		24,393			38,179

Total Homebuilding		581,736			733,419
Financial Services and Other		123,142			139,569
Corporate		1,689,773			1,647,907
Inter-company adjustments		(45,957	)		(45,957	)

Consolidated	$	2,348,694		$	2,474,938

-more-

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


	Three Months												Six Months
	Ended June 30,						Change						Ended June 30,						Change
	2009			2008			Amount			%			2009			2008			Amount			%
SELECTED FINANCIAL DATA
General and Administrative Expenses
Homebuilding	$	15,906		$	21,703		$	(5,797	)		-27	%	$	31,685		$	52,405		$	(20,720	)		-40	%
Financial Services and Other		4,845			7,045		$	(2,200	)		-31	%		9,343			14,068		$	(4,725	)		-34	%
Corporate⁽¹⁾		17,053			15,179		$	1,874			12	%		35,162			28,647		$	6,515			23	%

Total	$	37,804		$	43,927		$	(6,123	)		-14	%	$	76,190		$	95,120		$	(18,930	)		-20	%


SG&A as a % of Home Sales Revenue
Homebuilding Segments		16.6	%		14.8	%		1.8	%					17.5	%		16.3	%		1.2	%
Corporate Segment⁽¹⁾		9.2	%		4.0	%		5.2	%					10.0	%		3.9	%		6.1	%

Depreciation and Amortization ⁽²⁾	$	2,831		$	9,346		$	(6,515	)		-70	%	$	6,724		$	17,958		$	(11,234	)		-63	%

Home Gross Margins⁽³⁾		18.0	%		11.7	%		6.3	%					16.8	%		11.6	%		5.2	%
Interest in Home Cost of Sales as a % of Home Sales Revenue		-4.7	%		-4.4	%		-0.3	%					-4.7	%		-4.4	%		-0.3	%

Cash Provided by (Used in)
Operating Activities	$	12,325		$	91,570		$	(79,245	)		-87	%	$	251,818		$	322,303		$	(70,485	)		-22	%
Investing Activities	$	(48,747	)	$	(73	)	$	(48,674	)		N/A		$	33,943		$	(116	)	$	34,059			N/A
Financing Activities	$	11,616		$	11,471		$	145			1	%	$	(30,664	)	$	(30,133	)	$	(531	)		2	%

Corporate and Homebuilding Interest

Interest capitalized, beginning of period	$	36,050		$	52,167		$	(16,117	)		-31	%	$	39,239		$	53,487		$	(14,248	)		-27	%
Interest capitalized, net of interest expense	$	4,700		$	14,464		$	(9,764	)		-68	%	$	9,544		$	28,917		$	(19,373	)		-67	%
Previously capitalized interest included in home cost of sales	$	(8,661	)	$	(16,957	)	$	8,296			-49	%	$	(16,694	)	$	(32,730	)	$	16,036			-49	%
Interest capitalized, end of period	$	32,089		$	49,674		$	(17,585	)		-35	%	$	32,089		$	49,674		$	(17,585	)		-35	%


⁽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 June 30, 2009 and June 30, 2008, we closed homes on lots for which we had previously recorded $47.4 million and $63.6 million, respectively, of asset impairments. During the six months ended June 30, 2009 and June 30, 2008, we closed homes on lots for which we had previously recorded $90.6 million and $113.6 million, respectively, of asset impairments.

-more-

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


	Three Months												Six Months
	Ended June 30,						Change						Ended June 30,						Change
	2009			2008			Amount			%			2009			2008			Amount			%
HOMEAMERICAN OPERATING ACTIVITIES
Principal amount of mortgage loans originated	$	142,191		$	213,042		$	(70,851	)		-33	%	$	268,698		$	377,785		$	(109,087	)		-29	%
Principal amount of mortgage loans brokered	$	6,030		$	46,599		$	(40,569	)		-87	%	$	18,995		$	106,170		$	(87,175	)		-82	%
Capture Rate		82	%		66	%		16	%					80	%		62	%		18	%
Including brokered loans		85	%		79	%		6	%					85	%		77	%		8	%
Mortgage products (% of mortgage loans originated)
Fixed rate		100	%		98	%		2	%					100	%		97	%		3	%
Adjustable rate — interest only		0	%		1	%		-1	%					0	%		1	%		-1	%
Adjustable rate — other		0	%		1	%		-1	%					0	%		2	%		-2	%

