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

November 17, 2006
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

[ ]  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

On November 17, 2006, the Company increased its unsecured revolving credit facility with JPMorgan Chase Bank, N.A. from $750.0 million to $1,133.5 million.  The Credit Agreement provides access through an accordion feature under which the aggregate commitment may be increased up to $1.5 billion, subject to the availability of additional commitments.  The terms of the Credit Agreement have not changed.

The Company issued a press release on November 17, 2006 announcing its increase to the Credit Agreement which is attached hereto.

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Exhibit 99Press release dated November 17, 2006

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: November 17, 2006	By:	/s/ Timothy J. Geckle
		Timothy J. Geckle
		Senior Vice President, General
		Counsel and Secretary

EXHIBIT INDEX

Exhibit Number	Description
99	Press release dated November 17, 2006

EX-99.1

Exhibit 99
		The Ryland Group, Inc.
News Release		www.ryland.com
FOR IMMEDIATE RELEASE	CONTACT:	Cathey Lowe, Senior Vice President, Finance
		Investor Relations	(818) 223-7530
		Marya Jones, Director, Communications
		Media Relations	(818) 223-7591

Ryland Announces $1.1 Billion Bank Credit Facility

CALABASAS, Calif. (Nov. 17, 2006) — The Ryland Group, Inc. (NYSE: RYL), one of the nation’s largest homebuilders, announced today that it has increased its unsecured revolving credit facility to $1,133.5 million from $750 million using the accordion feature.  The facility, which matures in 2011, may be increased up to $1.5 billion, subject to the availability of additional commitments.

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 28 markets across the country and has built more than 260,000 homes and financed more than 220,000 mortgages since its founding in 1967.  Ryland is a Fortune 500 company listed on the New York Stock Exchange under the symbol “RYL.”  Previous news releases may be obtained at www.ryland.com.

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