Exhibit 99.1

NEWS BULLETIN

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

FOR IMMEDIATE RELEASE
WEDNESDAY, OCTOBER 24, 2007

Contacts:	Paris G. Reece III	Robert N. Martin	Joëlle Lipski-Rockwood
	Chief Financial Officer	Investor Relations	Corporate Communications
	(303) 804-7706	(720) 977-3431	(720) 977-3204
	greece@mdch.com	bob.martin@mdch.com	joelle.lipski-rockwood@mdch.com

M.D.C. HOLDINGS ANNOUNCES THIRD QUARTER 2007 RESULTS

• Net loss of $155.4 million; diluted loss per share of $3.40

• Pre-tax loss of $251.3 million; includes asset impairments and project cost write-offs of $254.1 million

• Cash flow from operations of $136.2 million; $740.0 million over last 12 months

• Quarter-end cash of $729 million; no borrowings on homebuilding line of credit

• Ending cash and available borrowing capacity of $1.96 billion

• Total revenue of $686.7 million; $1.08 billion in 2006

• Closed 1,963 homes at an average selling price of $331,700

• Net orders for 1,228 homes with an estimated value of $365.0 million

     DENVER, Wednesday, October 24, 2007 — M.D.C. Holdings, Inc. (NYSE: MDC) today announced a net loss for the quarter ended September 30, 2007 of $155.4 million, or $3.40 per diluted share, which included pre-tax charges of $249.0 million for asset impairments and $5.1 million for write-offs of deposits and pre-acquisition costs associated with land option contracts the Company does not intend to pursue. Net income for the third quarter of 2006 was $48.7 million, or $1.06 per diluted share, including pre-tax charges of $19.9 million for asset impairments and $7.3 million for write-offs of deposits and pre-acquisition costs. Total revenue for the third quarter of 2007 was $686.7 million, compared with revenue of $1.08 billion for the same period in 2006.

     Net loss for the nine months ended September 30, 2007 was $355.8 million, or $7.79 per diluted share, which included pre-tax charges of $551.4 million for asset impairments and $15.6 million for write-offs of deposits and pre-acquisition costs. Net income for the first nine months of 2006 was $220.6 million, or $4.80 per diluted share, including pre-tax charges of $20.8 million for asset impairments and $23.0 million for write-offs of deposits and pre-acquisition

-more-

M.D.C. HOLDINGS, INC.

costs. Total revenue for the first nine months of 2007 was $2.15 billion, compared with revenue of $3.46 billion for the same period in 2006.

     Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “Throughout these turbulent times for the homebuilding industry, we have remained focused on improving our investment grade balance sheet, strengthening our financial position and enhancing our operating structure and processes in preparation for an eventual recovery.”

     Mizel continued, “We have generated cash flow from operations of $740 million over the last 12 months, including more than $130 million in this third quarter, primarily as a result of significant reductions in our inventories of land, homes under construction and mortgage loans. This cash flow raised our quarter-end cash balance to $730 million, with no borrowings outstanding on our $1.25 billion line of credit, increasing our cash and available borrowing capacity year-over-year by 45% to nearly $2.0 billion. Having already reduced the lots we control by more than 40% over the past year, we kept our expenditures for land acquisition to a small fraction of prior-year amounts. At the same time, we tightened our controls on cash outflows for land development and home starts, while continuing to work with our suppliers and subcontractors to achieve further reductions in the costs of home construction. Finally, to reduce our overhead and increase our efficiency in these difficult times, our organization has continued its downsizing and realignment efforts, reducing the number of our homebuilding divisions to 17 from 27 at the beginning of 2006, and lowering our employee headcount by almost 40% during the same period.”

Homebuilding Results

     Homebuilding loss before taxes for the quarter and nine months ended September 30, 2007 was $258.0 million and $568.3 million, respectively, compared with income before taxes of $82.3 million and $385.8 million for the same periods in 2006. The pre-tax differences were driven in large part by the asset impairment charges discussed above, as well as significant declines in home closings and home gross margins from the levels achieved during the same periods in 2006. These income decreases were offset partially by the impact of reduced homebuilding commissions, marketing, general and administrative expenses (“SG&A”).

