8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

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

June 16, 2004

Date of Report
(Date of earliest event reported)

THE RYLAND GROUP, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland	001-08029	52-0849948
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
24025 Park Sorrento, Suite 400, Calabasas, California		91302
(Address of Principal Executive Offices)		(ZIP Code)

Registrant’s telephone number, including area code: (818) 223-7500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	Item 5. Other Events and Required FD Disclosure
	Item 7. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Exhibit 99

Item 5. Other Events and Required FD Disclosure

On June 16, 2004, The Ryland Group, Inc. announced the completion of a new $500 million unsecured revolving credit facility. A copy of this press release is attached hereto as Exhibit 99. The information in Exhibit 99 is being furnished pursuant to Item 5 of Form 8-K.

Item 7. Financial Statements and Exhibits

     (c) Exhibits

Exhibit Number	Description
99	Press release dated June 16, 2004

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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.

	THE RYLAND GROUP, INC.
Date: June 16, 2004	By:	/s/ David L. Fristoe
		David L. Fristoe Senior Vice President, Corporate Controller and Chief Accounting Officer

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EXHIBIT INDEX

Exhibit Number	Description
99	Press release dated June 16, 2004

EX-99

EXHIBIT 99

News Release The Ryland Group, Inc.
www.ryland.com

FOR IMMEDIATE RELEASE	CONTACT:	Cathey Lowe, Senior Vice President, Finance
		Investor Relations	(818) 223-7530
		Melissa Bailey, Vice President, Communications
		Media Relations	(818) 223-7590

RYLAND ANNOUNCES NEW $500 MILLION BANK CREDIT FACILITY

CALABASAS, Calif. (June 16, 2004) — The Ryland Group, Inc. (NYSE: RYL), one of the nation’s largest homebuilders, announced today the completion of a new $500 million unsecured revolving credit facility. The new facility, which matures in 2009, was increased from $400 million and has an accordion feature under which the aggregate commitment may be increased up to $650 million, subject to the availability of additional commitments.

     Banc One Capital Markets, Inc. acts as Lead Arranger and Sole Bookrunner for the new facility with Bank One, NA as Administrative Agent; Bank of America, N.A. and Wachovia Bank, National Association as Syndication Agents; Guaranty Bank, The Royal Bank of Scotland PLC, SunTrust Bank, and Washington Mutual Bank, FA as documentation agents; AmSouth Bank and PNC Bank, National Association as Managing Agents; and Comerica Bank, UBS Loan Finance LLC, and Manufacturers and Traders Trust Company as participants.

     With headquarters in Southern California, Ryland is one of the nation’s largest homebuilders and a leading mortgage-finance company. The Company currently operates in 27 markets across the country and has built more than 220,000 homes and financed over 190,000 mortgages since its founding in 1967. Ryland is a Fortune 500 company listed on the New York Stock Exchange under the symbol “RYL.” Previous press releases may be obtained at www.ryland.com.

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