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FOR IMMEDIATE RELEASE

M/I Homes Reports

Fourth Quarter and Year-End Results

Columbus, Ohio (February 7, 2008) - M/I Homes, Inc. (NYSE:MHO) announced results for its fourth quarter and year ended December 31, 2007.

For the quarter, the Company reported a net loss of $68.5 million compared to a net loss of $11.0 million in 2006. Included in the quarter are pre-tax charges totaling $112.3 million ($4.90 per share), which includes land-related impairment and abandonment charges of $104.9 million, joint venture investment write-offs of $4.3 million and $3.1 million of severance costs. By comparison, the fourth quarter of 2006 included $73.1 million ($3.26 per share) of similar charges. For the year, the Company reported a net loss before preferred dividends of $128.1 million ($135.4 million after preferred dividends or $9.69 per share) compared to net income of $38.9 million in 2006. Included in the year ended December 31, 2007 are pre-tax charges totaling $221.5 million ($9.74 per common share) which includes land-related impairment and abandonment charges of $197.8 million, joint venture investment write-offs of $13.1 million, $5.2 million for the write-off of intangibles and $5.4 million of severance costs. 2006’s fiscal year included $85.8 million ($3.81 per share) of similar charges. The Company’s net loss for the fourth quarter of 2007 and the year then ended includes a net loss from discontinued operations of $26.1 million ($1.86 per share) and $35.6 million ($2.55 per share), respectively, as a result of the Company’s previously announced decision to exit the West Palm Beach market. The information presented in the tables of this press release reflect the West Palm Beach results as discontinued operations and the previous year has been restated to be consistent with the current year presentation.

New contracts of 2,513 for the twelve months ended December 31, 2007 were 11% below 2006’s 2,825. New contracts for 2007’s fourth quarter were 322 compared to 353 in 2006. Homes delivered for the twelve months ended December 31, 2007 were 3,288 compared to 2006’s deliveries of 4,109. The sales value of homes in backlog at December 31, 2007 was $233 million, with backlog units of 748 and an average sales price of $312,000. The backlog of homes at December 31, 2006 had a sales value of $533 million, with backlog units of 1,523 and an average sales price of $350,000. Homes delivered in 2007’s fourth quarter were 1,042, decreasing 24% from 2006’s 1,363. M/I Homes had 146 active communities at December 31, 2007 compared to 163 at December 31, 2006 and 159 at the end of 2007’s third quarter.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “Though 2007 was a difficult year for our industry, we made significant strides in improving our financial condition and strengthening our balance sheet. We generated over $200 million of cash from operations and successfully reduced our homebuilding bank borrowings from $410 million at the beginning of 2007 to $115 million at year end. We improved our capital structure with the issuance of $100 million of preferred stock during the first quarter of 2007 and reduced our net debt to capital ratio from 44% to 33%. We also took dramatic steps to reduce our expense levels and were pleased to reduce our owned lot count by 30% during the year. We were also pleased to report that we were profitable during every quarter of 2007 before the impairment and other charges noted above.”

Mr. Schottenstein, continued, “As we begin 2008, market conditions are challenging and are likely to remain so throughout the year. We will continue to employ a predominantly defensive operating strategy as we strive to further reduce our expense levels and strengthen our balance sheet. In that regard, we are projecting that our homebuilding bank debt will be reduced to zero by the end of 2008. With net worth in excess of $580 million and minimal off balance sheet exposure, we believe M/I is well positioned to manage through the current cycle. In the meantime, we will remain focused on the key operational aspects of our business – premier locations, building quality homes and taking care of our customers.”

The Company will broadcast live its earnings conference call today at 4:00 p.m. EST. To hear the call, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” The call, along with any applicable reconciliation of non-GAAP financial measures, will continue to be available on our website through February 2009.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having delivered over 71,000 homes. The Company’s homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The Company has homebuilding operations in Columbusand Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampaand Orlando, Florida; Charlotteand Raleigh, North Carolina, and the Virginiaand Marylandsuburbs of Washington, D.C.