     The Company closed 1,963 homes and produced home gross margins of 14.1% in the 2007 third quarter, compared with 2,955 home closings and home gross margins of 22.5% for the same period in 2006. For the nine months ended September 30, 2007, the Company closed 5,995 homes and produced home gross margins of 14.7%, compared with 9,529 home closings and home gross margins of 24.3% for the nine months ended September 30, 2006. Average selling prices were $331,700 and $342,100, respectively, for the quarter and nine months ended September 30, 2007, down $23,900 and $10,200 from the same periods in 2006. Homebuilding SG&A decreased to $105.2 million and $330.1 million, respectively, for the three and nine months ended September 30, 2007, compared with $137.0 million and $418.3 million for the same periods in the prior year.

-more-

M.D.C. HOLDINGS, INC.

     Paris G. Reece III, MDC’s executive vice president and chief financial officer, said, “During the 2007 third quarter, we continued to battle adverse conditions in all of our homebuilding markets. As buyer confidence continued to erode and competition for new home sales intensified, we experienced reduced selling prices and increased incentive levels in most of our markets, which decreased our performance expectations with respect to certain subdivisions in these markets. As a consequence, we recognized $249 million in inventory impairments with respect to more than 7,000 lots in 132 subdivisions, which largely accounted for our third quarter loss. Land inventory was impaired by $192 million and work-in-process inventory was impaired by $57 million. The quarter-end book value of the impaired subdivisions after the impairments was $873 million, consisting of $403 million of land and $470 million of work-in-process. As has been the case in each of the last three quarters, the impairments this quarter primarily occurred in our West homebuilding segment, with more than 75% applicable to subdivisions in our Arizona, Nevada and California markets. Over the last five quarters, we have impaired approximately 55% of the 18,500 lots we owned at the end of our 2007 third quarter.”

Financial Services and Other Results

     Income before taxes from the Company’s Financial Services and Other segment for the quarter and nine months ended September 30, 2007 was $5.0 million and $16.8 million, respectively, compared with $13.0 million and $35.2 million for the same periods in the previous year. The decreases in both 2007 periods primarily resulted from lower gains on sales of mortgage loans, as the dollar volumes of mortgage loan originations and mortgage loans sold declined in line with builder home closings. Additionally, in an effort to reduce its exposure to the risks inherent in holding mortgage loans, the Company continued to sell loans more quickly, resulting in less profitable loan sales during the quarter.

Home Orders and Backlog

     MDC received orders, net of cancellations, for 1,228 homes with an estimated sales value of $365.0 million during the 2007 third quarter, compared with net orders for 2,120 homes with an estimated sales value of $678.0 million during the same period in 2006. For the nine months ended September 30, 2007, the Company received net orders for 5,756 homes with a sales value of $1.92 billion, compared with orders for 8,658 homes with a sales value of $2.95 billion for the nine months ended September 30, 2006. During the third quarter and first nine months of 2007, the Company’s approximate order cancellation rates were 57% and 44%, respectively, compared with rates of 49% and 40% experienced during the same periods in 2006. The Company ended the third quarter of 2007 with a backlog of 3,399 homes with an estimated sales value of $1.21 billion, compared with a backlog of 5,661 homes with an estimated sales value of $2.10 billion at September 30, 2006.

     MDC, whose subsidiaries build homes under the name “Richmond American Homes,” is one of the top ten homebuilders in the United States, based on 2006 revenue. The Company also

-more-

M.D.C. HOLDINGS, INC.

provides mortgage financing, primarily for MDC’s homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC, a Fortune 500 Company, is a major regional homebuilder with a significant presence in Colorado, Jacksonville, Las Vegas, Maryland, Northern California, Northern Virginia, Phoenix, Salt Lake City, Southern California and Tucson. MDC also has established operating divisions in Chicago, Philadelphia/Delaware Valley and West Florida. For more information about our Company, please visit RichmondAmerican.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 and business conditions, including changes in cancellation rates, net home orders, home gross margins, and land and home values; (2) changes in interest rates, mortgage lending programs and the availability of credit; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (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-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended June 30, 2007, which were filed with the Securities and Exchange Commission. 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 publicly update 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.

