M.D.C. Holdings, Inc. ( www.RichmondAmerican.com ) today announced that it received orders for 649 homes in November 2002, 42% above the 457 home orders received in November 2001. This level of home orders is MDC's highest for any November and represents the ninth consecutive month of record home orders posted by the Company.
Orders for Homes, net
Colorado 147 173
California 112 108
Arizona 209 115
Nevada 78 24
Utah 14 --
Northern Virginia/Suburban Maryland 83 37
Texas 6 --
Total 649 457
Active Subdivisions at Beginning of Month 177 141
MDC has received orders for 9,377 homes for the eleven months ended November 30, 2002, 29% higher than the 7,247 home orders received for the same period in 2001.
November 2002 home orders particularly were strong in Nevada, Virginia and Phoenix (up 225%, 216% and 176%, respectively), aided by year-over-year increases in the number of active subdivisions in these markets of 75%, 100% and 100%, respectively. The continued strong demand for new homes in each of these markets, as well as in Maryland (with orders up 28%), also contributed to improved orders in this period. Home orders were lower in Colorado on a comparable number of active subdivisions.
MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's homebuyers, through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is the largest homebuilder in Colorado; among the top five homebuilders in Northern Virginia, Phoenix, Tucson and Las Vegas; among the top ten homebuilders in suburban Maryland, Northern California and Southern California; and has recently entered the Salt Lake City and Dallas/Fort Worth markets.
CONTACT: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706, firstname.lastname@example.org; or Rodger Van Allen of Rubenstein
Associates, Inc., +1-212-843-8282, email@example.com, for M.D.C.
The Richmond American Homes companies (RAH), HomeAmerican Mortgage Corporation (HMC), American Home Insurance
Agency (also known as AHI Insurance Agency) (AHI) and American Home Title and Escrow Company (AHT) are
owned, directly or indirectly, by M.D.C. Holdings, Inc. and, therefore, are affiliated companies. Each of
RAH, HMC, AHI and AHT offers services independently of each other, and if you obtain a product or service
from one company, you are not required to utilize the services of, or obtain products from, the other
company. Your decision to use a company that is not affiliated with RAH, HMC, AHI or AHT will not affect
your ability to obtain products and services from these companies. See licensing information.
Certain statements on the Site, including statements regarding the MDC Companies' 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. These forward-looking statements may be
identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "potential" or "continue," or the negative of such terms and other
comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements of the MDC Companies to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Additional information about the risks and uncertainties applicable to the MDC Companies' business
is contained in MDC's filings with the Securities and Exchange Commission, including MDC's Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q. The MDC Companies undertake no duty to update publicly any
forward-looking statements, whether as a result of new information, future events or otherwise. However, any
further disclosures made on related subjects in MDC's subsequent filings with the Securities and Exchange
Commission, press releases and/or presentations should be considered.