Certain statements in this Press Release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations as more fully discussed in the Risk Factors section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. 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.

Contact M/I Homes, Inc.

Phillip G. Creek, Senior Vice President and Chief Financial Officer, (614) 418-8011

Ann Marie W. Hunker, Vice President and Corporate Controller, (614) 418-8225

investorrelations@mihomes.com

M/I Homes, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006

Revenue:	$	340,460		$	442,9792		$	1,016,460		$	1,274,145

Net income:
(Loss) income from continuing operations	$	(42,315	)	$	(13,716	)	$	(92,480	)	$	29,297
(Loss) income from discontinued operations		(26,145	)		2,747			(35,646	)		9,578
Net (loss) income		(68,460	)		(10,969	)		(128,126	)		38,875
Preferred share dividend		2,438			-			7,313			-
Net (loss) income to common shareholders	$	(70,898	)	$	(10,969	)	$	(135,439	)	$	38,875

(Loss) earnings per share to common shareholders
shareholders:
Basic:
Continuing operations	$	(3.20	)	$	(0.99	)	$	(7.14	)	$	2.10
Discontinued operations		(1.86	)		0.20			(2.55	)		0.68
Total	$	(5.06	)	$	(0.79	)	$	(9.69	)	$	2.78

Diluted:
Continuing operations	$	(3.20	)	$	(0.99	)	$	(7.14	)	$	2.07
Discontinued operations		(1.86	)		0.20			(2.55	)		0.67
Total	$	(5.06	)	$	(0.79	)	$	(9.69	)	$	2.74

Weighted average shares outstanding:
Basic		14,000			13,906			13,977			13,970
Diluted		14,000			13,906			13,977			14,168

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

(Dollars in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006

Revenue	$	340,460		$	442,979		$	1,016,460		$	1,274,145
Gross margin		(20,388	)		35,833			35,487			247,719
General and administrative expense		22,642			27,354			93,049			98,289
Selling expense		22,324			26,554			77,971			88,317
Operating (loss) income		(65,354	)		(18,075	)		(135,533	)		61,113
Interest expense		3,917			5,017			15,343			15,807
(Loss) income from continuing operations
before income taxes		(69,271	)		(23,092	)		(150,876	)		45,306
(Benefit) provision for income taxes		(26,956	)		(9,376	)		(58,396	)		16,009
(Loss) income from continuing operations,
net of income taxes		(42,315	)		(13,716	)		(92,480	)		29,297
(Loss) income from discontinued operations,
net of income taxes		(26,145	)		2,747			(35,646	)		9,578
Net (loss) income		(68,460	)		(10,969	)		(128,126	)		38,875
Preferred share dividends		2,438			-			7,313			-
Net (loss) income to common shareholders	$	(70,898	)	$	(10,969	)	$	(135,439	)	$	38,875

Revenue:
Housing revenue	$	293,235		$	407,246		$	939,492		$	1,201,334
Land revenue		42,764			30,636			58,330			48,879
Other		355			(2,778	)		(424	)		647
Total homebuilding revenue		336,354			435,104			997,398			1,250,860

Financial services revenue		4,106			7,875			19,062			27,125
Eliminations		-			-			-			(3,840	)
Total revenue	$	340,460		$	442,979		$	1,016,460		$	1,274,145

Land, Lot and Investment in
Unconsolidated Subsidiaries
Impairment by Region:
Midwest	$	785	$	19,387	$	8,127	$	21,307
Florida		44,461		4,619		86,430		4,619
Mid-Atlantic		19,465		41,274		53,820		41,274
Continuing operations	$	64,711	$	65,280	$	148,377	$	67,200
Discontinued operations		43,042		4,550		58,915		4,550
Consolidated Total	$	107,753	$	69,830	$	207,292	$	71,750