-more-

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
REVENUE
Home sales revenue	$	651,124		$	1,050,700		$	2,050,737		$	3,356,416
Land sales revenue		2,700			3,336			12,151			18,812
Other revenue		32,837			26,887			85,605			83,101
Total Revenue		686,661			1,080,923			2,148,493			3,458,329
COSTS AND EXPENSES
Home cost of sales		559,402			813,824			1,749,165			2,540,381
Land cost of sales		452			3,210			7,740			18,124
Asset impairments		248,950			19,915			551,422			20,775
Marketing expenses		28,694			31,296			87,144			91,899
Commission expenses		23,900			36,390			71,530			106,627
General and administrative expenses		76,482			99,779			247,229			326,595
Related party expenses		95			88			286			2,792
Total Costs and Expenses		937,975			1,004,502			2,714,516			3,107,193
(Loss) income before income taxes		(251,314	)		76,421			(566,023	)		351,136
Benefit from (provision for) income taxes		95,936			(27,715	)		210,175			(130,518	)
NET (LOSS) INCOME	$	(155,378	)	$	48,706		$	(355,848	)	$	220,618
(LOSS) EARNINGS PER SHARE
Basic	$	(3.40	)	$	1.08		$	(7.79	)	$	4.91
Diluted	$	(3.40	)	$	1.06		$	(7.79	)	$	4.80
WEIGHTED-AVERAGE SHARES
Basic		45,751			44,972			45,659			44,911
Diluted		45,751			45,868			45,659			45,932
DIVIDENDS DECLARED PER SHARE	$	0.25		$	0.25		$	0.75		$	0.75

-more-

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

	September 30,			December 31,
	2007			2006
ASSETS
Cash and cash equivalents	$	729,479		$	507,947
Restricted cash		1,633			2,641
Home sales and other receivables		66,891			143,936
Mortgage loans held in inventory, net		72,863			212,903
Income taxes receivable, net		22,748			—
Inventories
Housing completed or under construction		1,267,478			1,178,671
Land and land under development		754,728			1,575,158
Property and equipment, net		47,020			44,606
Deferred income taxes		306,942			124,880
Prepaid expenses and other assets, net		91,471			119,133
Total Assets	$	3,361,253		$	3,909,875
LIABILITIES
Accounts payable	$	150,037		$	171,005
Accrued liabilities		369,168			418,953
Income taxes payable		—			28,485
Related party liabilities		701			2,401
Homebuilding line of credit		—			—
Mortgage line of credit		41,957			130,467
Senior notes, net		996,986			996,682
Total Liabilities		1,558,849			1,747,993
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; 45,869,000 and 45,838,000 issued and outstanding, respectively, at September 30, 2007 and 45,179,000 and 45,165,000 issued and outstanding, respectively, at December 31, 2006		459			452
Additional paid-in capital		791,212			760,831
Retained earnings		1,012,395			1,402,261
Accumulated other comprehensive loss		(1,003	)		(1,003	)
Less treasury stock, at cost; 31,000 and 14,000 shares, respectively, at September 30, 2007 and December 31, 2006		(659	)		(659	)
Total Stockholders’ Equity		1,802,404			2,161,882
Total Liabilities and Stockholders’ Equity .	$	3,361,253		$	3,909,875