Prime loans (4)		27	%		45	%		-18	%					34	%		53	%		-19	%
Government loans (5)		73	%		55	%		18	%					66	%		47	%		19	%


⁽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⁾		Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

-more-

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


	June 30,		December 31,		June 30,
	2009		2008		2008
HOMES COMPLETED OR UNDER CONSTRUCTION
Unsold Home Under Construction — Final		82		451		298
Unsold Home Under Construction — Frame		248		329		490
Unsold Home Under Construction — Foundation		122		41		167

Total Unsold Homes Under Construction		452		821		955
Sold Homes Under Construction		664		409		1,230
Model Homes		246		387		533

Homes Completed or Under Construction		1,362		1,617		2,718


LOTS OWNED (excluding homes completed or under construction)
Arizona		1,247		1,458		2,089
California		618		839		911
Nevada		936		1,111		1,045

West		2,801		3,408		4,045


Colorado		2,541		2,597		2,749
Utah		568		642		771

Mountain		3,109		3,239		3,520


Delaware Valley		101		115		133
Maryland		169		176		236
Virginia		210		241		297

East		480		532		666


Florida		213		257		507
Illinois		141		141		156

Other Homebuilding		354		398		663


Total		6,744		7,577		8,894

-more-

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


	June 30,		December 31,		June 30,
	2009		2008		2008
LOTS CONTROLLED UNDER OPTION
Arizona		416		472		417
California		145		149		153
Nevada		95		95		—

West		656		716		570


Colorado		157		184		241
Utah		12		—		—

Mountain		169		184		241


Delaware Valley		—		40		135
Maryland		409		355		321
Virginia		251		592		1,054

East		660		987		1,510


Florida		486		471		461
Illinois		—		—		—

Other Homebuilding		486		471		461


Total		1,971		2,358		2,782


NON-REFUNDABLE OPTION DEPOSITS
Cash	$	5,295	$	5,145	$	5,429
Letters of Credit		3,383		4,358		4,459

Total Non-Refundable Option Deposits	$	8,678	$	9,503	$	9,888

-more-

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


	Three Months										Six Months
	Ended June 30,				Change						Ended June 30,				Change
	2009		2008		Amount			%			2009		2008		Amount			%
HOMES CLOSED (UNITS)
Arizona		181		380		(199	)		-52	%		353		731		(378	)		-52	%
California		52		163		(111	)		-68	%		111		317		(206	)		-65	%
Nevada		114		249		(135	)		-54	%		188		429		(241	)		-56	%

West		347		792		(445	)		-56	%		652		1,477		(825	)		-56	%


Colorado		113		171		(58	)		-34	%		204		288		(84	)		-29	%
Utah		56		78		(22	)		-28	%		96		160		(64	)		-40	%

Mountain		169		249		(80	)		-32	%		300		448		(148	)		-33	%


Delaware Valley		11		20		(9	)		-45	%		30		51		(21	)		-41	%
Maryland		39		46		(7	)		-15	%		65		95		(30	)		-32	%
Virginia		45		74		(29	)		-39	%		86		139		(53	)		-38	%

East		95		140		(45	)		-32	%		181		285		(104	)		-36	%


Florida		44		89		(45	)		-51	%		93		184		(91	)		-49	%
Illinois		10		22		(12	)		-55	%		19		34		(15	)		-44	%