Abandonments by Region:
Midwest	$	385	$	1,737	$	676	$	3,713
Florida		12		1,136		1,840		2,630
Mid-Atlantic		1,050		122		1,096		632
Continuing operations	$	1,447	$	2,995	$	3,612	$	6,975
Discontinued operations		-		41		-		41
Consolidated Total	$	1,447	$	3,036	$	3,612	$	7,016

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

(Dollars in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006

EBITDA (1)	$	13,485		$	68,617		$	54,831		$	176,498
Interest incurred - net of fee amortization	$	8,167		$	12,806		$	35,093		$	45,204
Interest amortized to cost of sales	$	9,787		$	6,809		$	20,836		$	12,971
Depreciation and amortization	$	2,221		$	2,117		$	8,527		$	6,926
Non-cash charges	$	109,794		$	73,552		$	219,127		$	81,823

Cash provided by (used in) operating activitiesoperating activities	$	128,489		$	77,997		$	202,211		$	(104,012	)
Cash used in investing activities	$	(4,869	)	$	(4,614	)	$	(13,861	)	$	(21,758	)
Cash (used in) provided by financing activitiesfinancing activities	$	(124,599	)	$	(64,580	)	$	(198,360	)	$	112,201

Financial services pre-tax income	$	1,028		$	4,693		$	7,881		$	15,410

(1) Earnings before interest, taxes, depreciation and amortization ("EBITDA") is defined, in accordance with our credit facility, as net income, plus interest expense (including interest amortized to land and housing costs), income taxes, depreciation, amortization and non-cash charges, minus interest income.

Units:

New contracts:
Continuing operations		293			381			2,452			2,800
Discontinued operations		29			(28	)		61			25
Consolidated total		322			353			2,513			2,825
Homes delivered:
Continuing operations		984			1,275			3,173			3,901
Discontinued operations		58			88			115			208
Consolidated total		1,042			1,363			3,288			4,109

	December 31,
	2007			2006
Consolidated Backlog:
Units		748			1,523
Aggregate sales value (in millions)	$	233		$	533
Average sales price	$	312		$	350

	December 31,
	2007			2006
Balance Sheet and Operating Data:
Unrestricted cash/cash held in escrow	$	22,745		$	70,454
Homebuilding inventory
Lots, land and land development costs	$	489,953		$	709,565
Land held for sale		8,523			21,803
Homes under construction		264,912			329,750
Land purchase deposit		4,431			3,735
Other		29,510			27,886
Total homebuilding inventory	$	797,329		$	1,092,739

Total assets	$	1,117,645		$	1,477,079
Homebuilding debt	$	320,615		$	615,599
Shareholders’ equity	$	581,345		$	617,052
Book value per common share	$	34.23		$	44.33
Homebuilding net debt/capital ratio		33	%		44	%

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

	Land Position Summary

	December 31, 2007						December 31, 2006

	Lots		Lots Under				Lots		Lots Under
	Owned		Contract		Total		Owned		Contract		Total

Midwest region		6,402		565		6,967		7,433		854		8,287

Florida region		5,304		540		5,844		8,436		1,034		9,470

Mid-Atlantic region		2,044		1,318		3,362		2,935		1,158		4,093

Continuing operations		13,750		2,423		16,173		18,804		3,046		21,850

Discontinued operations		-		-		-		582		-		582

Consolidated total		13,750		2,423		16,173		19,386		3,046		22,432

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 7, 2008

M/I HOMES, INC.
(Exact name of registrant as specified in its charter)

Ohio	1-12434	31-1210837
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	IdentificationNo.)

3 Easton Oval, Suite 500, Columbus, Ohio	43219
(Address of Principal Executive Offices)	(Zip Code)

Exhibit No.		Description of Documents

99.1		Press release dated February 7, 2008.

By :	/s/ Ann Marie W. Hunker
	Ann Marie W. Hunker
	Vice President, Corporate Controller
	(Principal Accounting Officer)