-more-

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
REVENUE
Homebuilding West	$	389,309		$	653,932		$	1,277,012		$	2,061,708
Mountain		138,439			168,193			418,300			519,107
East		72,368			137,050			205,523			444,765
Other Homebuilding		60,364			105,553			184,195			374,299
Total Homebuilding		660,480			1,064,728			2,085,030			3,399,879
Financial Services and Other		14,652			23,843			47,836			74,158
Corporate		16,048			60			30,510			675
Inter-company Adjustments		(4,519	)		(7,708	)		(14,883	)		(16,383	)
Consolidated	$	686,661		$	1,080,923		$	2,148,493		$	3,458,329
(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding West	$	(197,917	)	$	53,762		$	(462,547	)	$	274,642
Mountain		(925	)		9,320			3,218			25,183
East		(15,998	)		23,911			(27,168	)		85,691
Other Homebuilding		(43,158	)		(4,660	)		(81,776	)		237
Total Homebuilding		(257,998	)		82,333			(568,273	)		385,753
Financial Services and Other		5,018			12,989			16,776			35,161
Corporate		1,666			(18,901	)		(14,526	)		(69,778	)
Consolidated	$	(251,314	)	$	76,421		$	(566,023	)	$	351,136
ASSET IMPAIRMENTS
West	$	190,490		$	15,243		$	445,122		$	15,243
Mountain		6,930			627			16,709			627
East		16,237			1,357			24,669			1,357
Other Homebuilding		35,293			2,688			64,922			3,548
Total Homebuilding	$	248,950		$	19,915		$	551,422		$	20,775

	September 30,			December 31,
	2007			2006
TOTAL ASSETS
West	$	1,157,760		$	1,869,442
Mountain		535,568			535,554
East		308,070			333,902
Other Homebuilding		168,990			266,326
Total Homebuilding		2,170,388			3,005,224
Financial Services and Other		142,456			284,791
Corporate		1,091,566			657,917
Inter-company		(43,157	)		(38,057	)
Consolidated	$	3,361,253		$	3,909,875

-more-

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

	Three Months Ended												Nine Months Ended
	September 30,						Change						September 30,						Change
	2007			2006			Amount			%			2007			2006			Amount			%
SELECTED FINANCIAL DATA
General and Administrative Expenses
Homebuilding Operations	$	52,561		$	69,317		$	(16,756	)		-24	%	$	171,419		$	219,820		$	(48,401	)		-22	%
Financial Services and Other Operations	$	9,635		$	11,516		$	(1,881	)		-16	%	$	31,060		$	39,041		$	(7,981	)		-20	%
Corporate (1)	$	14,381		$	19,034		$	(4,653	)		-24	%	$	45,036		$	70,526		$	(25,490	)		-36	%
SG&A as a % of Home Sales Revenue
Homebuilding Operations		16.1	%		13.0	%		3.1	%					16.1	%		12.5	%		3.6	%
Corporate (1)		2.2	%		1.8	%		0.4	%					2.2	%		2.1	%		0.1	%
Depreciation and Amortization	$	11,777		$	13,028		$	(1,251	)		-10	%	$	33,994		$	41,537		$	(7,543	)		-18	%
Home Gross Margins (2)		14.1	%		22.5	%		-8.4	%					14.7	%		24.3	%		-9.6	%
Cash Provided by (Used in) Operating Activities	$	136,246		$	70,928		$	65,318					$	335,568		$	(41,343	)	$	376,911
Cash Used in Investing Activities	$	(6,307	)	$	(2,893	)	$	(3,414	)				$	(8,362	)	$	(7,224	)	$	(1,138	)
Cash Used in Financing Activities	$	(68,839	)	$	(26,675	)	$	(42,164	)				$	(105,674	)	$	(33,120	)	$	(72,554	)
Ending Unrestricted Cash and Available Borrowing Capacity	$	1,960,336		$	1,356,532		$	603,804			45	%
Corporate and Homebuilding Interest
Interest Capitalized During the Period	$	14,444		$	14,150		$	294			2	%	$	43,320		$	43,993		$	(673	)		-2	%
Interest Included in Home
Cost of Sales for the Period	$	14,428		$	12,574		$	1,854			15	%	$	39,971		$	35,847		$	4,124			12	%
Interest in Home Cost of Sales as a % of Home Sales Revenue		2.2	%		1.2	%		1.0	%					2.0	%		1.1	%		0.9	%
Interest Capitalized in Inventories at End of Period	$	54,004		$	50,145		$	3,859			8	%

(1)	Includes related party expenses.
(2)	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 and nine months ended September 30, 2007, we closed homes on lots for which we had previously recorded $36.4 million and $64.4 million, respectively, of asset impairments.