Other Homebuilding		54		111		(57	)		-51	%		112		218		(106	)		-49	%


Total		665		1,292		(627	)		-49	%		1,245		2,428		(1,183	)		-49	%


AVERAGE SELLING PRICES PER HOME CLOSED

Arizona	$	197.9	$	220.5	$	(22.6	)		-10	%	$	195.3	$	226.1	$	(30.8	)		-14	%
California		414.0		389.1		24.9			6	%		405.6		416.1		(10.5	)		-3	%
Colorado		341.7		346.5		(4.8	)		-1	%		346.4		349.7		(3.3	)		-1	%
Delaware Valley		393.6		400.3		(6.7	)		-2	%		413.4		415.8		(2.4	)		-1	%
Florida		227.1		248.1		(21.0	)		-8	%		223.0		240.5		(17.5	)		-7	%
Illinois		312.1		314.5		(2.4	)		-1	%		316.0		344.9		(28.9	)		-8	%
Maryland		381.7		439.8		(58.1	)		-13	%		405.2		469.3		(64.1	)		-14	%
Nevada		210.3		248.0		(37.7	)		-15	%		207.4		247.7		(40.3	)		-16	%
Utah		301.5		336.1		(34.6	)		-10	%		300.3		338.1		(37.8	)		-11	%
Virginia		451.3		465.6		(14.3	)		-3	%		478.5		459.9		18.6			4	%
Company Average	$	279.0	$	295.7	$	(16.7	)		-6	%	$	283.2	$	303.9	$	(20.7	)		-7	%

-more-

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


	Three Months												Six Months
	Ended June 30,						Change						Ended June 30,						Change
	2009			2008			Amount			%			2009			2008			Amount			%
ORDERS FOR HOMES, NET (UNITS)
Arizona		214			294			(80	)		-27	%		372			576			(204	)		-35	%
California		112			148			(36	)		-24	%		187			307			(120	)		-39	%
Nevada		153			195			(42	)		-22	%		248			376			(128	)		-34	%

West		479			637			(158	)		-25	%		807			1,259			(452	)		-36	%


Colorado		206			117			89			76	%		340			280			60			21	%
Utah		86			44			42			95	%		127			88			39			44	%

Mountain		292			161			131			81	%		467			368			99			27	%


Delaware Valley		19			14			5			36	%		33			36			(3	)		-8	%
Maryland		54			40			14			35	%		91			87			4			5	%
Virginia		61			42			19			45	%		117			112			5			4	%

East		134			96			38			40	%		241			235			6			3	%


Florida		64			67			(3	)		-4	%		122			182			(60	)		-33	%
Illinois		8			(2	)		10			-500	%		16			13			3			23	%

Other Homebuilding		72			65			7			11	%		138			195			(57	)		-29	%


Total		977			959			18			2	%		1,653			2,057			(404	)		-20	%


Estimated Value of Orders for Homes, net	$	289,000		$	279,000		$	10,000			4	%	$	480,000		$	603,000		$	(123,000	)		-20	%
Estimated Average Selling Price of Orders for Homes, net	$	295.8		$	290.9		$	4.9			2	%	$	290.4		$	293.1		$	(2.8	)		-1	%
Cancellation Rate⁽⁶⁾		20	%		43	%		-23	%					22	%		43	%		-21	%


(6)		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.

-more-

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


	June 30,		December 31,		June 30,
	2009		2008		2008
BACKLOG (UNITS)
Arizona		177		158		437
California		125		49		193
Nevada		113		53		254

West		415		260		884


Colorado		208		72		205
Utah		73		42		106

Mountain		281		114		311


Delaware Valley		30		27		42
Maryland		84		58		118
Virginia		67		36		73

East		181		121		233


Florida		64		35		123
Illinois		—		3		25

Other Homebuilding		64		38		148

Total		941		533		1,576


Backlog Estimated Sales Value	$	295,000	$	173,000	$	522,000

Estimated Average Selling Price of Homes in Backlog	$	313.5	$	324.6	$	331.2


ACTIVE SUBDIVISIONS

Arizona		27		44		57
California		10		18		21
Nevada		19		24		29

West		56		86		107


Colorado		43		49		48
Utah		18		22		23

Mountain		61		71		71


Delaware Valley		1		3		2
Maryland		9		11		14
Virginia		7		12		17

East		17		26		33


Florida		8		7		12
Illinois		—		1		4

Other Homebuilding		8		8		16


Total		142		191		227

Average for quarter ended		160		202		244

-###-