-more-

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

	Three Months Ended												Nine Months Ended
	September 30,						Change						September 30,						Change
	2007			2006			Amount			%			2007			2006			Amount			%
HOMEAMERICAN OPERATING ACTIVITIES
Principal Amount of Mortgage Loans Originated	$	286,192		$	541,446		$	(255,254	)		-47	%	$	930,769		$	1,672,096		$	(741,327	)		-44	%
Principal Amount of Mortgage Loans Brokered	$	118,580		$	162,783		$	(44,203	)		-27	%	$	364,813		$	492,464		$	(127,651	)		-26	%
Capture Rate		54	%		60	%		-6	%					55	%		58	%		-3	%
Including Brokered Loans		73	%		78	%		-5	%					74	%		75	%		-1	%
Mortgage Products (% of Loans Originated)
Fixed Rate		86	%		53	%		33	%					78	%		50	%		28	%
Adjustable Rate — Interest Only		11	%		39	%		-28	%					20	%		42	%		-22	%
Adjustable Rate — Other		3	%		8	%		-5	%					2	%		8	%		-6	%
Prime Loans (3)		86	%		54	%		32	%					77	%		61	%		16	%
Alt-A Loans (4)		0	%		41	%		-41	%					14	%		33	%		-19	%
Government Loans (5)		14	%		4	%		10	%					9	%		4	%		5	%
Sub-Prime Loans (6)		0	%		1	%		-1	%					0	%		2	%		-2	%

(3)	Prime loans are defined as loans with Fair, Isaac and Company (“FICO”) scores greater than 620 and that comply in all ways with the documentation standards of the government sponsored enterprise guidelines.
(4)	Alt-A loans are defined as loans that would otherwise qualify as prime loans except that they do not comply in all ways with 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.
(6)	Sub-prime loans are loans that have FICO scores of less than or equal to 620.

-more-

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

	September 30,		December 31,		September 30,
	2007		2006		2006
HOMES COMPLETED OR UNDER CONSTRUCTION
Unsold Homes Under Construction — Final		493		476		468
Unsold Homes Under Construction — Frame		862		573		780
Unsold Homes Under Construction — Foundation		196		400		244
Total Unsold Homes Under Construction		1,551		1,449		1,492
Sold Homes Under Construction		2,791		2,430		4,340
Model Homes		758		757		762
Homes Completed or Under Construction		5,100		4,636		6,594
LOTS OWNED (excluding homes completed or under construction)
Arizona		3,962		6,368		6,958
California		1,867		2,802		3,051
Nevada		1,879		2,747		3,096
West		7,708		11,917		13,105
Colorado		2,904		3,479		3,325
Utah		900		1,185		1,132
Mountain		3,804		4,664		4,457
Maryland		307		528		505
Virginia		417		643		674
East		724		1,171		1,179
Delaware Valley		141		265		283
Florida		849		1,093		1,220
Illinois		201		287		300
Texas		—		13		69
Other Homebuilding		1,191		1,658		1,872
Total		13,427		19,410		20,613
LOTS UNDER OPTION
Arizona		388		744		1,283
California		157		387		1,053
Nevada		4		250		627
West		549		1,381		2,963
Colorado		258		801		1,304
Utah		—		91		272
Mountain		258		892		1,576
Maryland		605		960		1,034
Virginia		1,769		2,381		2,459
East		2,374		3,341		3,493
Delaware Valley		315		683		874
Florida		497		1,800		1,999
Illinois		—		—		47
Texas		—		—		—
Other Homebuilding		812		2,483		2,920
Total		3,993		8,097		10,952
Non-refundable Option Deposits
Cash	$	8,093	$	20,228	$	34,034
Letters of Credit		8,287		14,224		16,069
Total Non-refundable Option Deposits	$	16,380	$	34,452	$	50,103

-more-

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

	Three Months Ended										Nine Months Ended
	September 30,				Change						September 30,				Change
	2007		2006		Amount			%			2007		2006		Amount			%
HOMES CLOSED (UNITS)
Arizona		700		716		(16	)		-2	%		1,997		2,337		(340	)		-15	%
California		237		383		(146	)		-38	%		831		1,252		(421	)		-34	%
Nevada		310		696		(386	)		-55	%		1,028		2,109		(1,081	)		-51	%
West		1,247		1,795		(548	)		-31	%		3,856		5,698		(1,842	)		-32	%
Colorado		219		334		(115	)		-34	%		583		1,154		(571	)		-49	%
Utah		162		206		(44	)		-21	%		568		580		(12	)		-2	%
Mountain		381		540		(159	)		-29	%		1,151		1,734		(583	)		-34	%
Maryland		71		104		(33	)		-32	%		181		290		(109	)		-38	%
Virginia		72		150		(78	)		-52	%		216		498		(282	)		-57	%
East		143		254		(111	)		-44	%		397		788		(391	)		-50	%
Delaware Valley		35		50		(15	)		-30	%		116		122		(6	)		-5	%
Florida		115		195		(80	)		-41	%		381		702		(321	)		-46	%
Illinois		41		46		(5	)		-11	%		68		119		(51	)		-43	%
Texas		1		75		(74	)		-99	%		26		366		(340	)		-93	%
Other Homebuilding		192		366		(174	)		-48	%		591		1,309		(718	)		-55	%
Total		1,963		2,955		(992	)		-34	%		5,995		9,529		(3,534	)		-37	%
AVERAGE SELLING PRICES PER HOME CLOSED
Arizona	$	247.9	$	311.8	$	(63.9	)		-20	%	$	254.4	$	303.6	$	(49.2	)		-16	%
California		492.4		520.7		(28.3	)		-5	%		524.7		542.8		(18.1	)		-3	%
Colorado		357.7		301.4		56.3			19	%		345.5		302.2		43.3			14	%
Delaware Valley		417.2		394.3		22.9			6	%		452.7		396.5		56.2			14	%
Florida		253.8		275.6		(21.8	)		-8	%		265.2		290.1		(24.9	)		-9	%
Illinois		396.1		365.6		30.5			8	%		381.7		367.7		14.0			4	%
Maryland		521.4		576.1		(54.7	)		-9	%		521.3		573.8		(52.5	)		-9	%
Nevada		294.2		317.8		(23.6	)		-7	%		301.5		320.6		(19.1	)		-6	%
Texas		110.0		164.0		(54.0	)		-33	%		129.6		167.1		(37.5	)		-22	%
Utah		363.3		321.5		41.8			13	%		359.8		293.0		66.8			23	%
Virginia		484.1		486.2		(2.1	)		0	%		491.4		555.2		(63.8	)		-11	%
Company Average	$	331.7	$	355.6	$	(23.9	)		-7	%	$	342.1	$	352.2	$	(10.2	)		-3	%

-more-

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

	Three Months Ended												Nine Months Ended
	September 30,						Change						September 30,						Change
	2007			2006			Amount			%			2007			2006			Amount			%
ORDERS FOR HOMES, NET (UNITS)
Arizona		385			680			(295	)		-43	%		1,750			2,278			(528	)		-23	%
California		152			273			(121	)		-44	%		849			1,209			(360	)		-30	%
Nevada		239			436			(197	)		-45	%		984			1,734			(750	)		-43	%
West		776			1,389			(613	)		-44	%		3,583			5,221			(1,638	)		-31	%
Colorado		153			196			(43	)		-22	%		677			938			(261	)		-28	%
Utah		41			251			(210	)		-84	%		390			916			(526	)		-57	%
Mountain		194			447			(253	)		-57	%		1,067			1,854			(787	)		-42	%
Maryland		36			70			(34	)		-49	%		227			320			(93	)		-29	%
Virginia		81			76			5			7	%		275			383			(108	)		-28	%
East		117			146			(29	)		-20	%		502			703			(201	)		-29	%
Delaware Valley		23			36			(13	)		-36	%		104			110			(6	)		-5	%
Florida		81			81			—			0	%		377			530			(153	)		-29	%
Illinois		37			20			17			85	%		109			82			27			33	%
Texas		—			1			(1	)		-100	%		14			158			(144	)		-91	%
Other Homebuilding		141			138			3			2	%		604			880			(276	)		-31	%
Total		1,228			2,120			(892	)		-42	%		5,756			8,658			(2,902	)		-34	%
Estimated Value of Orders for Homes, net	$	365,000		$	678,000		$	(313,000	)		-46	%	$	1,920,000		$	2,952,000		$	(1,032,000	)		-35	%
Estimated Average Selling Price of Orders for Homes, net	$	297.2		$	319.8		$	(22.6	)		-7	%	$	333.6		$	341.0		$	(7.4	)		-2	%
Approximate Order Cancellation Rate (7)		57	%		49	%		8	%					44	%		40	%		4	%

⁽⁷⁾ Gross number of cancellations received divided by gross number of orders received.

-more-

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

	September 30,		December 31,		September 30,
	2007		2006		2006
BACKLOG (UNITS)
Arizona		1,257		1,504		2,040
California		445		427		722
Nevada		271		315		648
West		1,973		2,246		3,410
Colorado		347		253		361
Utah		287		465		674
Mountain		634		718		1,035
Maryland		233		187		281
Virginia		195		136		266
East		428		323		547
Delaware Valley		107		119		169
Florida		193		197		427
Illinois		64		23		43
Texas		—		12		30
Other Homebuilding		364		351		669
Total		3,399		3,638		5,661
Backlog Estimated Sales Value	$	1,210,000	$	1,300,000	$	2,100,000
Estimated Average Selling Price of Homes in Backlog	$	356.0	$	357.3	$	371.0
ACTIVE SUBDIVISIONS
Arizona		67		67		65
California		41		45		46
Nevada		41		41		37
West		149		153		148
Colorado		52		47		45
Utah		25		22		21
Mountain		77		69		66
Maryland		16		19		17
Virginia		21		19		19
East		37		38		36
Delaware Valley		4		8		7
Florida		23		30		29
Illinois		7		6		7
Texas		—		2		2
Other Homebuilding		34		46		45
Total		297		306		295
Average for Quarter Ended		303		299		296

-more-

M.D.C. HOLDINGS, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)

	September 30,			December 31,			September 30,
	2007			2006			2006
CORPORATE AND HOMEBUILDING DEBT-TO-CAPITAL, NET OF CASH
Total Debt	$	1,038,943		$	1,127,149		$	1,148,952
Less Mortgage Line of Credit		(41,957	)		(130,467	)		(152,369	)
Total Corporate and Homebuilding Debt		996,986			996,682			996,583
Less Cash (Including Restricted Cash)		(731,112	)		(510,588	)		(137,926	)
Total Corporate and Homebuilding Debt, Net of Cash		265,874			486,094			858,657
Stockholders’ Equity		1,802,404			2,161,882			2,167,132
Total Corporate and Homebuilding Capital, Net of Cash	$	2,068,278		$	2,647,976		$	3,025,789
Ratio of Corporate and Homebuilding Debt to Capital, Net of Cash		0.13			0.18			0.28

NOTE: From time to time, MDC discloses selected non-GAAP financial measures. While non-GAAP financial measures are not a substitute for the comparable GAAP measures, we believe that certain non-GAAP information is useful to investors and management in comparing current results to historical periods and to competitor results, and that it provides additional information on the performance of MDC’s businesses. The above is a presentation of and reconciliation of a selected non-GAAP measure with the most directly comparable GAAP financial measure.

“Ratio of corporate and homebuilding debt to capital, net of cash” is a non-GAAP financial measure. MDC’s management and investors use this ratio to help assess the risk associated with debt in the Company’s capital structure. It excludes debt incurred under MDC’s mortgage line of credit from both the numerator and denominator, as this debt is directly collateralized by mortgage loans held in inventory, which are typically liquidated within 45 days of origination, thereby reducing the risk associated with this type of debt. The ratio’s numerator and denominator are also reduced by MDC’s cash position, as this balance could be used to reduce MDC’s exposure to debt outstanding.

###